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Norwegian oil producer Aker BP reported a strong rise in first-quarter 2026 profit, supported by higher crude oil prices and a significant impairment reversal linked to its Valhall assets. The company posted a net profit of $758 million for the January-to-March period, sharply higher than the $316 million recorded during the same quarter last year.
Despite the increase in profit, Aker BP’s EBITDA slipped to $2.66 billion from $2.80 billion a year earlier, while total revenue declined to $3.03 billion compared with $3.20 billion previously. The decline was mainly driven by lower production volumes caused by natural field decline and maintenance activities across key operations.
A major boost to earnings came from a net impairment reversal of $522 million during the quarter. This marked a sharp turnaround from the impairment charge of $944 million reported in the previous quarter. The reversal was primarily related to intangible assets in the Valhall area and reflected stronger short-term assumptions for oil and gas prices.
Average net production fell 10% year-over-year to 398,400 barrels of oil equivalent per day (boepd). However, improved commodity prices helped offset weaker output. Realized liquids prices climbed to $82.2 per barrel of oil equivalent from $75.0 a year earlier. Gas prices came in at $80.5 per boe, slightly below last year’s $85.2.
Chief Executive Karl Johnny Hersvik said the company maintained strong operational performance and successfully launched the Symra project nine months ahead of schedule. Aker BP also confirmed that major developments, including Yggdrasil and Valhall PWP-Fenris, remain on track for first oil production in 2027. The Skarv Satellites project startup has also been accelerated to the third quarter of 2026.
The company reaffirmed its 2026 production guidance of 370,000 to 400,000 boepd and maintained planned capital expenditure between $6.2 billion and $6.7 billion. Aker BP also announced an unchanged quarterly dividend of $0.6615 per share.
