Aker BP reports solid profit for third quarter
Higher oil and gas prices provided some much-needed stability for Aker BP in Q3, with Norwegian tax rebates slightly boosting the bottom line as well.
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Higher oil and gas prices provided some much-needed stability for Aker BP in Q3, with Norwegian tax rebates slightly boosting the bottom line as well.
Despite a still-severe slide in the oil and gas price, Aker BP turned its large million dollar deficit from the first quarter into a profit in the second quarter.
A flattening in the oil price following the dive in the spring makes Aker BP announce a reversal of losses ahead of next week's half-year results.
Aker BP and Equinor have struck a deal to develop the Noaka field in the North Sea, which contains half a billion barrels of oil equivalent and could become the next Johan Sverdrup. The agreement comes a few days after the industry secured better tax conditions.
Aker BP suffered a big deficit in the first quarter due to significant impairments in a period in which its stake in the Sverdrup field made production soar.
The challenging prospects for the future have made Aker BP begin the process of dismissing employees, reports Aftenbladet.
Following the announcement that investments will be reduced, employees at Aker BP will be informed how many must leave the company due to lower activity, among other things. This will happen after Easter, and suppliers will also be hit.
Oil company Aker BP set an output record in the fourth quarter, with oil volumes increasing considerably compared to the preceding quarter. A new massive Norwegian field contributed to the improvement.
Norwegian Aker BP has prolonged its contract with Maersk Drilling concerning jack-up rig Maersk Integrator.
Equinor, Aker BP and Total all see the advantages of a merger between Prosafe and Floatel. Each company is fragile on its own, according to a response that ShippingWatch has read via a right of access to documents. Norwegian authorities have rejected the merger.
Underwhelming extraction levels and repairs have weighed down on Aker BP's accounts, showing red bottom line figures and EBIT almost halved since Q2 alone.
Norwegian oil firm Aker BP reports large impairment ahead of next financial report and notes disappointing output during the quarter.
Oil company Aker BP has successfully located oil from its license number 442's ninth prospect drilling in the North Sea. The company has found oil of an extremely high-grade, the Norwegian Petroleum Directorate informs.
Oil company Aker BP exits the second quarter with a profit that is nearly half of what the company booked for the same period last year. Production is also down.
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According to a Norwegian newspaper, oil companies Aker BP and Equinor have been negotiating a billion-dollar deal, which includes making Aker BP a major stakeholder of Lundin Petroleum.
A consortium of 17 banks are backing Aker BP's unsecured credit facility of USD 4 billion. The company characterizes the agreement as a "strong signal" from the banks.
The oil sector's recovery has left a positive mark on the significant Aker group's parent company, Aker ASA, which in the first quarter increased its total value by 34.6 percent. The company's CEO emphasizes that overcapacity continues to plague the industry.
Despite a setback on both the top and bottom line in the first quarter, oil company Aker BP reports a result of almost USD 250 million. After taxes, though, there is not much left.
Oil major Aker BP, among the largest in Norway, has renegotiated its agreement with banks. The agreement entails the same amount as the old one but is differentiated by one key point.
Oil major Aker BP more than doubled its profit before taxes in a 2018 in which the company's production also grew. CEO expects "further profitable growth" in the coming years.
Things have been looking up for Aker BP in the past year, and the company thus upgrades its expectations. The company has also appointed a new CFO.
The timing was not right when Aker invested in Solstad Offshore in 2016, acknowledges Aker's CEO after the carrier recently began new negotiations with creditors for its massive debt.
New figures from analyst firm Global Data indicate that oil companies will invest USD 43.1 billion in new oil and gas projects in the North Sea until 2025.
Norwegian Aker BP achieved a revenue of one billion dollars in the third quarter and a combined result of USD 123 million after taxes, shows the interim report for the quarter. Rising oil and gas prices boosted the result.
Norske Aker BP omsatte i tredje kvartal for en mia. dollars og fik et samlet resultat på 125 mio. dollars efter skat, viser regnskabet for kvartalet. Stigende olie- og gaspriser hjalp.
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