Q3 2017 AKER BP ASA KARL JOHNNY HERSVIK, CEO ALEXANDER KRANE, CFO 30 OCTOBER 2017
AKER BP ASA Highlights Production Q3-17 production of 131.9 mboepd Expecting to reach upper half of 135 - 140 mboepd production guidance for 2017 Finance Q3-17 EBITDA USD 395 million, EPS USD 0.33 Q3-17 Free cash flow* of USD 445…
AKER BP ASA Acquisition of Hess Norge AS Illustrative production potential*, mboepd net Cash consideration of 2.0 USDbn (effective date 1/1-17) 350 Aker BP Aker BP (sanctioned) (non-sanctioned) Interest in Valhall (64.05%) and Hod…
Financials Q3 2017
FINANCIALS Statement of income (USD million) Q3 2017 Q3 2016 FY 2016 Total operating income 596 248 1,364 Production costs 134 32 227 Other operating expenses 3 6 22 EBITDAX 459 210 1,115 Exploration expenses 64 31 147 EBITDA 395…
FINANCIALS Statement of financial position Assets Equity and liabilities (USD million) 30.09.17 30.09.16 (USD million) 30.09.17 30.09.16 Goodwill Equity 2,502 2,579 1,817 1,858 Other intangible assets Other provisions for liabilities…
FINANCIALS Third quarter cash flow and liquidity Cash flow (USDm) Liquidity (USDbn) Strong cash flow in Q3-17 Undrawn credit Free cash flow of USD 445 million Cash & cash equivalents Includes positive one-off tax effect of USD 264…
FINANCIALS Dividends set to increase Cash flow coverage Sustained strong cash flow in 2017 USD 746 million free cash flow year-to-date Dividends USD 188 million paid in dividends 730 Cash flow from investing activities Dividends…
FINANCIALS 2017 guidance Actual year-to-date Item 2017 full year guidance per September 30, 2017 USD 900 950 million CAPEX 663 million (no change) USD 280 300 million EXPEX 196 million (no change) 135 140 mboepd Production…
Operations Q3 2017
PRODUCTION Oil and gas production Net production* (boepd) * Including FY 2016 production from BP Norge AS ** Subject to government approval, effective date 01.01.2017 12
VALHALL (100%*) / HOD (100%*) The chalk giant The Valhall field center consists of six separate steel platforms, including a process/accommodation platform installed in 2013 Two unmanned flank platforms (North and South) Q3-17…
VALHALL (100%*) / HOD (100%*) Preparing for further increase in Valhall reserves Valhall/Hod in place volumes are about 3.8 bn boe 1 billion barrels produced per Jan 2017 Ambition to produce at least 500 mmboe more Applying new…
ALVHEIM AREA (65.0%*) Further development of the Alvheim area Q3-17 production 68.9 mboepd (72.5 mboepd in Q2-17) SAGE outage and planned ESD test Production efficiency of 96% in Q3 (98% in Q2-17) Production started from two new…
IVAR AASEN (34.8%) Preparing for the next steps Q3-17 production 16.6 mboepd (17.3 mboepd in Q2-17) Excellent production performance with high uptime High operational availability of 97% (98.5% in Q2-17) Production efficiency 82% due…
ULA (80.0%) / TAMBAR (55.0%) Making Tambar great again Drilling two new wells at Tambar Q3-17 production 8.6 mboed (9.9 mboepd in Q2-17) Volatile production due to WAG effects Production efficiency 68% (69% in Q2-17) Tambar…
SKARV AREA (23.8%) Approaching PDO for Snadd Q3-17 production 24.5 mboepd (29.3 mboepd in Q2-17) Planned maintenance and three wells shut in Snadd test producer shut in due to production permit reached 87% production efficiency (96%…
JOHAN SVERDRUP (11.6%) Development on track Riser platform jacket being installed by Thialf Project progressing according to plan: Construction was approximately 70% complete by end-Q3 The first steel jacket has been installed on the…
PROJECTS MMO activity to prolong field life Ula Tambar Valhall & Hod Oda Tie-In to Ula Ula Power Tambar Artificial Lift Topside modifications for tie-in of West Flank platform Ula lifeboat project North Flank Water Injection…
IMPROVEMENT Volund infill project subsea alliance Improvement program starting to show results Volund infill project delivered 30% below budget -33% Strategic partnerships to align incentives Alliances established for subsea and two…
EXPLORATION 2017 drilling schedule Drilling on Hyrokkin and Nordfjellet/Delta completed in the third quarter Drilling on Hufsa ongoing, to be followed by Hurri Preparing for high-impact Barents Sea campaign in 2018 Aker BP…
OUTLOOK Closing remarks Efficient and safe operations Execute Deliver PDO on Snadd, Valhall Flank West and Storklakken before year-end Relentless focus on cost reductions and Safety productivity gains Improve Mature…
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