Aker BP has on Monday presented its results for the fourth quarter, and reported higher revenues and a stronger result than in the same period the year before.
the Company’s operating income increased to 655,6 million dollars in the period, up from 254,6 million in the same period the year before.
the Result before tax was 210,2 million dollars, against a loss of 151,2 million in the fourth quarter of 2015. A skatteregning on 277,2 million dollar give, however, a red bottom line – the result after tax ended at minus 67,0 million dollars.
It was in advance expected revenue of 552 million dollars and a profit before tax of about 111 million, according to SME Direkt for TDN Finans.
In a note Monday morning writing Danske Bank Markets, that the quarterly report to Aker BP came in higher than expected, mainly due to the reorganisation of the pension to the Norwegian BP employees.
Adjusted for effects without the non-cash figures are essentially as expected, with the exception of the net profit, which was lower on the currency effects.
the investment firm repeats a kjøpsanbefaling with a price target of 190 million, and expects no great markedsreaksjon in the day.
– Milestone
Aker, BP continues to deliver solid in the fourth quarter, with stable, safe and efficient operation. Its launch on the Ivar Aasen the 24. December – on time and within the budget range – was a significant milestone for the company as the operator. The company paid out its first dividend in December and aims to maintain a minstenivå of 250 million dollars per year going forward, ” says Aker BP ceo Karl Johnny Hersvik in a comment.
the Company had a production of 126.520 barrel in the fourth quarter, up from 53.996 fat. It is Alvheim, which is the prime driver for this, followed by Skarv and Valhall. Production costs per barrel, are provided to 10 dollars.
If skatteregningen writing company this mainly is related to a change in deferred tax, largely influenced by the weakening of the crown and a pensjonseffekt.
Dividend
Aker BP writes that the company forward, “will pursue further growth opportunities, both to improve production and to increase the dividendekapasiteten”.
the Company held for other capital market day in the middle of the previous month, and repeat the objectives presented there:
It is repeated an ambition to pay a dividend of 250 million dollars in the medium to long term, but the plan is to increase this when the Johan Sverdrup is in progress.
Furthermore, it shall be three utbyggingssøknader (Valhall Vestflanken, Snadd and Storklakken) in the year.
Production in 2017 is estimated to be between 128.000 and 135.000 barrels per day, with a cost per barrel at 11 dollars. Investments (capex) for the period is calculated to be between 900 and 950 million, exploration expenditure of between 280 and 300 million dollars.
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