Aker BP ASA on Tuesday reported $2.53 billion in income for the second quarter, down from $3.15 billion for Q1 as manufacturing and costs fell.
Web liquids and pure gasoline output averaged 415,000 barrels of oil equal a day (boed) within the April-June interval, down from 441,400 boed within the prior three-month interval.
“The discount was primarily pushed by scheduled upkeep at Valhall and Ula. Because of this, common manufacturing effectivity throughout the portfolio decreased barely to 95 %, from 97 % within the earlier quarter”, the Norwegian continental shelf explorer and producer mentioned in its quarterly report.
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Regardless of the lower in Q2 manufacturing, Aker BP raised its full-year manufacturing steerage to 400,000-420,000 boed from 390,000-420,000 boed.
“The sphere growth portfolio stays firmly on observe. Up to date baseline estimates affirm regular progress, with a number of smaller tasks advancing forward of schedule”, it mentioned.
Chief govt Johnny Hersvik mentioned in an announcement, “The ultimate funding selections on Johan Sverdrup Section 3 and East Frigg this quarter additional reveal our capability to show technique into motion and lay the inspiration for future development”.
Aker BP bought 413,800 boed internet in Q2, down from 457,600 boed in Q1. Liquids accounted for 356,200 boed of Q2 gross sales.
“The gross sales quantity mirrored an underlift of 1.1 mboepd [thousand barrels of oil equivalent per day], in comparison with an overlift of 16.1 mboepd within the earlier quarter”, it mentioned.
Realized liquids costs averaged $66.9 per boe, down from $75 per boe in Q1. Realized gasoline costs dropped from $85.2 per boe to $68.7 per boe.
The common manufacturing price per barrel was $7.3, up from $6.5 in Q1.
Aker BP logged a internet lack of $324 million ($0.51 per share) for Q2, in comparison with a internet revenue of $316 million for Q1. It attributed the online loss to a tax expense of $1.18 billion. Pre-tax revenue was $852 million, down from Q1’s $1.94 billion.
Earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) totaled $2.22 billion, down from $2.8 billion for Q1. EBIT got here at $915 million, down from $1.92 billion for Q1.
Aker BP booked $717 million in impairments, “consisting of technical goodwill on Johan Sverdrup, Valhall, Grieg Aasen and Alvheim, primarily pushed by decrease ahead costs for oil and gasoline in comparison with the earlier quarter”.
Money stream from operations stood at $1.24 billion, in comparison with $2.11 billion for Q1.
Aker BP ended Q2 with $2.75 billion in money and money equivalents, whereas different present property totaled $2.36 billion. Complete accessible liquidity was $6 billion.
It mentioned it will hold its dividend at $0.63 per share for the third quarter.
To contact the creator, e mail jov.onsat@rigzone.com
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