Aker BP (Buy, TP: NOK280.00) - Supportive Johan Sverdrup outlook
The operator of Johan Sverdrup recently announced that it now believes production will remain close to 2023–2024 levels in 2025, having previously expected a decline. With the field making up ~50% of Aker BP’s production, we have raised our 2025–2026e production and EPS by 2%. Still, we expect Aker BP to be conservative in its 2025 production guidance with its Q4 results (due at 06:00 CET on 12 February). We reiterate our BUY and NOK280 target price.Aker BP ASA engages in the exploration, development, and production of petroleum resources on the Norwegian Shelf. In addition, Co. has a separate Johan Sverdrup business unit to manage its interest.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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