Aker BP to step up drilling after strong Q4 profits

Norwegian oil company Aker BP on Thursday reported a US $3.3 billion profit for 2021, and said it plans to drill 13 more wells in 2022.

The company said it had recorded a net profit of $851 million, while continuing to deliver oil and gas at low cost and with low emissions. The company reported $1,260 million and net profit of $364 million for the fourth quarter alone.

“The high oil and gas prices contributed to record strong financial results for Aker BP in 2021. However, in times like these, it is important to stay focused on the things we can influence,” said Karl Johnny Hersvik, CEO of Aker BP.

Aker BP said it will pay a dividend of $1.90 per share for the full year. The company said it will increase capital spending to $1.6 billion in 2022, from $1.4 billion last year. Exploration expenditure will remain unchanged at $400 million.