Fourth quarter 2019 results

11. February 2020

Fourth quarter 2019 marked the end of a year of strong progress and value creation for Aker BP. For the first time, the company’s quarterly total income exceeded one billion dollars, driven by record high production following the successful start-up of the Johan Sverdrup field, combined with continued strong performance from other fields. The company paid a dividend of USD 187.5 million (USD 0.52 per share) in the quarter.

Aker BP reported total income of USD 1,003 (723) million for the fourth quarter 2019. Production cost per boe produced in the quarter amounted to USD 9.1 (13.2). For the full year, production costs were USD 12.4 (12.1) per boe, in line with previous guidance. Exploration expenses amounted to USD 85 (70) million in the quarter. For the full year, exploration spend totalled USD 501 (359) million, below the latest guidance of USD 550 million.

Profit before taxes amounted to USD 424 (143) million. Tax expense was USD 312 (186) million. Overall, the company reported a net profit of USD 112 million for the quarter.

All major field development projects progressed according to plan, and first oil from both Johan Sverdrup and Valhall Flank West was achieved during the quarter. Total capex for 2019 was USD 1,667 (1,202) million, in line with the latest guidance of USD 1.6-1.7 billion.

The Board has resolved to pay a quarterly dividend of USD 212.5 million, equivalent to USD 0.5901 per share, in February 2020.

Investor contact
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889

Media contact
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217