Aker BP records $3.1 bn cash flow as upstream sector eyes $495 bn windfall

Norwegian offshore producer Aker BP announced a record operating cash flow of USD 3.1 billion for the second quarter of 2026, the highest ever for the company. Net profit reached USD 521 million on an average production of 383.6 k barrels of oil equivalent per day. The firm raised its lower‑end full‑year production guidance to 380 k boepd, declared a dividend of USD 0.6615 per share and reported liquidity of USD 6.0 billion. CEO Karl Johnny Hersvik attributed the results to safe operations, high efficiency, low costs and continuous improvement, while higher realized oil prices on the Norwegian continental shelf also contributed.

Separately, consultancy Wood Mackenzie projected that the global upstream oil and gas sector could generate USD 495 billion in free cash flow in 2026 if Brent crude averages USD 90 per barrel, a surge driven by a recent Middle East conflict that cut output in Iraq and damaged LNG infrastructure in Qatar. The 49 largest producers are expected to capture about USD 272 billion of that cash. Despite the windfall, the outlook suggests capital expenditures will stay flat, with firms focusing on balance‑sheet strength and strategic M&A rather than larger shareholder payouts.