Aker BP confirms dividend growth as first quarter results meet expectations
Norwegian oil firm Aker BP has confirmed its commitment to increase dividend payments by 5% this year, as it reported first-quarter profits in line with analyst expectations.
The company, Norway's second-largest listed oil producer, posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $2.80 billion for January-March, marginally higher than the $2.79 billion achieved in the same period last year and matching the $2.78 billion forecast by analysts.
Cash flow from operations rose significantly to $2.11 billion, up from $1.46 billion a year earlier, slightly exceeding analyst predictions of $2.07 billion.
Aker BP announced a quarterly dividend of $0.63 per share and reaffirmed its plan to pay total dividends of $2.52 per share in 2025, representing a 5% increase from the $2.40 per share distributed in 2024.
"We remain fully committed to delivering value to our shareholders through stable and predictable dividends," said CEO Karl Johnny Hersvik.
The company reported strong operational performance with oil and gas production, reaching 441 thousand barrels of oil equivalent per day during the quarter, while maintaining low production costs of $6.5 per barrel.
Aker BP also highlighted its environmental credentials, reporting greenhouse gas emission intensity of 2.8 kg CO2e per barrel of oil equivalent, which it claims ranks among the lowest in the global oil and gas sector.
The firm's development projects are progressing according to plan, with overall capital expenditure estimates unchanged. Its resource base was further strengthened by two new discoveries during the quarter, enhancing future development opportunities.
