Aker BP “sets its sights” on higher dividends for shareholders

Karl Johnny Hersvik, CEO Aker BP
Karl Johnny Hersvik, CEO Aker BP

Aker BP says its earnings before tax were $1.7billion (£1.2billion) in 2017, up from $968million (£698million) the previous year.

In announcing its 2017 results, the Norwegian operator said its proven plus probable reserves are estimated a 914 million barrels of oil equivalent, a net yearly increase of 202 million barrels.

Production was 160 million barrels of oil per day, including from the operations of Hess – a U.S oil firm it bought in a $2billion (£1.4billion) deal in October.

Aker says it distributed $250million (£180million) in dividends to shareholders last year and have now “set its sights” on even higher pay outs.

Chief Executive Karl Johnny Hersvik said: “In 2018, Aker BP stands on an extremely solid foundation. During the last three years, we have built a company that delivered beyond all expectations.

“This is due to a series of smart and strategic transactions, good operational discipline, great execution capabilities, an impressive improvement agenda, and lastly, an organization whose willingness and capability to change is almost unbelievable.

“We will continue with full force – as one team – towards becoming the leading independent offshore E&P company. I feel privileged to lead the Aker BP team.”