Aker BP ASA (AKRBF)
NEUTRAL基本面
48
价格
$348.40
市值
$222.76B
第一部分 · 这家公司值多少
概览
Aker BP explores for, develops and produces oil and gas exclusively on the Norwegian Continental Shelf. Rather than building fields from scratch everywhere, much of its strategy has been buying stakes in mature North Sea fields and modernising them with subsea technology and tied-back platforms to extract more oil at lower cost. It operates several field centres directly — Alvheim, Valhall, Skarv and Ula — and holds a large minority stake in Johan Sverdrup, one of Western Europe's largest oil fields, operated by Equinor.
盈利方式
Revenue comes from selling the oil and gas it extracts at prevailing market prices, plus smaller tariff income for letting other operators use its pipelines and platforms. Because prices are set by global commodity markets, Aker BP cannot control what it is paid; it instead competes on cost. The company has driven its production cost down to roughly $7-8 per barrel, well below the $10-12 many rivals report, and estimates its projects remain profitable even if oil prices fall to $35-40 a barrel.
护城河
成本优势 · 狭窄Aker BP reports a production cost of roughly $7-8 per barrel against $10-12 for many peers, and a portfolio breakeven around $35-40 a barrel, achieved by concentrating on mature, already-developed North Sea infrastructure rather than costlier frontier exploration. The advantage is real but not permanent: it depends on continued access to Norwegian licenses and on fields that will eventually deplete.
需求驱动因素
周期性As a pure commodity producer, revenue rises and falls with global oil and gas prices, which move with worldwide economic growth, OPEC+ supply decisions and geopolitical events far outside the company's control. Low production costs cushion profitability in a downturn, but do not insulate revenue itself from the swings in the price the company is paid.
看多理由
Buyers argue that Aker BP's production cost of roughly $7-8 per barrel, far below the industry average, lets it stay profitable at oil prices where many competitors would struggle, and that its stake in the still-growing Johan Sverdrup field gives it years of low-cost production ahead.
看空理由
Sellers worry that revenue still depends entirely on a commodity price the company cannot control, that its assets are concentrated on a single continental shelf subject to Norwegian tax and regulatory policy, and that today's low-cost fields will eventually deplete and need replacing with costlier ones.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 with claude-opus-5 — shared with all users
The dominant operator on the Norwegian continental shelf, competing with Aker BP for the same exploration acreage and operatorships in every licensing round and selling the same Norwegian crude and pipeline gas to European buyers.
The closest listed peer in profile: an independent producer focused almost entirely on the Norwegian continental shelf, chasing the same subsea tie-back projects, the same licence awards and the same oil and gas customers.
After the Sval Energi acquisition it holds well over a hundred Norwegian offshore licences and was the third-largest winner in the latest APA round, directly behind Aker BP in the race for North Sea and Norwegian Sea acreage.
Through its Norwegian arm it is both a licence partner and a rival bidder for Norwegian offshore acreage and producing-asset acquisitions, and it sells gas into the same European market.
A smaller Norwegian operator specialised in extending the life of mature offshore fields, competing with Aker BP for the same late-life assets, licence shares and offshore contractor capacity.
资产负债表与流动性
营收
$11.86B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$1.42B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$-353M
股东权益合计
$108.33B
负债合计
$9.73B
流动比率
1.20
利息覆盖率
-
债务/EBITDA
0.96
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$307.15
当前价格
$348.40
安全边际
-13.4%
公允价值区间
$199.65 - $414.66
估算方法
估值指标
市盈率（P/E）
156.23
ROE
12.1%
市净率（P/B）
19.75
P/FCF
-
毛利率
90.1%
ROIC
6.0%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
6.0%
WACC
10.9%
ROIC − WACC
-4.9 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
基本面分析标准
通过（10）
- Price CAGR 9.01%
- ROIC 6.0%
- Gross Margin 90.1%
- Debt/Equity ratio
- Operating Margin 57.1%
- Current Ratio
- Debt/EBITDA
- Revenue Growth 5Y 29.7%
- PEG Ratio 1.46
- Earnings Quality (OCF/NI) 6.94
未通过（9）
- P/B Ratio 19.75
- Positive Free Cash Flow
- Price below Graham Number
- DCF valuation (Unknown)
- ROE 1.1%
- Analyst Consensus 46% Buy
- Earnings Surprise avg -22.8%
- Net Margin Trend 1.2% vs 14.8%
- Piotroski F-Score 2/9
不可用（8）
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Karl Johnny Hersvik | Chief Executive Officer | 53 |
| Mr. David Torvik Tonne | Chief Financial Officer | 40 |
| Mr. Per Harald Kongelf | Chief Operating Officer | 66 |
| Mr. Thomas Ditlev Hoff-Hansen | Chief Information Officer | 53 |
| Ms. Marit Blaasmo | Senior Vice President of People and Safety | 50 |
| Mr. Arne Tommy Sigmundstad | Senior Vice President of Drilling & Wells | 55 |
| Mr. Ole-Johan Molvig | Senior Vice President of Valhall | 53 |
| Mr. Knut Arne Kristian Sandvik | Senior Vice President of Projects | 63 |
| Ms. Ine Dolve | Senior Vice President of Alvheim | 50 |
| Mr. Lars Hoeier | Senior Vice President- NOAKA | 58 |
审计风险
2
董事会风险
9
薪酬风险
6
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for AKRBF, sourced from Markets Gazette.