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Kreel-controlled oil company Inge Røkke, Aker BP, presented its new results for the second quarter.
She earned an operating profit of 552 million NOK. According to TDN Direkt, a $ 573 million operating profit was expected for the second quarter.
The turnover is close to $ 1 billion, a solid recovery from the second quarter of last year. According to the company, the high price of oil must be the key to high income. In the second quarter, the average price per barrel of oil was $ 76
Production fell this year
Aker BP produced 157,784 barrels per day during the quarter. It is slightly lower than that produced in the first quarter of this year, but much more than at the same time last year when Aker BP produced 142,700 barrels a day
The company also plans to spend much more money in 2018 than expected. For the year, Aker BP plans to spend $ 425 million on exploration. It's a $ 350 million upgrade. This is due to increased activity resulting from the discovery of the frog and new licenses.
Aker BP plans to participate in 12 exploration wells in 2018. In addition, the company writes that it will spend $ 100 million less to plug wells.
Heavy lift on the stock market
So far this year, Aker BP has increased 60% on Oslo Børs. At the beginning of the year, the company announced its new dividend policy starting at $ 450 million a year, with a $ 100 million investment plan each year until 2021. [19659002] Karl Johnny Hersvik told DN in May that the dividend policy was based on good operating cash flow, good projects with a low break-even point and a solid bottom line.
He also pointed out that the price of oil at the beginning of the year At that time, the price of oil was about $ 75 a barrel, or about a dollar more than that. [today]
Seven analysts have a recommendation to buy Aker BP stock, three have a neutral recommendation and two recommend Reduce exposure in the company [19659012] New licenses in the Barents Sea
In June, Aker BP is seen to allocate stakes in six new production licenses in Norway during the 24th licensing cycle, where they will be two from among them. All new licenses were located in the Barents Sea.
– These allocations will provide more valuable exploration potential and will complement our existing portfolio and the company's position for growth in the region, said Gro Gunleiksrud Haatvedt, Director of Exploration . ] (Conditions)
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