Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Aker Bp Asa Ord — Q1 2026 Earnings Presentation
24 slides from Aker Bp Asa's earnings presentation, May 7, 2026
Slide 1: First quarter 2026
First quarter 2026 7 May 2026 Aker BP ASA
Slide 2: Highlights
Highlights ▪ Strong operational and financial performance ▪ Symra on stream ahead of schedule ▪ Project execution progressing well ▪ Accelerated start-up targeted for Skarv Satellites ▪ Robust cash flow supported by high prices 2
Slide 3: Strong operational performance
Strong operational performance High efficiency – low cost – low carbon Production Production cost Emissions mboepd / production efficiency (%) USD/boe kg CO2e/boe 97% 95% 96% 96% 97% 100% 500 90% 441 7.9 415 414 7.6 7.7 411 3.0 80% 398 7.3 2.9 2.8 2.8 2.7 400 6.5 70% 60% 300 50% 40% 200 30% 20% 100
Slide 4: Delivering on our strategy
Delivering on our strategy ~35% production growth from 2026 to 2028 will contribute significantly to the cash generation Maintaining production above 500 mboepd into the 2030s 900 mboepd ▪ Distinct capabilities driving E&P 800 operator excellence 700 ▪ World-class assets with industry- 600 M&A leadi
Slide 5: Field developments driving growth and value creation
Field developments driving growth and value creation Net volume ~840 mmboe & net capex USD ~3.3 billion after tax. Payback in 1-2 years on portfolio 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 disc
Slide 6: Two subsea tie-backs successfully on stream this year
Two subsea tie-backs successfully on stream this year Aker BP proves yet again its edge in project execution on the NCS Strong partnerships enabling developments with safe deliveries, high quality and fast execution January - Solveig Phase 2 on stream ▪ On schedule Solveig Edvard Grieg ▪ Subsea tie-
Slide 7: Delivering highly profitable tie-backs at accelerated pace
Delivering highly profitable tie-backs at accelerated pace In total ~170 mmboe net to Aker BP with excellent economics 2021 2022 2023 2024 2025 2026 2027 50% Kobra East & Gekko 4 months ahead PDO Plan IRR @ $70/boe PDO Plan Alvheim Frosk On time PDO Plan Tyrving 4 months ahead Hanz On time FID Plan
Slide 8: The major development projects on track
The major development projects on track ▪ Construction, subsea installation and commissioning activities at peak ▪ Installed Hugin B jacket ▪ Installed Fenris topside ▪ Drilling operations underway at all projects ▪ Robust investment plan unchanged 8
Slide 9: 2026 exploration programme
2026 exploration programme Focused on near-infrastructure opportunities Aker BP Gross volume Licence Prospect Operator Timing share (mmboe) Johan Tonjer Equinor 32% 10 - 20 Discovery Sverdrup PL1148 Carmen appraisal Wellesley 10% Ongoing PL782S Linga Equinor 40% 10 - 50 Ongoing PL1153 Alpehumle Aker
Slide 10: Oil market impacted by Middle East situation
Oil market impacted by Middle East situation Reduced supply has caused sharp increase in near-term prices Brent dated vs front month contract Aker BP realised oil price vs front month contract USD/barrel USD/barrel 150 150 125 125 100 100 75 75 50 50 25 25 - - January February March April January Fe
Slide 11: Q1 2026 financial performance
Q1 2026 financial performance Produced and sold volume (1,000 boepd) Production cost (USD per boe) $82 per boe (63) Production Sales 441 415 414 411 398 458 7.6 7.9 7.7 431 7.3 414 6.5 396 406 Net realised price $0.3 (-0.7) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 FCF per share Ne
Slide 12: Sales of oil and gas
Sales of oil and gas Volume sold Realised prices Total income mboepd USD/boe USD million 85 82 458 431 64 414 406 80 396 70 3 201 59 69 3 026 58 75 53 63 56 487 67 2 584 2 599 2 560 387 63 59 360 327 321 394 356 372 340 352 2 659 2 605 2 170 2 199 2 163 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-2
Slide 13: Income statement
Income statement USD million Q1 2026 Q4 2025 Before Before impairment Impairments Actual impairment Impairments Actual 406 mboepd (431) Total income 3 026 3 026 2 560 2 560 Production expenses 297 297 365 365 Other operating expenses 19 19 21 21 Oil and gas sales EBITDAX 2 710 2 710 2 174 2 174 Expl
Slide 14: Cash flow statement
Cash flow statement USD million Q1-26 Q4-25 Q3-25 Q2-25 Op. CF before tax and WC changes 2 799 2 175 2 369 2 331 Net taxes paid (315) (458) (295) (1 571) Changes in working capital (471) (131) (51) 480 $2.0 bn (1.6) Cash flow from operations 2 013 1 586 2 023 1 240 Cash flow from operations Adj. Cas
Slide 15: Balance sheet
Balance sheet USD million Assets 31.03.26 31.12.25 31.03.25 PP&E 26 655 25 451 21 091 Goodwill 11 268 11 268 12 568 Other non-current assets 3 579 2 943 3 063 $5.4 bn (5.9) Cash and cash equivalent 1 862 2 344 4 283 Total available liquidity Other current assets 3 082 2 801 2 293 Total Assets 46 445
Slide 16: 2026 guidance unchanged
2026 guidance unchanged Q1-2026 2026 actuals guidance Production 398 370-400 mboepd Production cost 7.7 ~8.0 USD/boe Capex 1.6 6.2-6.7 USD billion Exploration 66 ~400 USD million Abandonment 4 ~100 USD million 16
Slide 17: Investments on track
Investments on track In a supportive fiscal regime Aker BP est. capex before and after tax1 USD billion 7 6 PWP Fenris 5 Yggdrasil 2020 tax Total capex system with 4 2023-2028 86.9% tax deduction 3 9 Tie-in projects 2 Other Capex 1 - 2023 2024 2025 2026 2027 2028 Normal tax system with 78% tax deduc
Slide 18: 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 19: Near-term tax payments
Near-term tax payments Sensitivity for H2-2026 USD million 2 500 2 000 Payment schedule ▪ Ten tax instalments per year with no payment in January and July 1 500 1 000 H2-26 sensitivity analysis ▪ Oil price: USD 70 and 90 per barrel $90 500 $90 ▪ Gas price: USD 15.0 per MMBtu ~475m $70 ▪ USDNOK: 9.50
Slide 20: Resilient cash flow and leverage profile across oil price scenarios
Resilient cash flow and leverage profile across oil price scenarios Cumulative free cash flow1 Leverage ratio2 USD billion After dividends 14 3.5 $90/boe 3.0 12 10 2.5 $65/boe 8 2.0 6 1.5 Stress-test at $50/boe 4 1.0 $65/boe 2 0.5 $90/boe - - 2025 2023-25 2026 2027 2028 2025 2026 2027 2028 Illustrat
Slide 21: 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 22: Concluding remarks
Concluding remarks The strategy is delivering results ▪ High efficiency – low cost – low emissions ▪ Strong track record for tiebacks continues Priorities from here ▪ Efficient operations and project execution ▪ Productivity transformation Growing value for shareholders ▪ Capital allocation framewor
Slide 23: 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 24: www.akerbp.com
AkerBP www.akerbp.com