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Aker BP posts Q3 net loss as production drops

Aker BP ASA reported a net loss of $43 million, or a loss of 12 cents per share, for the third quarter, down from a net profit of $116 million, or 32 cents per share, a year ago.

Production during the third quarter totaled 146,100 barrels of oil equivalent per day, down from 150,600 boe/d in the prior-year period.

The Norwegian company said production volumes decreased primarily due to delays in the stimulation program at the Valhall oilfield in the Norwegian North Sea following a maintenance shutdown in June.

Aker updated its capital expenditure guidance to between $1.6 billion and $1.7 billion. It has already spent $1.16 billion in the first nine months of 2019.

The company will pay a quarterly dividend totaling $187.5 million, or 52.07 cents per share, in November, which brings total annual dividends to $750 million.