Aker BP Q3 misses profit expectations, lifts output forecast
Q3 EBIT $1.70 bln vs forecast $1.89 bln
Profit hit by lower prices, goodwill impairments
Underlying profit in line, analyst says
Sees 2024 output at higher end of forecast
Adds detail on earnings, analyst in paragraphs 7-8
OSLO, Oct 30 (Reuters) -Norwegian oil firm AkerBP AKRBP.OL, partly owned by BP BP.L, on Wednesday reported a bigger-than-expected decline in third-quarter operating profit, but said its full-year output would be in the upper-halfof its forecast.
The group's profit before interest and tax fell to $1.70 billion for July-September, from$2.62 billion a year earlier, weighed down by lower prices and higher goodwill impairments.
Analysts had expected profit before interest and taxof$1.89 billion in company-compiled consensus.
The company reportedoutput of 414,700 barrels of oil equivalent per day (boed) inthe third-quarter, down from 449,800 boed a year earlier, due to planned maintenance at several fields. The production is expected to recover in the fourth quarter, Aker BP said.
The company raised its full-year output forecast to 430,000-440,000 barrels of oil equivalent (boe) per day from a previous plan of 420,000-440,000, and cut its production cost outlook to $6.5 per boe from $7.
"We are pleased to report another quarter of high production efficiency, supported by smooth execution of our maintenance program," Aker BP CEO Karl Johnny Hersvik said in a statement.
"This performance has allowed us to increase our production guidance for 2024 and reinforces our position as an industry leader in both low costs and low emissions," he added.
The group's earnings before interest, tax, depreciation and amortisation (EBITDA) -a measure that excludes impairments - stood at $2.61 billion, down from $3.17 billion a year prior, but was aheadof analysts' forecast of $2.48 billion.
Adjusting for factors such as the timing of oil and gas sales, the underlying EBITDA was virtually in line with expectations, DNB Markets said in a note.
Aker BP maintained a dividend of $0.60 per share for the third quarter.
Reporting by Nerijus Adomaitis; Editing by Terje Solsvik and Sonia Cheema
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