OSLO (dpa-AFX) - Aker BP ASA (AKRBP.OL), while reporting higher net profit in its third quarter amid weak revenues, on Wednesday raised its production forecast for fiscal 2025.
The company now expects annual production of 410 thousand barrels of oil equivalent per day or mboepd to 425 mboepd, compared to previous estimate of 400 to 420 mboepd.
Production cost is still expected at around $7 per boe. The company continues to expect dividend of $0.63 per share per quarter, annualised at $2.52 per share.
In its third quarter, Aker BP's earnings totaled $285.5 million or $0.45 per share, higher than $173.4 million or $0.27 per share last year.
EBITDA, meanwhile, dropped to $2.26 billion from prior year's $2.61 billion.
The company's revenue for the period fell 9.1 percent to $2.60 billion from $2.86 billion last year.
Oil and gas production averaged 414 mboepd, compared to 414.7 mboepd a year ago.
Karl Johnny Hersvik, CEO of Aker BP, said, 'In the third quarter, we continued to demonstrate stable and efficient operations across a diverse portfolio. ...Our financial position remains robust. Strong cash flow and disciplined capital allocation enable continued investment in future growth, advancement of major development projects, and delivery of attractive, resilient dividends..'
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