Norwegian oil firm Aker BP on Tuesday beat second-quarter pretax profit expectations helped by record output and a partial reversal of impairments from the previous quarter as oil prices rose.
Pretax profit fell to $151 million from $249 million a year earlier but beat a forecast of $91.3 million in a Refinitiv poll of analysts, said the company, which is jointly controlled by BP Plc and investment firm Aker ASA.
Aker BP, which has a stake in Norway’s giant Johan Sverdrup oilfield, repeated its 2020 production guidance of 205,000-220,000 barrels of oil equivalents per day.
The company took an impairment charge of $654 million in the first quarter as oil prices crashed, resulting in a pretax loss of $414 million. Due to a rise in oil prices, it reversed $136 million of that impairment in the second quarter.
Source: Reuters
