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Maersk Oil can now break even with USD 40 oil price

The oil division at Maersk Group booked slightly below projections both in revenue and results for the third quarter 2016. However, the division had a positive surprise after taxes.

Photo: Maersk

In the third quarter 2016, Maersk Oil booked revenue of USD 1,226 million (EUR 1,108 million) and a result of USD 701 million (EBITDA). This is slightly below the average analyst expectations of USD 1,274 million on the top line and EBITDA of USD 737 million. Maersk Oil's production came to 295,000 barrels of oil equivalents (boe), lower than the expected amount of 320,000 boe, according to Ritzau Estimates.

The conglomerate notes that the oil business still managed to deliver a profit. After taxes, the quarterly result thus came to USD 145 million which boosts the division's total profit for the year up to USD 247 million after nine months. The end result is also higher than the projected sum of USD 108 million after taxes.

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