Aker BP Reveals GAAP Earnings and Revenue for Q4, Sets Stage for 2024 Financial Outlook

Aker BP (OTCQX:AKRBF), the Norway-based oil and gas company has recently announced its financial outcomes for the fourth quarter, revealing a GAAP EPS of $0.26. The company's revenue for the quarter totaled $3.56 billion, representing a year-over-year decline of 7%. This financial performance wraps up Aker BP's year with noteworthy stability in its production levels.

Production and Cost Efficiency

Despite the fluctuation in revenue, Aker BP's production remained steady. The fourth quarter saw the company producing 444 thousand barrels of oil equivalent per day (mboepd), and achieving an average of 457 mboepd for the entirety of 2023. These figures align closely with the company's previously set guidance. With a focus on cost efficiency, Aker BP managed to keep production costs low, at $6.2 per barrel, throughout both the fourth quarter and the entire financial year.

Looking Ahead: 2024 Financial Guidance

Peering into the future, Aker BP has initiated its financial outlook for 2024. The newly outlined plan sets production targets ranging between 410-440 mboepd. While the company expects a slight rise in production costs to approximately $7 per barrel of oil equivalent, the overarching financial strategy seems firm. A significant capital expenditure (Capex) budget is established at around $5 billion, along with a set exploration spend pegged at $500 million, and an abandonment spend of about $250 million, indicating a clear pathway for Aker BP's operations and investments in the forthcoming year.

EPS, Revenue, Outlook