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Aker BP's Earnings Increase by More Than 150% in 3Q18

Aker BP’s third-quarter operating profit increased by 150.2 percent in the third quarter of 2018, compared to the same quarter of 2017, helped by the oil price increases, the Norwegian oil firm said on Friday.

The company's earnings before interest and taxes rose to $548 million from $219 million in the same quarter a year ago. The Norwegian company’s net production in the third quarter was 150.6 thousand barrels of oil equivalents per day, compared to 131.9 thousand barrels in the same quarter of 2017.

In July, Aker BP entered into an agreement to acquire 11 licenses, including four discoveries, from Total Norge for $205 million. In October, the company entered into an agreement to acquire 77.8 percent of the King Lear discovery from Equinor for $250 million. Both transactions are subject to approval by the Norwegian authorities.

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