Aker BP (Buy, TP: NOK325.00) - On track for guidance increase
Following Aker BP’s strong Q1 trading update, with net production of 448kboed (well above our estimate of 418kboed and consensus of 433kboed), we have made minor estimate changes. We remain increasingly comfortable with our above-guidance production for 2024e and have raised our full-year production estimate from 441kboed to 445kboed (consensus at 436kboed), following the strong Q1 production, and probably even stronger Q2 production as Q1 was hindered by ~10kboed by the turnaround at Johan Sverdrup. We reiterate our BUY and NOK325 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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