Aker BP GAAP EPS of -$0.51, revenue of $2.58B beats by $30M; raises FY production guidance

Aker BP reported a GAAP EPS of -$0.51 for the second quarter and generated revenues of $2.58 billion, a 23.7% decrease from the previous year, but better than expected by $30 million.

The company's oil and gas production averaged 415 mboepd, a decrease from 441 mboepd in the first quarter, primarily due to planned maintenance activities.

Aker BP's operational cash flow decreased to $1.2 billion, down from $2.1 billion in the previous quarter, yet the company increased its full-year production guidance to 400-420 mboepd from an earlier estimate of 390-420 mboepd.

Recommendation Rating: Positive

Aker BP has released its financial results for the second quarter, reporting a GAAP EPS of -$0.51. The company generated revenues of $2.58 billion, marking a 23.7% decrease year-over-year; however, this exceeded expectations by $30 million. Oil and gas production averaged 415 thousand barrels of oil equivalent per day (mboepd), down from 441 mboepd in the first quarter, largely due to planned maintenance activities. Operational cash flow for the quarter stood at $1.2 billion compared to $2.1 billion in the previous quarter. Notably, Aker BP has increased its full-year production guidance to between 400 and 420 mboepd, up from the earlier estimate of 390 to 420 mboepd.