06:27 AM EDT, 07/16/2026 (MT Newswires) -- RBC Capital Markets revised its model for Aker BP (AKRBP.OL), adjusting its earnings forecasts, after the oil and gas exploration and production company published its second-quarter earnings. "We have updated our Aker BP model to reflect 2Q26 results, the revised [capital expenditure] guidance and the narrowed production guidance range. Results were ahead of consensus, driven by exceptionally strong realised oil prices of $107.9 [per barrel], while the increase in full-year capex guidance is a negative offset, and we have revised our estimates accordingly. We have also updated our forecast for our updated RBC Commodity Price Deck, and maintain our NOK380 [price target] and Outperform rating," according to a Wednesday note. Aker BP updated its full-year 2026 production outlook to between 380,000 barrels of oil equivalent per day and 400kboe/d from 370kboe/d to 400kboe/d earlier on "growing confidence" in second-half delivery, while boosting its capex guidance to $6.8 billion to $7.2 billion from the previous target range of $6.2 billion to $6.7 billion to keep its 2027 projects on schedule. "The 2Q26 results reinforce the core thesis: Aker BP is executing well, generating record [cash flow] at current oil prices, and its development portfolio is tracking to plan. The capex increase on Valhall PWP-Fenris and Yggdrasil is a near-term negative to [free cash flow], but with leverage continuing to decline (0.55x) and projects entering final execution phases, we believe the balance sheet is well-positioned to absorb this," the note said. Accordingly, the research firm revised its earnings projections, including net production, revenue and basic EPS, for 2026 through 2028.

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