Aker BP raises dividend while fourth-quarter profit lags forecast

Text size Aa Aa

OSLO (Reuters) - Aker BP posted a smaller-than-expected increase in fourth-quarter earnings on Wednesday and raised its dividend amid strong cash from output growth and higher oil price.

The Norwegian independent oil firm's earnings before interest and taxes rose to $403 million (£311.2 million) from $305 million (£235.5 million) in the same quarter a year ago, lagging the $491 million expected by analysts in a Reuters poll.

Aker BP, 30 percent owned by BP Plc, said it will pay a quarterly dividend of $0.5207 per share, more than the $0.38 anticipated by analysts.

In total, the company's so-called contingent oil and gas resources grew by 23 percent in 2018, it said in a statement.

The company said on Jan. 17 it planned to pay its shareholders a total of $750 million in 2019, up from $450 million in 2018.

It previously reported production in the fourth-quarter was at 155,700 barrels of oil equivalents (boe) per day, in line with the guidance.

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.