Aker BP ASA on Thursday reported $758 million in net profit for the first quarter (Q1), bouncing back from a net loss of $145 million for the prior three months and increasing from $316 million for Q1 2025.
The Norwegian continental shelf explorer and producer delivered earnings per share of $1.2. It declared a dividend of $0.6615 for Q2, maintaining its prior rate.
An increase in liquids prices quarter-on-quarter and year-on-year offset a decrease in liquids and gas sales volumes.
Aker BP, whose biggest shareholders are Aker ASA and BP PLC, produced an average of 398,400 barrels of oil equivalent a day (boed) net in the January-March 2026 quarter. That fell from 410,600 boed in Q4 2025 and 441,400 in Q1 2025 due to “offloading delays and a severe wave event” in the Alvheim area and “unplanned operational issues and a shutdown” in the Ula area.
Net sales totaled 405,700 boed, down from 431,400 boed in Q4 2025 and 457,600 boed in Q1 2025. Q1 2026 net liquids sales dropped sequentially and by prior-year comparison to 352,200 boed. Net gas sales of 53,400 boed followed the same trend.
Aker BP’s realized liquids prices averaged $82.2 per barrel, up from $63.1 in Q4 2025 and $75 in Q1 2025. The average realized gas price of $80.5 per boe soared from $59.2 in Q4 2025 but declined from $85.2 in Q1 2025.
Production expenses fell quarter-on-quarter but rose year-on-year to $297.4 million. Due to a reversal in impairments, total operating expenses significantly fell from $2.11 billion for Q4 2025 and $1.28 billion for Q1 2025 to $372.6 million for Q1 2026.
Revenue fell quarter-on-quarter and year-on-year to $2.99 billion. Cash flow from operations rose quarter-on-quarter but fell year-on-year to $2.01 billion. EBITDA rose quarter-on-quarter but fell year-on-year to $2.66 billion. EBIT rose both quarter-on-quarter and year-on-year to $2.65 billion. Profit before taxation rose both quarter-on-quarter and year-on-year to $2.72 billion.
Aker BP ended Q1 2026 with $1.86 billion in cash and cash equivalents and $3.08 billion in other current assets. Current liabilities stood at $3.72 billion including $1.58 billion in tax payable.
Leverage ratio stood at 69 percent. Aker BP held a liquidity position of $5.4 billion. Besides cash and cash equivalents, liquidity included $300 million in financial investments and $3.2 billion in undrawn credit facilities.
“Our project portfolio continues to progress well. We are converting a pipeline of low-breakeven projects into production, while our two major development projects, Yggdrasil and Valhall PWP-Fenris, remain on track for first oil in 2027”, said chief executive Johnny Hersvik.
“The situation in the Middle East remains serious and uncertain. While Aker BP has no direct exposure to the region, developments have influenced oil markets towards the end of the quarter”.
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