Aker BP announce fourth quarter 2021 results

Aker BP reported record high operating profit of USD 1,260 million and net profit of USD 364 million for the fourth quarter 2021. For the full year 2021, operating profit was USD 3,315 and net profit was USD 851 million. The company continues to deliver oil and gas at low cost and with low emissions. Aker BP is uniquely positioned for profitable growth from a large resource base, backed by industry-leading alliance partners and a very strong financial position. 

  • Acquisition of Lundin Energy’s oil and gas activities announced in December
  • Record high financial performance in 2021 with free cash flow of USD 2.5 billion and net debt reduced to USD 1.7 billion
  • Low carbon footprint with emissions below 5 kg CO2 per boe – among the lowest in the industry
  • Dividend per share proposed increased from USD 1.35 in 2021 to USD 1.90 in 2022
  • Securing profitable growth with three field developments sanctioned in 2021
  • Aiming to sanction four new projects in 2022 including NOAKA and Valhall NCP/King Lear 
  • Added 163 mmboe to its 2P+2C resource base in 2021, more than two times the year’s production
  • Stepping up exploration activity with 13 wells planned in 2022

“The high oil and gas prices contributed to record strong financial results for Aker BP in 2021. However, in times like these, it is important to stay focused on the things we can influence. For Aker BP, this means to continuously improve and drive down costs and emissions, and to unlock new opportunities for profitable growth,” says Karl Johnny Hersvik, CEO of Aker BP.

“Aker BP’s financial position is more robust than ever. The strong cash generation has contributed to further reducing our debt level and has allowed us to increase our dividends. Financial flexibility is the foundation for withstanding the volatility of the commodity markets and to fund our investment program,” says David Tønne, CFO of Aker BP.

Fourth quarter 2021 summary

Aker BP reported total income of USD 1,849 (1,563) million and operating profit of USD 1,260 (849) million for the fourth quarter 2021. Net profit was USD 364 (206) million. The company paid a dividend of USD 150 million (USD 0.4165 per share) in the quarter. On 21 December 2021, the company announced a transaction agreement with Lundin Energy AB to acquire Lundin Energy’s oil and gas related assets. 

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Key information related to cash dividend

The following sets out the planned cash dividends to be paid by Aker BP in the first quarter 2022:

  • Dividend amount: USD 0.475 (NOK 4.1782) per share
  • Declared currency: USD
  • Last day of trading including right: 14 February 2022
  • Ex-date: 15 February 2022
  • Record date: 16 February 2022
  • Payment date: 23 February 2022
  • Date of approval: 9 February 2022

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