October 14, 2024 06:32 GMT
ENERGY SECTOR: Aker BP Trading Update; Not A Spread Mover
ENERGY SECTOR
Baa2/BBB/BBB
Net production was in line with consensus (limited number of estimates) but below the FY guidance level though strong performance in H1 means they can produce at a similar level in Q4 and still hit their FY production guidance of 420-440mbpoed.
- Net production of 414.7mboepd was -6.6% QoQ/-7.8% YoY (+0.6% vs. BBG consensus) with the company flagging planned maintenance.
- The quarter saw an underlift of 5.6% (volume extracted but not sold) while of the volumes sold, liquids (88.2%) were -13.4% QoQ /-11.4% YoY while natural gas (11.9%) was -26% QoQ /-23.3% YoY.
- Realised prices were USD 80.3/boe for liquids, -3.4% QoQ /-8.3% YoY, while natural gas saw USD 63.5/boe, up 11% QoQ and 5% YoY.
- Limited other commentary. Full results 30 October.
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