Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Aker Bp Asa Ord — Q1 2025 Earnings Presentation
28 slides from Aker Bp Asa's earnings presentation, May 7, 2025
Slide 1: First quarter 2025
First quarter 2025 7 May 2025 Aker BP ASA
Slide 2: First quarter 2025 highlights
First quarter 2025 highlights Delivering on our strategy Financial frame Message at Distinct capabilities World-class assets with Large opportunity set designed to maximise Strategy driving E&P operator industry-leading with clear pathway for value creation and Update excellence performance profitab
Slide 3: Strong production driven by high efficiency
Strong production driven by high efficiency Production Production efficiency1 1,000 barrels oil equivalents per day, mboepd 95% 96% 97% 97% 94% 94% 95% 95% 93% 93% 448 444 449 88% Top quartile on 441 84% the NCS2: 415 above 88% Skarv Valhall Grieg/Aasen Alvheim Johan Sverdrup Q1-24 Q2-24 Q3-24 Q4-24
Slide 4: Low cost – a competitive advantage
Low cost – a competitive advantage Aker BP production cost Industry peers total operational cost1 USD per boe USD per boe, 2024 20 15 12.0 10 7.3 7.2 7.2 6.2 6.4 6.6 6.5 6.0 6.1 5.7 5.6 5 0 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1
Slide 5: A global leader in low-emission oil and gas production
A global leader in low-emission oil and gas production 140 120 Decarbonising our business Industry emission intensity 2024 Aker BP emission intensity, kg CO2e per boe1 kg CO2e per boe, equity share2 100 5.3 80 3.8 60 3.2 3.0 2.9 2.8 2.8 2.8 2.6 2.6 2.5 2.4 40 20 0 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23
Slide 6: Johan Sverdrup
Johan Sverdrup ▪ Good operational performance YTD ▪ Drilling four retrofit multi-lateral wells this year ▪ Targeting 2025 production close to 23/24 level ▪ Phase 3 planned to be sanctioned in Q2 6
Slide 7: Maintaining production above 500 mboepd into the 2030s
Maintaining production above 500 mboepd into the 2030s Base production and ongoing projects Levers for value accretive 1,000 mboepd secure high production into the 2030s growth post-2030 900 M&A 800 (Asset & corporate) 700 Stand-alone discoveries 600 M&A ~525 and exploration Near-field 500 IOR/disco
Slide 8: Field developments driving growth and value creation
Field developments driving growth and value creation Net volume ~800 mmboe | Net capex USD ~3 billion after tax | Portfolio BE at USD 35-40 per barrel1 Tie-back projects at Alvheim, Yggdrasil Valhall PWP/Fenris Net ~450 mmboe Net ~190 mmboe Skarv and Grieg Aasen Net ~170 mmboe ▪ New area hub with se
Slide 9: Development projects on track
Development projects on track ▪ High activity at fabrication and assembly yards ▪ Jackets scheduled for installation this summer ▪ Extensive subsea campaigns underway ▪ Drilling activity ramping up ▪ Projects on schedule for planned start-ups ▪ Total capex estimate remains in line with plans Munin t
Slide 10: Yggdrasil – targeting 1 bn barrels
Yggdrasil – targeting 1 bn barrels Designed for substantial upside potential ▪ On plan for production start in 2027 ▪ Initial volume estimate 650 mmboe, increased to 700 mmboe with East Frigg discovery (2023) ▪ East Frigg development concept selected – sanctioning planned in Q2 ▪ Significant explora
Slide 11: Exploration at Yggdrasil ahead
Exploration at Yggdrasil ahead 2025 Exploration programme ▪ Q2-Q3: Drill five prospects in a single campaign – Omega, Alfa, Alfa S, Sigma NE, Pi ▪ Pre-drill estimate: 40–135 mmboe ▪ Q3: Drill Natrudstilen prospect Frigg area follow-up ▪ Considerable oil volumes in place across the Frigg area ▪ 2026
Slide 12: Near-term exploration programme
Near-term exploration programme Aker BP operator Two commercial discoveries in the quarter Aker BP partner Upcoming wells Elgol Aker BP Volume est. Licence Prospect Operator Status share (mmboe) PL1110 Njargasas Aker BP 55% Dry PL1131 Elgol Vår Energi 20% Minor discovery PL1182S Kjøttkake DNO 30% 38
Slide 13: Unlocking value in tight reservoirs
Unlocking value in tight reservoirs A significant growth opportunity on the NCS Large resource potential on the NCS • Significant tight oil and gas volumes highlighted by NOD1 • Opportunities identified in all major regions Aker BP is well positioned Rondeslottet • Proven track record with fracking
Slide 14: Financial highlights
