Aker BP Announces First Quarter 2022 Trading Update

Source: www.gulfoilandgas.com 4/13/2022, Location: Europe

Aker BP will publish its financial report for the first quarter 2022 on Thursday 28 April 2022. The company issues this trading update to summarize its production and sales volumes and related topics for the quarter.

Oil and gas production and sales
Aker BP produced 208.2 thousand barrels of oil equivalents per day (mboepd) in the quarter, while net volume sold amounted to 216.2 mboepd.

Other income
Aker BP expects to report Other income of approximately USD 40 million, mainly driven by unrealised gains on commodity derivatives.

Production cost
The company expects to report production costs of approximately USD 220 million. The increase from the previous quarter is mainly driven by higher lifted volumes, power costs, environmental taxes and higher well intervention activity.

Sale of shares in Cognite
During the first quarter 2022, Aker BP sold its shares in Cognite AS. This is expected to generate a gain of approximately USD 100 million (not taxable), which will be recorded as Other financial income.


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