Aker BP ASA has accomplished issuing dollar-denominated senior notes due 2034 and 2054 with an mixture principal quantity of $1.5 billion.
The ten-year bonds value $750 million have a 5.125 p.c curiosity whereas the 30-year ones, which even have a principal quantity of $750 million, have a 5.8 p.c curiosity. The coupons are payable semi-annually.
The oil and gasoline exploration and manufacturing firm priced the 2034 and 2054 notes at about 99.7 p.c of the notes’ principal quantities.
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Fornebu, Norway-based Aker BP plans to make use of proceeds for “normal company functions” and the redemption of excellent notes maturing 2025 and 2026, for which it had already launched a purchase order supply, in response to regulatory disclosures.
Of the notes due within the subsequent two years, Aker BP mentioned, “The Firm has accepted for buy all of the Notes that had been validly tendered and never validly withdrawn as of the Expiration Date”.
Earlier, it accomplished a buyback program for as much as a million shares. The precise buy beneath the plan introduced June 4 consisted of 600,000 shares. Aker BP now owns 0.21 p.c of its share capital, equal to 1,328,456 shares, it mentioned September 26.
Aker BP had present liabilities of $4.2 billion as of the tip of the second quarter. That included $2.5 billion of tax payable and $95 million of short-term bonds.
Its present belongings totaled $5.2 billion, together with $3.2 billion in money and money equivalents.
For the April–June interval Aker BP logged $561 million in web revenue, or $0.89 in earnings per share — up in comparison with the prior quarter and the corresponding quarter final 12 months. EBITDA for the second quarter of 2024 stood at $3 billion.
It has revised the decrease finish of its output steerage for 2024 to 420 barrels of oil equal a day (MMboed) after producing 444 MMboed within the second quarter. The higher finish of the projection stays at 440 MMboed.
“Manufacturing value was USD 6.4 (6.1) per barrel produced, under the full-year steerage of USD 7 as a consequence of robust operational efficiency and forex results”, Aker BP mentioned.
Chief govt Karl Johnny Hersvik mentioned, “… all our subject growth initiatives stay on monitor, poised to drive worthwhile development for Aker BP into the subsequent decade”.
Aker BP’s worth creation plan features a goal to lift dividends by a minimum of 5 p.c a 12 months. For 2024, it plans to distribute $2.4 in dividends per share, up 9 p.c and continues a constant improve since 2021.
To contact the writer, e-mail jov.onsat@rigzone.com
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