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Investing.com -- Aker BP (NYSE:BP) reported stronger-than-expected production for the first quarter of 2025, on Monday, with output reaching 441.4 thousand barrels of oil equivalent per day (kboe/d).
The figure topped both company guidance of 390–420 kboe/d and analyst estimates, including Jefferies at 425.3 kboe/d and RBC Capital Markets at 421 kboe/d. Despite the operational beat, shares fell 1.6% in Oslo trading.
The production beat was underpinned by continued strong output from the Johan Sverdrup field, where Aker BP holds a 31.6% stake.
Both Jefferies and RBC flagged the field’s steady plateau production as a key driver. Additional support came from the ramp-up at Tyrving in the Alvheim area.
Net volumes sold in the quarter were 457.6 kboe/d, bolstered by a 16.2 kboe/d overlift correcting for prior underlifts. RBC noted this should lift both revenue and operating cash flow above current consensus.
Sales realisations were in line with expectations. Liquids averaged $75.0 per barrel, and natural gas was sold at $85.2 per barrel of oil equivalent, or about $14.2/mcf.
This brought the overall average realisation to approximately $76/boe, consistent with Brent pricing during the quarter.