First quarter 2022 trading update

TRONDHEIM, Norway, April 13, 2022 /PRNewswire/ -- Aker BP will publish its financial report for the first quarter 2022 on Thursday 28 April 2022. The company issues this trading update to summarize its production and sales volumes and related topics for the quarter.

Oil and gas production and salesAker BP produced 208.2 thousand barrels of oil equivalents per day (mboepd) in the quarter, while net volume sold amounted to 216.2 mboepd. 

Other incomeAker BP expects to report Other income of approximately USD 40 million, mainly driven by unrealised gains on commodity derivatives. 

Production costThe company expects to report production costs of approximately USD 220 million. The increase from the previous quarter is mainly driven by higher lifted volumes, power costs, environmental taxes and higher well intervention activity.

Sale of shares in CogniteDuring the first quarter 2022, Aker BP sold its shares in Cognite AS. This is expected to generate a gain of approximately USD 100 million (not taxable), which will be recorded as Other financial income. 

Conference call and webcastThe company will host a conference call to present its first quarter 2022 results on 28 April 2022 at 08:30 CEST. The conference call will be available as a webcast on https://www.akerbp.com/en. To participate in the conference call, please use the following dial-in numbers and passcode:

Contacts:Kjetil Bakken, VP Corporate Finance and Investor Relations, tel.: +47 91 889 889Jørgen Torstensen, Senior IR Professional, tel.: +47 95 48 37 07

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SOURCE Aker BP ASA