Aker BP ASA (OTCPK:AKRBY)

$ 12.15 -0.63 (-4.93%) Market Cap: 15.72 Bil Enterprise Value: 19.84 Bil PE Ratio: 8.30 PB Ratio: 1.21 GF Score: 70/100

Q3 2023 Aker BP ASA Earnings Call Transcript

Oct 27, 2023 / 06:30AM GMT

Release Date Price: $13.33

Transcript

Karl Johnny Hersvik

Aker BP ASA - CEO

Good morning, and welcome to this presentation of Aker BP's Third Quarter 2023, which will, as usual, be presented by our CFO, David Tonne, and myself, and as usual, too, after the presentation, there will be a Q&A session.

Now, let me briefly start by touching on some of the highlights. Production was 450,000 barrels of oil equivalent per day, a decrease from the second quarter due to a mix of planned and unplanned maintenance activities. Even so, the revenues increased due to higher oil prices. Furthermore, we continue to demonstrate cost discipline and we maintain our position as global industry leaders on low emissions.

We're also really happy to report that our projects are on track. All major contracts have been placed and we have now started fabrication activities on multiple sites, while the CapEx estimates remain stable, and we are of course very happy to see that production started from Kobra East-Gekko about 5 months ahead of plan. This strong performance is also visible in the free cash flow, which covered our dividend more than 3x,

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