Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Aker Bp Asa Ord — Q2 2026 Earnings Presentation
25 slides from Aker Bp Asa's earnings presentation, Jul 15, 2026
Slide 1: Second quarter 2026
Second quarter 2026 15 July 2026 Aker BP ASA
Slide 2: Highlights
Highlights ▪ Strong operational and financial delivery ▪ Major projects on track for 2027 start-up ▪ Portfolio positioned for growth ▪ Robust balance sheet maintained 2
Slide 3: Strong operational performance
Strong operational performance High efficiency in a quarter with planned maintenance Production Production cost Emissions mboepd / production efficiency (%) USD/boe kg CO2e/boe 95% 96% 96% 97% 94% 100% 500 90% 8.8 7.9 3.1 415 414 7.6 7.7 411 3.0 80% 398 7.3 2.9 384 2.8 2.7 400 70% 60% 300 50% 40% 20
Slide 4: Johan Sverdrup – a world-class field
Johan Sverdrup – a world-class field Continued excellent Redetermination Phase-3 sanctioned with operational performance process completed start up expected end 2027 World-class asset with Aker BP ownership Phase-4 maturing with low cost and low emissions increased to 31.7163% potential start-up in
Slide 5: Development projects
Development projects Key milestones delivered ▪ Subsea tie-back programme nearing completion ▪ Skarv Satellites start-up in August ▪ Yggdrasil progressing towards 2027 start-up ▪ Power-from-shore commissioned, Hugin B installed ▪ Hugin A sailaway scheduled for December ▪ Updated investment estimate
Slide 6: Field developments driving growth and value creation
Field developments driving growth and value creation Tie-back projects at Yggdrasil Valhall PWP/Fenris Net ~450 mmboe Net ~220 mmboe Alvheim, Skarv and Eiga Net ~170 mmboe ▪ New area hub with several discoveries ▪ Modernising Valhall field centre and enabling ▪ Nine tie-backs to existing infrastruct
Slide 7: Delivering growth – shaping the next wave
Delivering growth – shaping the next wave ~35% production growth from 2026 to 2028 Production above 500 mboepd into the 2030s Shaping the next wave of growth 900 mboepd 800 700 Active portfolio management 600 M&A ~525 and exploration 500 IOR/discoveries/ILX Targeted exploration 380-400 400 300 Disco
Slide 8: Entering Ringvei Vest – development concept agreed
Entering Ringvei Vest – development concept agreed Alignment of interest for fast-track development and strengthening our position in the area ▪ Aker BP to acquire 19% interest in Troll A Ringvei Vest area licence portfolio1 Troll B Troll C ▪ Alignment of interests across the licences, supporting co
Slide 9: Strengthening our position around Yggdrasil
Strengthening our position UKCS NCS around Yggdrasil UK exposure adds scale and balance across Frigg area ▪ Aker BP to acquire 38.16% in licence P2343 covering UK part of the old Frigg field ▪ Prospectivity of Frigg was confirmed by the Omega Alfa oil discovery in 2025 Yggdrasil area P2343 ▪ The tra
Slide 10: Wisting – on track for concept select this year
Wisting – on track for concept select this year ~500 mmboe recoverable resources ▪ The largest undeveloped discovery on the NCS, located in Barents Sea ▪ Planned to be developed with FPSO with Equinor as operator ▪ Re-maturation of the project and strong improvements implemented ▪ Concept select lat
Slide 11: 2026 exploration programme
2026 exploration programme Aker BP Gross volume Licence Prospect Operator Timing share (mmboe) Johan Tonjer / Geitungen Equinor 32% 20 - 30 Discovery Sverdrup PL1148 Carmen appraisal Wellesley 10% 20 - 110 Appraised PL782S Linga Equinor 40% 10 - 50 Ongoing PL1153 Alpehumle Aker BP 40% 10 - 190 Ongoi
Slide 12: Q2 2026 financial performance
