Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Aker BP ASA    AKERBP   NO0010345853

AKER BP ASA

(AKERBP)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Aker BP cuts 2019 oil output guidance after North Sea field delay

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/22/2019 | 02:23am EST

OSLO (Reuters) - Aker BP ASA cut its full-year oil output target on Tuesday as production problems at the oil explorer's Valhall field in the North Sea offset a boost from the early opening of its Johan Sverdrup field in Norway.

The company, jointly controlled by oil major BP Plc and Norwegian holding company Aker ASA, now expects daily output in 2019 to average 155,000 barrels of oil equivalents (boepd), down from a July forecast of 155,000-160,000 boepd.

The company blamed the lower forecast on a delay in starting new wells at the North Sea Valhall field, following maintenance in June, adding that there was no impact on reserves.

Aker BP's average output stood at only 144,000 boepd for the first nine months of the year, but the Sverdrup field, brought on stream by operator Equinor on Oct. 5, a month ahead of schedule, will give a significant fourth-quarter boost.

With reserves of 2.7 billion barrels of oil and expected to reach production of some 440,000 boepd by mid-2020, the field - in which Aker BP owns 11.57% - is the largest Norwegian oil development in more than 30 years.

Meanwhile, Aker BP's earnings before interest, tax, depreciation and amortization (EBITDA) fell to $480 million in the third quarter from $698 million a year ago, in line with a $478 million forecast in a Refinitiv poll of analysts.

The company had warned on Oct. 14 that third-quarter output was weaker than expected as seasonal maintenance at some fields had taken longer than expected.

It had also warned in advance of $80 million goodwill impairments and additional costs from repairs of some $14 million, which helped push its third-quarter net result to a loss of $43 million.

The company repeated its plan to pay $750 million in dividends in 2019 and to raise the annual payout by another $100 million each year to 2023.

Aker BP's shares have risen 13.4% year-to-date, outperforming an average 3.3% rise in European oil and gas stocks <.SXEP>. Oslo trading begins at 0700 GMT.

(Reporting by Nerijus Adomaitis; Editing by Terje Solsvik/Rashmi Aich/Susan Fenton)

By Nerijus Adomaitis

Stocks mentioned in the article
ChangeLast1st jan.
AKER ASA 0.78% 502 Delayed Quote.7.92%
AKER BP ASA 0.00% 271.1 Delayed Quote.24.40%
BP PLC 0.69% 509.5 Delayed Quote.2.09%
EQUINOR ASA -0.37% 177.35 Delayed Quote.-3.35%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AKER BP ASA
11/11AKER BP ASA : - Norwegian Petroleum Directorate Minor oil discovery south of the..
AQ
11/11AKER BP : S&P Global Ratings upgrades Aker BP to BBB- with stable outlook
AQ
11/11AKER BP : Full speed ahead for Ærfugl Phase 2
AQ
10/31AKER BP : Ex dividend USD 0.5207 today
AQ
10/31AKER BP ASA : Ex-dividend day for interim dividend
FA
10/23AKER SOLUTIONS ASA :  Third-Quarter Results 2019
AQ
10/22EUROPE : European stocks subdued by mixed corporate earnings and Brexit
RE
10/22AKER BP : Third quarter 2019 results
AQ
10/22Aker BP cuts 2019 oil output guidance after North Sea field delay
RE
10/22AKER BP : Key information relating to the cash dividend to be paid by Aker BP AS..
AQ
More news
Financials (NOK)
Sales 2019 30 422 M
EBIT 2019 12 603 M
Net income 2019 1 623 M
Debt 2019 29 796 M
Yield 2019 6,97%
P/E ratio 2019 59,3x
P/E ratio 2020 17,7x
EV / Sales2019 4,18x
EV / Sales2020 3,02x
Capitalization 97 521 M
Chart AKER BP ASA
Duration : Period :
Aker BP ASA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AKER BP ASA
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 304,65  NOK
Last Close Price 271,20  NOK
Spread / Highest target 42,8%
Spread / Average Target 12,3%
Spread / Lowest Target -15,2%
EPS Revisions
Managers
NameTitle
Karl Johnny Hersvik Chief Executive Officer
Øyvind Eriksen Chairman
Kjetel Digre Senior Vice President-Operations
David Torvik Tønne Chief Financial Officer
Bernard Looney Director
Sector and Competitors
1st jan.Capitalization (M$)
AKER BP ASA24.40%10 625
CNOOC LIMITED-0.33%69 103
CONOCOPHILLIPS-8.18%63 159
EOG RESOURCES INC.-17.04%42 242
OCCIDENTAL PETROLEUM CORPORATION-37.90%34 053
CANADIAN NATURAL RESOURCES LIMITED12.42%32 891