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Aker BP ASA: Third quarter 2026 results
Aker BP delivered strong earnings and cash flow in the third quarter, driven by efficient operations, higher sold volumes and strong realised prices. The Yggdrasil and Valhall PWP-Fenris projects passed major offshore milestones and remain on track for first production next summer, while the Skarv Satellites Project came on stream in late August.
Highlights
- Production: Net production was 374 mboepd, reflecting planned maintenance. Full-year production guidance of 380-400 mboepd is reiterated.
- Sales: Net sold volumes were 396 mboepd, up five percent from the previous quarter.
- Earnings and cash flow: EBITDA was USD 3.4 billion, and cash flow from operations was USD 2.4 billion.
- Net profit: USD 986 million, equivalent to USD 1.56 per share, including a positive after-tax effect of USD 262 million from an impairment reversal.
- Projects: Yggdrasil and Valhall PWP-Fenris progressed according to plan. The Hugin B, Munin and Valhall PWP topsides were installed, all major subsea components at Yggdrasil are now in place, and offshore hook-up and commissioning are underway.
- Skarv Satellites: Production commenced in late August, almost a year ahead of the original schedule.
- Financial position: The financial position remained robust, with a leverage ratio of 0.50 and USD 5.8 billion in available liquidity.
- Dividend: A quarterly dividend of USD 0.6615 per share is payable on or about 12 November 2026.
Commenting on the results, CEO Karl Johnny Hersvik said:
"Aker BP delivered strong results in the third quarter, supported by safe and reliable operations, higher sold volumes and strong realised prices. Our financial position remains robust, with low leverage and substantial liquidity."
"Offshore, this was one of the most important quarters in our project history. With the Hugin B, Munin and Valhall PWP topsides installed and all major subsea components in place at Yggdrasil, we have entered the final phase towards start-up of both Yggdrasil and Valhall PWP-Fenris next summer. I am particularly pleased that the Skarv Satellites Project came on stream almost a year ahead of the original schedule. This demonstrates our execution capabilities and the value of developing new resources through existing infrastructure."
"As we look beyond the current project portfolio, we see substantial opportunities for continued value creation on the Norwegian Continental Shelf. We are strengthening our opportunity set through exploration and new partnerships, while using technology, AI and a more integrated operating model to unlock more resources and improve how we work. Our strategy remains unchanged, but we are improving how we execute it to create even more shareholder value."
Webcast presentation
The presentation will be webcast today at 08:30 CEST on www.akerbp.com, hosted by CEO Karl Johnny Hersvik and CFO David Tønne. The presentation will be followed by an online Q&A session.