Aker BP profits up on high prices in Q4
Core earnings (EBITDA) at Norway's Aker BP rose to $1.56bn in the fourth quarter, from $834mn a year earlier, on the back of higher oil and gas prices, the company reported on February 10.
The pure play producer enjoyed an increase in its average realised liquids price to $78.8/barrel from $71.5, while its average realised price for gas rose to $169.5/barrel of oil equivalent, up from $91.3. Higher prices more than offset a slight drop in production to 207,000 boe/d, from 210,000.
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Aker BP, jointly owned by BP and Aker, is due to merge by the middle of this year with fellow Norway-focused player Lundin Energy - a deal that would create one of the country's largest upstream players with a $22bn market capitalisation and 400,000 boe/d of projected output in 2022.