Q2 2026 financial performance Produced and sold volume (1,000 boepd) Production cost (USD per boe) $105 per boe (82) Production Sales 415 414 411 8.8 398 384 7.9 7.3 7.6 7.7 414 431 396 406 376 Net realised price $2.1 (0.3) Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 FCF per share Ne
Slide 13: High realised prices
High realised prices Brent dated vs front month contract Aker BP Q2 achieved oil price vs front month contract USD/barrel USD/barrel 150 $110 $2 $108 $104 125 $97 100 75 50 25 - January February March April May June Front Brent Premiums Achieved NGL price Achieved month Dated & timing oil price effe
Slide 14: Sales of oil and gas
Sales of oil and gas Volume sold Realised prices Total income mboepd USD/boe USD million 108 3 682 431 414 406 431 396 59 376 3 026 58 53 56 82 54 88 2 584 2 599 2 560 387 69 70 80 63 360 327 321 67 63 59 3 164 356 372 340 352 322 2 605 2 170 2 199 2 163 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q2-25 Q3-25 Q4-
Slide 15: Income statement
Income statement USD million Q2 2026 Q1 2026 Before Before impairment Impairments Actual impairment Impairments Actual 376 mboepd (406) Total income 3 682 3 682 3 026 3 026 Production expenses 267 267 297 297 Other operating expenses 18 18 19 19 Oil and gas sales EBITDAX 3 398 3 398 2 710 2 710 Expl
Slide 16: Cash flow statement
Cash flow statement USD million Q2-26 Q1-26 Q4-25 Q3-25 Op. CF before tax and WC changes 3 404 2 799 2 175 2 369 Net taxes paid (504) (315) (458) (295) Changes in working capital 222 (471) (131) (51) $3.1 bn (2.0) Cash flow from operations 3 123 2 013 1 586 2 023 Cash flow from operations Adj. Cash
Slide 17: Balance sheet
Balance sheet USD million Assets 30.06.26 31.03.26 31.12.25 PP&E 28 254 26 655 25 451 Goodwill 11 268 11 268 11 268 Other non-current assets 2 910 3 579 2 943 $6.0 bn (5.4) Cash and cash equivalent 2 492 1 862 2 344 Total available liquidity Other current assets 2 764 3 082 2 801 Total Assets 47 687
Slide 18: Disciplined capital allocation
Disciplined capital allocation Balancing financial strength, growth and shareholder returns 1.1 Financial capacity 2.2 Profitable growth 3.3 Shareholder returns Maintain financial flexibility and an Allocate capital to high-return, low Resilient and growing dividend in line investment grade credit p
Slide 19: Investments
Investments Executed in the supportive Norwegian fiscal regime Aker BP est. capex before and after tax1 USD billion ▪ Investment plan updated to reflect new estimates 8 on completion of major projects: 7 ▪ Yggdrasil USD 12.5-13 billion (12.1) 6 5 ▪ Valhall PWP-Fenris USD 7.3-7.6 billion (7.0) 4 ▪ Ma
Slide 20: Resilient dividend growth
Resilient dividend growth USD 0.6615 paid in the quarter Dividends USD per share Paid 2.65 2.52 Planned 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 minim
Slide 21: Near-term tax payments
Near-term tax payments Payment sensitivity for H1-2027 USD million 1 800 1 600 1 400 Payment schedule ▪ Ten tax instalments per year with 1 200 no payments in January and July 1 000 800 $90 H1-27 sensitivity analysis 600 $90 ▪ Oil price: USD 70 and 90 per barrel 400 $70 ▪ Gas price: USD 15 per MMBtu
Slide 22: 2026 guidance
2026 guidance Previous Actual New guidance Jan-June guidance Production 370-400 391 380-400 mboepd Production cost ~8.0 8.2 ~8.0 USD/boe Capex 6.2-6.7 3.5 6.8-7.2 USD billion Exploration ~400 161 ~400 USD million Abandonment ~100 14 ~100 USD million 22
Slide 23: Delivering today – building for tomorrow
Delivering today – building for tomorrow ✓Strong Q2 performance with record-high operating cash flow ✓Major growth projects on track for 2027 start-up ✓Portfolio strengthened through exploration and business development ✓Positioned for continued high shareholder returns 23
Slide 24: 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 25: www.akerbp.com
AkerBP www.akerbp.com