Norway's Aker BP Q3 EBITDA beats analyst estimates; maintains annual production forecast
Norway's Aker BP Q3 EBITDA beats analyst estimates; maintains annual production forecast
Overview
Norway oil and gas producer's Q3 EBITDA beat analyst expectations
Q3 net profit included positive after-tax effect from impairment reversal
Skarv Satellites Project started production almost a year ahead of schedule
Outlook
Company maintains full-year production guidance at 380–400 mboepd
Yggdrasil and Valhall PWP–Fenris projects remain on track for first production next summer
Company aims to unlock more resources through exploration, partnerships and technology
Result Drivers
HIGHER SOLD VOLUMES AND PRICES - Co attributed strong earnings and cash flow to higher sold volumes and strong realised prices
INCREASED SOLD VOLUMES - Net sold volumes rose 5% from previous quarter
SKARV SATELLITES STARTUP - Skarv Satellites Project began production almost a year ahead of schedule
Company press release: ID:nWkrb7QgvH
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income |
| $986 mln |
|
Q3 EBITDA | Beat | $3.40 bln | $3.09 bln (8 Analysts) |
Q3 Dividend |
| $0.66 |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 10 "hold" and 6 "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy."
Wall Street's median 12-month price target for Aker BP ASA is NOK342.50, about 10.8% below its October 28 closing price of NOK383.90
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 11 three months ago
Reuters Recommended Reads
Oct 28 - Equinor's profit doubles on soaring oil and gas prices, raises output target
Oct 28 - Norway's Equinor Q3 adjusted operating income nearly doubles on higher output, gas prices
Oct 27 - Expand Energy tops estimates as output rises; EQT earnings decline
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)