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Aker BP earned a profit of $ 136 million after Taxes After a first quarter when Aker BP more than doubled its after-tax profit to $ 161 million, analysts were expecting a relatively stable second-quarter growth and an after-tax profit of $ 162 million.
According to TDN / SME consensus figures, a business turnover of $ 1.0 billion was expected and a gross operating profit (EBITDA) of $ 777 million.
When Aker BP released the quarterly report on Friday morning, it showed that $ 975 million, an increase from $ 595 million a year earlier. Gross operating profit (EBITDA) rose from $ 395 million to $ 735 million
The Acre BP tax bill also begins to increase significantly. While the company's tax rose to $ 536 million in 2017, the tax ended at $ 658 million in the first half of this year alone.
Looking over and plugging faster than expected
In the quarterly report, the company announces that it will increase the estimated cost of exploration from $ 350 to $ 425 million, an increase of 600 million NOK. By comparison, the company had an estimate of the exploration offer of $ 280-300 million last year and spent $ 262 million.
The increase in the budget is due to changes in the exploration program announced by the company during the presentation of the first quarter results. . After the company discovered the Frosk prospect on the Alvheim field in the North Sea in the first quarter, they accelerated some drilling that was going to take place next year until this year.
This year's program will therefore make two Frog wells (called Rumpetroll and Froskelår), as well as a well exploration field Johan Sverdrup, which has been rewarded in the license fee in January. The three wells will be drilled in the fourth quarter
In 2019, Aker BP also wants to perform a production test on Frosk to determine which recovery concept works best.
Aker BP drilled a well of exploration during the quarter. so-called prospect Svanefjell in the license PL 659 in the Barents Sea. The well was "only" intended to contain gas and not oil
While exploring the budget of exploration, the budget of the so-called dismantling is reduced (dismantling and removal) from 350 to 250 Millions of Dollars [19659003] The company writes that efforts to plug in and leave old wells on the Valhall field are ahead of schedule and that the platform that is doing this work will be commissioned starting in the fourth quarter.
per share, and will be paid in August. Aker BP writes that the plan is still unchanged until 2018 and expects to increase dividends by $ 100 million a year.
Aker BP and Aker Solutions enter into a new alliance for modification projects
Stable production
The company published its production figures for July 5, so there was no Friday surprises. The report indicated a marginal decline in production from 158,600 barrels per day in the first quarter to 157,800 barrels per day in other countries.
In the first half of the year, Aker BP produced an average of 158,000 barrels per day and is still waiting for production throughout the year ending between 155,000 and 160,000 barrels per day on average.
Production in Alvheim, Ivar Aasen, Valhall and Volund was slightly lower, while Skarv production increased. In the latter, Aker BP has had technical problems with Christmas trees in the underwater system since the fourth quarter of last year, but now production is underway.
In the report, the company writes that they repaired a well during the quarter. production, while the Christmas tree in the second well was picked up for repairs and analysis. Skarv also had problems with the gas injection system, but the company writes that it would have had little effect on production because of fast repairs.
The production efficiency of the Skarv field finished 88 percent. $ 11.4 per barrel, up from $ 9.3 a barrel at the same time last year. Meanwhile, Aker BP takes over the business and production of Hess Norge
The first half production cost is 11.8 dollars a barrel, against a company estimate of About 12 dollars for the whole of the year 2018.
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