Fourth quarter 2022 results
Fourth quarter 2022 marked the end of a transformational year for Aker BP. Following the successful Lundin integration, the company has doubled its production, reduced its unit costs, and consolidated its position as a global leader within low carbon oil and gas production.
Highlights for the quarter
(Numbers in brackets represent the previous quarter)
- Johan Sverdrup Phase 2 started production – contributing to new record production for Aker BP of 432 (412) mboepd
- Electrification of Edvard Grieg & Ivar Aasen completed – contributing to further reduction of the company’s CO2 emissions to 3.1 kg CO2 per boe
- Plans for Development and Operations (PDOs) for projects with 730 mmboe in net resources submitted to Norwegian authorities
- Operating profit of USD 2,214 (3,887) million and Net profit of USD 112 (763) million, impacted by lower oil and gas prices
- Dividend per share increased to USD 2.2 (2.0) per share for 2023, equivalent to USD 0.55 per quarter
Comment from Karl Johnny Hersvik, CEO of Aker BP:
– Fourth quarter marked the end of another remarkable year for Aker BP. Through the Lundin acquisition, we have doubled in size and created a stronger and more financially robust platform for future growth.
– Our operations have been safer and more efficient than ever, and we are a global leader when it comes to low CO2 intensity in our industry.
– And we have prepared and submitted PDOs for a large investment program which will contribute to new profitable growth and value creation both for Aker BP and its stakeholders.
– In sum, I am very pleased with these achievements, and I believe we are well on our way to building the E&P company of the future.
Guidance for 2023
Aker BP today also provides guidance for 2023, based on the company’s business plan, consisting of the following key parameters:
- Production of 430-460 mboepd
- Capex of USD 3.0-3.5 billion
- Exploration spend of USD 400-500 million
- Abandonment spend of USD 100-200 million
- Production cost of USD 7-8 per boe
- Dividend of USD 2.2 per share (USD 0.55 per quarter)
Today at 08:30 CET, the management will present the results on a webcast available on www.akerbp.com/en. The presentation will be followed by an online Q&A session.