Aker BP Q1 Profit Down, Backs FY25 Outlook

(RTTNews) - Aker BP ASA (AKRBP.OL) on Wednesday posted lower profit in its first quarter, reflecting lesser oil and gas production and higher expenses. The company reaffirmed its outlook for fiscal 2025.

The Norwegian oil exploration and development company reported first-quarter profit of $316 million or $0.50 per share, down from $531 million or $0.84 per share in the same period last year.

Aker BP's pre-tax profit for the quarter came in at $1.94 billion, a decline from the $2.09 billion recorded last year.

The company's total income rose to $3.20 billion from $3.08 billion in the year-ago quarter. EBITDA for the quarter declined to $2.80 billion from $2.79 billion in the previous-year period.

During the quarter, the company's total operating expenses rose to $1.28 billion from $883.2 million a year ago.

During the three-month period, the company's oil and gas production was 441.4 thousand barrels of oil equivalent per day, down from 448.0 mboepd in the first quarter of 2024.

The company declared a dividend of $0.63 per share for the second quarter, which will be paid on or about May 21. The Aker BP shares will trade ex-dividend on May 12.

Aker BP reaffirmed its fiscal 2025 outlook of production of 390-420 mboepd and said it is on track to pay its annual dividend of $2.52 per share.

Looking ahead, Karl Johnny Hersvik, CEO, said, "We are making excellent progress across our project portfolio and remain firmly on track to deliver substantial production growth from 2027. In parallel, we continue to build our long-term value creation potential, with two new discoveries this quarter further enhancing our portfolio of future development opportunities."