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LNDNY - Q1 Results Of Aker BP Disenchanted The Market But Not Me
Lundin Petroleum AB ADR
On April 26, Norwegian upstream company Aker BP (OTCPK:DETNF), which I previously covered in January, published its Q1 report. Unfortunately, I can't say that there was a plentitude of improvements that could be genuinely appreciated. The market wanted solid revenue growth, improved EBITDA, operating profit above expectations, considerable EPS, and sizeable free cash flow. Contrarily, Aker BP reported an 8.7% drop in total income, EBITDA decreased by 18%, and EBIT tumbled by 35% QoQ. The reduction in the carrying value of the Ula/Tambar by $68 million backstabbed; that not only pushed IFRS