Financial highlights First quarter 2025 ▪ Strong operational performance and financial results ▪ Fortified financial position and capacity ▪ Delivering on our value creation plan ▪ Shareholder distributions of USD 0.63 per share 14
Slide 15: First quarter 2025 performance
First quarter 2025 performance Produced and sold volume (1,000 boepd) Operating cost (USD per boe) Production Sales 448 444 449 441 6.4 6.6 6.5 415 6.1 5.7 461 458 $76 per boe (75) 429 439 391 Net realised price $1.1 (-0.5) Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Net cash flow fr
Slide 16: Sales of oil and gas
Sales of oil and gas Volume sold Realised prices Total income mboepd USD/boe USD million 83 85 461 83 458 80 79 439 429 3 376 63 64 3 201 391 66 3 078 3 068 64 75 326 74 2 858 46 301 487 477 271 64 57 51 398 394 3 011 364 374 345 2 748 2 659 2 548 2 545 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q1-24 Q2-24 Q3-2
Slide 17: Income statement
Income statement USD million Q1 2025 Q4 2024 Before Before impairment Impairments Actual impairment Impairments Actual 458 mboepd (439) Total income 3 201 3 201 3 068 3 068 Production costs 278 278 229 229 Other operating expenses 14 14 10 10 Oil and gas sales EBITDAX 2 908 2 908 2 828 2 828 Explora
Slide 18: Cash flow statement
Cash flow statement USD million Q1-25 Q4-24 Q3-24 Q2-24 Op. CF before tax and WC changes1 2 852 2 935 2 610 3 051 Net taxes paid (718) (1 164) (424) (2 086) Changes in working capital1 (25) (708) 571 182 $2.1 bn (1.1) Cash flow from operations 2 109 1 063 2 757 1 147 Cash flow from operations Cash f
Slide 19: Balance sheet
Balance sheet USD million Assets 31.03.25 31.12.24 31.03.24 PP&E 21 091 20 238 17 819 Goodwill 12 568 12 757 13 143 Other non-current assets 3 063 3 033 3 207 $7.7 bn ($7.5) Cash and cash equivalent 4 283 4 147 3 215 Total available liquidity Other current assets 2 293 2 018 2 053 Total Assets 43 29
Slide 20: Maintaining a strong balance sheet and financial capacity
Maintaining a strong balance sheet and financial capacity Net interest-bearing debt1 Leverage ratio2 Liquidity available3 Excl. leases, USD billion Targeting below 1.5 over time USD billion 8 8.0 7.5 7.5 7.7 7 7.0 6.6 6.6 1.2 6 6.0 5 5.0 0.9 4 4.0 4.3 3.4 3.4 3.2 4.1 4.1 3 2.6 2.6 0.6 3.0 0.5 3.2 3.
Slide 21: Progressing our investments according to plan
Progressing our investments according to plan In a supportive fiscal regime Aker BP est. capex before and after tax1 USD billion ▪ Capex for ongoing PDO projects in line with plans 6 and unchanged estimates since Q4-24 report 5 ▪ ~85% is related to projects subject to the 4 temporary tax system with
Slide 22: Creating substantial shareholder value
Creating substantial shareholder value Aker BP value creation plan 2023-2028 Cumulative free cash flow1 Leverage ratio2 USD billion After dividends 16 4.0 14 $90/boe 3.5 12 3.0 10 2.5 $65/boe 8 2.0 6 1.5 Stress-test 4 1.0 at $50/boe 2 0.5 $65/boe $90/boe 0 0.0 2023 2024 2025 2026 2027 2028 2023 2024
Slide 23: Resilient dividend growth
Resilient dividend growth Dividends USD per share 2.52 2.40 2.20 ▪ Low-cost production and cash flow provide 2.00 Q4 resilient dividend capacity Q3 ▪ Distributions reflect capacity through the cycle 1.35 1.18 ▪ Ambition to grow the dividend with minimum Q2 5% per year Q1 ▪ 5% dividend growth planned
Slide 24: Near-term tax payments
Near-term tax payments Sensitivity for H2-2025 USD million 3 000 Adjusted payment schedule from Q3-251 2 500 ▪ Number of tax instalments increased to ten from six per year, with no payment in January and 2 000 July 1 500 2025 assumptions used in sensitivity analysis 1 000 ▪ Oil price: USD 60, USD 70
Slide 25: 2025 guidance unchanged
2025 guidance unchanged Q1-2025 2025 Actuals guidance Production (mboepd) 441 390-420 Opex (USD/boe) 6.5 ~7.0 Capex (USDbn) 1.3 5.5-6.0 Expex (USDbn) 0.14 ~0.45 Abex (USDbn) 0.02 ~0.15 25
Slide 26: Concluding remarks
Concluding remarks ▪ Strong operational performance with high production efficiency, low cost and low emissions ▪ Development projects on track - supporting production level above 500 mboepd into the 2030s ▪ Johan Sverdrup Phase 3 and East Frigg approaching investment decision ▪ Two discoveries and
Slide 27: Disclaimer
Disclaimer This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about globa
Slide 28: www.akerbp.com
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