Aker BP reports record output after acquisition

Oil production in the first quarter at Aker BP reached record highs, while the company's bottom line also grew in the period.

by LOUISE VOGDRUP-SCHMIDT

Aker BP's first quarter this year saw the oil major's output climb to record highs. Overall output reached 158,600 barrels of oil equivalent per day.

"Production volumes increased primarily due to the acquisition of Hess Norge in late December 2017," writes Aker BP in a press release accompanying its Q1 results.

The company's revenue in the first quarter came to USD 890 million, an improvement from USD 646 million in the same period last year.

Aker BP delivered a profit of USD 161 million, up almost USD 100 million from the first quarter 2017 where the company's profit finished at USD 69 million.

The company was established in 2016 by BP Norge AS and Det norske oljeselskap ASA and became one of the largest independent listed oil companies in Europe. Aker BP acquired Hess Norge in the fourth quarter 2017, further boosting its size, and the company now has around 1,300 employees.

English Edit: Daniel Logan Berg-Munch

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