Aker BP posts loss in 3Q. Oil output below expected due to Valhall delays

first_imgThe Norwegian oil company Aker BP has posted a net loss for the third quarter, and a below expected production due to delays in the Valhall field well stimulation program.The Valhall field; Image source: Aker BPAker BP reported revenues of $723 million for the quarter down from $966 million a year ago, and also down from 785 million in q2 2019, citing lower oil and gas prices, partly mitigated by an increase in sold volumes.The company’s net loss for the quarter was $43 million, down from a $63 million profit in Q2 2019, and a drop compared to a net profit of $116 million in the third quarter of 2018.Explaining the net loss, Aker BP said: “Profit before taxes amounted to USD 143 million. Taxes amounted to USD 186 million for the third quarter, representing an effective tax rate of 130 percent.The tax rate was negatively impacted by the impairment of technical goodwill, which is not tax-deductible, in addition to currency movements during the quarter. This resulted in a net loss for the third quarter of 2019 of USD 43 million, compared to a net profit of USD 62 million in the previous quarter.”The company’s net production in the third quarter was 146.1 (127.3) thousand barrels of oil equivalents per day (“mboepd”). Net sold volume was 143.3 (140.7) mboepd.The production volumes, while higher than in the second quarter, were below Aker BP’s plan. The reason for this lays in delays in the stimulation program at the Valhall field in the Norwegian North Sea following the planned maintenance shutdown in June.The average realized liquids price was $62.0 (2Q $69.3) per barrel, while the realized price for natural gas averaged $0.16 (Q2 0.16) per standard cubic meter (“scm”).“Stimulation operations have been performed at the southern flank and the field center in order to bring new wells on stream. A second stimulation vessel was contracted in order to mitigate delays in the stimulation program. Slot recovery commenced on the field center in preparation for drilling operations and development of the lower Hod formation,” Aker BP said.Looking ahead the company forecast full-year 2019 production would be circa 155 mboepd, around the low end of the previously communicated range of 155-160 mboepd mainly due to the delays in the stimulation of new wells at Valhall.Further down the road, production is expected to be boosted significantly as the giant Johan Sverdrup field was brought on stream early October, and Valhall Flank West remains on track for first oil later this year.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

Aggressive defense aids UW

first_imgWith an overtime goal to give the home team the win Sunday night, the Wisconsin women’s soccer team wrapped up its weekend series with two victories.After a 2-1 victory over Illinois (7-5-2, 4-2-1 Big Ten) Sunday and a win by the same score Friday over Northwestern (4-10-2, 0-8-0), Wisconsin earned its second and third Big Ten victories thanks in large part to solid play by UW’s defensive unit.In a weekend where the defense allowed only two goals, the strong defensive play Sunday impressed head coach Paula Wilkins. “I thought it was a group effort in defending,” Wilkins said. “[Illinois] came out with a different system than we expected them to play, so people were able to adapt which I was really happy with. Lindsey Johnson has been fantastic for us in the back and being able to step in for (Alexandra) Heller. She was [as] good again today as she was on Friday.”The Badgers (10-5-1, 3-4-1) held the Fighting Illini to just seven shots on goal with junior goalkeeper Genevieve Richard stopping six of them.Richard, who has now started four games for Wisconsin, got the nod Sunday, but it was redshirt senior Lauren Gunderson who started for the Badgers on Friday despite Richard’s shutout in Wisconsin’s game against UW-Green Bay Monday. Wilkins explained the choice to start two different goalkeepers this weekend.“They are both great goalkeepers and they both bring different things,” Wilkins said. “We thought what Illinois brought to the game was going to be the strength for Genevieve today. We are looking at that game-by-game in terms of what goalkeeper brings special qualities.“It’s so difficult as a coach because they give me the most challenging problem of deciding who is going to play, because they both bring great things to the game.”Richard has 18 saves and has allowed only four goals in her four starts.The Wisconsin goalkeeper may have been able to earn her second-straight shutout if it wasn’t for Illinois forward Marissa Holden, who drilled a shot to the far upper corner of the goal in the 41st minute.Illinois’ goal was reminiscent of another goal made last Friday on Richard by Nebraska’s Mayme Conroy, who nailed a top corner shot in overtime.Richard was happy with the way she played on Sunday and is determined to stop at least one top corner missile this year.“[The Illinois goal] made me think of the Nebraska goal (last weekend). I was very close to it, so I will work on it in practice. I just want to save it at least once. I have to, it’s like my ego,” Richard said with a smile. “Strikers cannot just keep doing the same ball.“Overall I think [I played] fine. I really focused on getting over the ball. My kicks in the first half were terrible. I think it is not acceptable for me to give counterattacks and gifts to the opponent, so I will work on it again.”Friday it was Gunderson who played goalkeeper for the Badgers, recording three saves and holding the Wildcats to just one goal.After getting out to a fast 2-0 lead, Gunderson was happy the Wisconsin defense continued to play at full intensity despite playing with a two-goal cushion.“At the end, to win a game you kind of have to keep focusing on the details,” Gunderson said. “I didn’t think that we did that in a couple other games that we lost so it was good that we came out and worked hard.”In both games over the weekend, Wisconsin was able to keep the opponent’s offensive pressure to a minimum, doing well to limit the opposing transition attack.Senior defender Joana Bielefeld thought her defensive squad did a nice job stopping the fast breaks of the opposition.“For the most part I think that we really defended as a team and stopped them from transitioning,” Bielefeld said. “We were really concentrating on tackling and I think for the most part we did a good job.”Follow Spencer on Twitterlast_img read more