By Gwladys Fouche
OSLO -Norwegian oil firm Aker BP posted upbeat second-quarter outcomes on Wednesday and mentioned it is going to elevate its dividend funds within the second half of the 12 months, because it continued to profit from excessive oil and fuel costs because of the struggle in Ukraine.
Earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) for April-June rose to $1.75 billion from $855 million a 12 months in the past, it mentioned, simply in need of file $1.78 billion earnings it posted within the first quarter.
Final month, Aker BP closed its deal to accumulate Norwegian property of Sweden’s Lundin Vitality in a cash-and-stock deal, making it the second-largest listed oil agency in Norway after state-controlled Equinor.
“Excessive oil and fuel costs have contributed to robust money circulation, permitting us to finish the Lundin transaction with out including new debt whereas our credit score scores have been upgraded,” Chief Govt Officer Karl Johnny Hersvik mentioned in a press release.
“Consequently, we are actually capable of additional improve the dividend stage.”
Within the second half of 2022, Aker BP will provide quarterly dividends of $0.525 per share, equal to an annualised stage of $2.1 per share, up from earlier plans to pay $1.9 apiece for the total 12 months in 4 quarterly instalments.
Vitality corporations worldwide have benefited from surging oil and fuel costs following Russia’s invasion of Ukraine.
With Europe protecting about 40% of its fuel wants with Russian provides earlier than the Feb. 24 invasion, importing nations have been scrambling to chop their dependence on Moscow and safe various provides.
Norway, Europe’s second-largest vitality provider after Russia, has benefited as it's seen as a dependable provider.
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