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OSLO, Oct 19 (Reuters) - Norway's Aker BP beatthird-quarter operating profit forecasts on Friday helped byhigher oil prices and trimmed its plans for capital andexploration spending.
Earnings before interest and taxes (EBIT) rose to $548million from $219 million and topped the $521 million expectedby analysts in a Reuters poll.
Revenue was helped by higher oil and gas prices, with itsaverage realised oil price rising to $78 from $55 a barrel ayear earlier, the company said.
Norwegian billionaire Kjell Inge Roekke holds 40 percent viainvestment firm Aker ASA while BP has a 30percent stake in the company.
Aker BP said it now expected $1.25 billion in 2018 capitalspending, down from a previous target of $1.3 billion. Ittrimmed its exploration budget to $400 million from $425million.
The reduction in capital spending was due to smooth progressin ongoing development projects, including the Johan Sverdrupoilfield operated by Equinor where Aker BP holds an11.6 percent interest.
Aker BP maintained production guidance of 155,000-160,000barrels of oil equivalents per day (boed) for 2018, but said itexpected the output to be in the "lower half" of that range.
In the third quarter its production in Norway rose 14percent year on year to 150,600 boed, but was 4.6 percent downfrom the previous quarter, the company said on Oct.5.
Out output is expected to top 200,000 boed by end-2019,after Johan Sverdrup starts, Chief Executive Karl JohnnyHersvik, told Reuters in September.
Aker BP will pay a dividend of $0.3124 per share for thethird quarter, in line with expectations and unchanged from thesecond quarter.(Reporting by Nerijus Adomaitis; editing by Ole Petter Skonnordand Jason Neely)
