Oil and gas production and sales
Volumes (mboepd) Q2-20 Q1-20 Q4-19 Q3-19
Net production 209.8 208.1 191.1 146.1
Overlift/(underlift) 22.2 (0.6) (6.6) (2.9)
Net sold volume 232.0 207.5 184.5 143.3
Of which liquids 198.2 174.3 151.4 113.4
Of which natural gas 33.8 33.2 33.1 29.8
Realized prices Q2-20 Q1-20 Q4-19 Q3-19
Liquids (USD/boe) 29.9 44.7 64.2 62.0
Natural gas (USD/scm) 0.08 0.14 0.17 0.16
Oil price hedging
The company is using oil put options for protection of near-term cash flow against sharp drops in the oil price. In the second quarter, the company realized gains on these instruments of
Reversal of impairments
Following the partial recovery in oil prices observed in the second quarter, the company expects to reverse parts of the impairments from the first quarter, amounting to
Financial items
The USDNOK exchange rate decreased from 10.4 to 9.6 during the second quarter. This had a positive effect on financial items. Net financial expenses are hence estimated to approximately
Taxes
The company expects to report a positive pre-tax result for the second quarter. Still, a minor tax credit is expected. This is mainly caused by increased uplift introduced with the temporary changes to Norwegian petroleum tax, and by a positive currency effect on the value of the company's tax balances.
Cash tax payments in the second quarter amounted to
Conference call and webcast
The company will host a conference call to present its second quarter 2020 results on
To participate in the conference call, please contact the conference call operator at the telephone numbers listed below. Please join the event 10 minutes prior to scheduled start time and provide the confirmation code or ask for
Phone number
Phone number
Confirmation code 5804762
Disclaimer
The information in this statement is based on a preliminary assessment of the company's second quarter 2020 financial results. The company has not completed its financial reporting and related review and control procedures. The estimates provided may therefore be subject to change and the financial statements finally approved and released by the company may deviate materially from the information herein.
Contacts:
About
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
https://news.cision.com/aker-bp-asa/r/second-quarter-2020-trading-update,c3149933
https://mb.cision.com/Main/1629/3149933/1275856.pdf
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