Norwegian oil group Aker BP AKRBP.OL on Thursday reported a rise in second-quarter earnings that matched expectations as record production offset weaker prices for oil and gas, and lifted its full-year production outlook.

Norway’s second-largest listed oil company, partly owned by BP BP.L, said operating profit was $2.26 billion against a year-earlier $1.16 billion and a $2.3 billion analyst consensus forecast published by Aker BP.

Output rose to a record 481,000 barrels of oil equivalent per day (boed), in line with preliminary figures reported last week, helped by a ramp-up of capacity at the Equinor-operated EQNR.OL Johan Sverdrup oil field in which Aker BP owns a 32% stake.

“This excellent performance has led us to increase our expectations for the full year of 2023,” CEO Karl Johnny Hersvik said in a statement.

The company lifted its full-year production guidance to 445,000-470,000 mboed from 430,000-460,000 mboed previously.

Also matching a preliminary reading, realised prices for liquids output were down to $76.8 per barrel of oil equivalent (boe) from $117.50/boe a year prior, while realised gas prices fell to $63.90/boe from $152.6/boe.

The company maintained a quarterly dividend at $0.55 per share.
Source: Reuters (Reporting by Nora Buli, editing by Anna Ringstrom)