Investing.com -- Aker BP ASA (OL:AKRBP) third-quarter production fell short of analyst expectations, while sharply higher realised gas prices and stronger sales volumes offered a counterweight to lower output ahead of the Norwegian oil producer's full quarterly results later this month.
Net production averaged 374,300 barrels of oil equivalent per day (boepd), down 2.4% from the previous quarter and 9.6% from a year earlier. Output missed the analyst consensus of 382,000 boepd by around 2%, according to the company's compiled estimates.
Net volumes sold, however, rose 5.3% to 395,700 boepd from 375,700 boepd in the second quarter, as Aker BP moved from underlifting to overlifting. The increase in sales volumes partly offset the decline in production.
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Realised liquids prices fell to $100.60 per barrel of oil equivalent from $107.90 in the previous quarter, but remained well above the analyst consensus of $82.40. Realised natural gas prices climbed to $123.30 per barrel of oil equivalent from $88.40, substantially exceeding the consensus estimate of $88.60.
The operational update comes as Aker BP prepares for a longer-term production increase from major development projects on the Norwegian continental shelf. The company said in its second-quarter results that key projects remained on track for first production in 2027.
Aker BP's full-year 2026 production guidance, last updated in July, stands at 380,000 to 400,000 boepd. Production averaged 385,000 boepd over the first nine months, keeping the year-to-date average within that range. Analyst consensus published in August projected average output of 447,000 boepd in 2027 and 528,000 boepd in 2028.
Aker BP is scheduled to publish its full third-quarter report on October 29, when investors will receive further details on revenue, profitability, cash flow and the outlook.
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