Aker BP ASA (OTCPK:AKRBF)

$ 20 0.12 (0.6%) Market Cap: 12.89 Bil Enterprise Value: 16.12 Bil PE Ratio: 8.85 PB Ratio: 1.05 GF Score: 79/100

Half Year 2024 Aker BP ASA Earnings Call Transcript

Jul 12, 2024 / 06:30AM GMT

Release Date Price: $24.89 (+1.59%)

Transcript

Key Points

Positve

Aker BP ASA (AKRBF) achieved excellent operational performance with high production efficiency of 95% in Q2 2024.
The company maintained strong cost discipline, with production costs at $6.4 per barrel, well within the full-year guidance of $7 per barrel.
Aker BP ASA (AKRBF) reported robust cash flow from operations, with operating cash flow before tax increasing to over $3.2 billion.
The company continues to lead in low emissions, with greenhouse gas emissions below three kilograms of CO2 equivalent per barrel.
Aker BP ASA (AKRBF) is on track with its large project portfolio, aiming to grow production to over 500,000 barrels per day by 2028.

Negative

Post-tax cash flow decreased due to two tax installments in Q2 2024 compared to one in the previous quarter.
Production at Edvard Grieg saw a reduction due to natural decline, planned maintenance, and a shutdown linked to the startup of Hans.
Exploration expenses were high at $108 million for the quarter, driven by increased exploration activity.
The company recognized an impairment of technical goodwill on Valhall and Edvard Grieg, indicating potential future noncash impairments.
Aker BP ASA (AKRBF) reported a negative free cash flow of $283 million for the quarter.

Karl Hersvik

Aker BP ASA - Chief Executive Officer

Good morning, everyone. With this intro from the sail away of the Fenris Jacket and predrill module on Verdal yard a few weeks ago and the subsequent successful and offshore installation on the Valhall area. We welcome you to Aker BP second quarter 2024 presentation.

It will be given by our CFO, David Tonne, and myself, followed by our usual Q&A session.

But before that, let me start with the highlights. Aker BP achieved excellent operational performance this quarter with high production efficiency. We continued to demonstrate strong cost discipline and maintained our position as a global industry leader in low emissions.

I am pleased to report that our projects are progressing well. Fabrication and construction activities are underway at multiple sites in Norway and abroad with the installation work offshore ramping up as shown in the interim, and the total CapEx estimate for our project portfolio remains unchanged.

We maintain a strong financial position, supported by robust cash flow from operations. This

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