Milliardutbytte from Røkke oil company – E24

(E24) Published: 07:02 – 31.10.2016, Updated: 07:56 – 31.10.2016

the Case is updated.

Oil company Aker BP (former yugoslavia. The Norwegian) released on Monday morning its third-quarter results. The company is now in the process of implementing the last formal processes before the business to what was The Norwegian oil company and Bp’s Norwegian operations officially one company.

Aker BP had in the third quarter a turnover of 248 million dollars, down from 316 million dollars in the same period last year. Gross operating profit (EBITDA) came in at 179 million dollars, down from 260 a year ago.

Profit after tax made a turnaround from -166 million dollars to a profit of 63 million dollars. It is far above the analysts ‘ expectation of 17.3 million dollars in the plus, according to konsensustall from SME Direkt/TDN Finans.

It was prior expected that the oil company would end with a turnover of 258 million dollars and a gross operating profit (EBITDA) of 178 million.

Aker BP delivered strong results in the third quarter, with stable, safe and efficient operation, in addition to establishing a platform to build a strong and cost-Aker BP. The integration process continues to go as planned and the board of directors proposes to pay a kvartalsmessig dividends from December 2016, ” says chief executive Karl Johnny Hersvik, in the quarterly report.

Stock to The Norwegian (now Aker BP) has had an adventurous development in recent times. In just the last three months the stock has risen 21,9 per cent, and since the new year is the up the whole 135,3 per cent. The market value of the oil is now 43,9 billion.

Aker, The Norwegian and BP have signed a formal merger agreement 30. september, but it is only from the 1. December (and 4. quarter) that the numbers are consolidated as one group.

Thus, the figures in this report consists, among other things, on the production.

It is Kjell Inge Røkke, Aker (40 per cent), BP and ceo Bob Dudley (30 per cent) and The Norwegian shareholders (30 per cent) who owns the oil company Aker BP. The Norwegian-listing on the Oslo stock Exchange has been to Aker BP-shares in connection with the merger process.

also Read: Aker BP-boss doesn’t let off the accelerator pedal: – A unique chance for renewing the Norwegian continental shelf

Now comes milliardutbyttene

Prior to the merger with Bp’s Norwegian operations was not applicable to distributions from The Norwegian before 2020. But by getting into the BP fields on the Norwegian continental shelf, the company has come in a completely different financial position, and the new company now plans to start a dividend payable.

This was also one of the important benefits Aker ceo Øyvind Eriksen pulled forward when Aker BP merger was presented earlier in the year.

Aker BPs board of directors proposes now a dividend of 125 million dollars, equivalent to one billion, to the payment in December 2016 and march 2017, according to the interim report. It corresponds to 0,125 dollars (about 1,04 million per share).

Milliardutbytte that comes in December and march, however, is only the beginning, the company writes the following about what the shareholders have in store:

– the Company aims to maintain a dividend level of a minimum of 250 million dollars per year forward, paid kvartalsmessig, and to increase this level when the Johan Sverdrup is in production, type Aker BP about the giant field in the north Sea that will be in production at the end of 2019.

Higher production cost

For 2016 estimates Aker BP a total investment budgets of 910 to 930 million dollars, and exploration expenditure of a total of 240 to 260 million dollars. The production level is expected to end between 118.000 and the 120,000 barrels of oil equivalent per day.

Aker Bp’s production ended on the 59.800 barrels of oil equivalent per day in the third quarter, down from 62.800 fat on the same time last year. BP Norway’s production ended on the 52.800 barrels per day, so that the company totally produced 112.600 barrels per day in the third quarter.

In the cut secured the company an oil price of 47 dollars a barrel, down from 52 dollars in the same period of last year, and down from 49 dollars in the second quarter.

This is far over it, for example, Statoil was in the third quarter. They reported an oil price of 40 dollars on average, but Statoil has, in return, a large international services are and more gas, which affects the numbers.

the Cost will, however, increase markedly after the merger with BP Norway and the start-up of the Ivar Aasen field, for the company estimates a production cost of 13 dollars a barrel for 2016. In 2015 and earlier in the year, det norske a production cost per barrel of between seven and eight dollars the barrel.