Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Aker Bp Asa Ord — Q4 2025 Earnings Presentation
71 slides from Aker Bp Asa's earnings presentation, Feb 11, 2026
Slide 1: Q4 and full-year 2025 & strategy update
Q4 and full-year 2025 & strategy update 11 February 2026 Aker BP ASA
Slide 2: Highlights 2025
Highlights 2025 ▪ Strong operating cash generation ▪ Projects on schedule, increased resources and lifted investment estimates ▪ Outstanding exploration results ▪ Industry-leading unit costs and emissions intensity ▪ Robust balance sheet and financial flexibility ▪ Attractive dividends 2
Slide 3: The industry-leading performance continued in 2025
The industry-leading performance continued in 2025 3
Slide 4: Industry-leading performance continued in 2025
Industry-leading performance continued in 2025 High production… …low production costs… …while decarbonising our business 1,000 barrels oil equivalent per day (mboepd) USD per boe Aker BP emission intensity, kg CO2e per boe1 457 12.4 439 5.9 420 4.8 9.2 4.5 309 8.7 4.3 8.3 7.3 6.2 6.2 211 209 2.9 2.8
Slide 5: Production
Production Delivered with industry-leading efficiency Oil & gas production per area Production efficiency1 1,000 mboepd 481 97% 97% 96% 96% 94% 94% 95% 95% 95% 93% 93% 453 450 444 448 444 449 88% 441 Top quartile on the NCS2: 415 415 414 411 above 88% Ula area Alvheim area Skarv area Valhall area Ei
Slide 6: Johan Sverdrup consistently exceeding expectations
Johan Sverdrup consistently exceeding expectations Approx. 15% more cumulative volume than original plan mboepd, gross 800 700 600 500 400 300 200 100 - 2019 2020 2021 2022 2023 2024 2025 Actual production Original plan Aker BP holds 31.6% ownership in the Johan Sverdrup Unit operated by Equinor 6
Slide 7: 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, 2025e 25 12.4 20 9.2 8.7 8.3 15 7.3 6.2 6.2 10 5 0 2019 2020 2021 2022 2023 2024 2025 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1) Source: Wood Mackenzie. Companies inclu
Slide 8: A global leader in low-emission oil and gas production
A global leader in low-emission oil and gas production 120 100 Decarbonising our business Emission intensity 2025 Aker BP emission intensity, kg CO2e per boe1 kg CO2e per boe, equity share2 80 5.9 4.8 4.5 60 4.3 2.9 40 2.8 2.6 20 0 2019 2020 2021 2022 2023 2024 2025 20% 40% 60% 80% 100% 250 largest
Slide 9: Safety first
Safety first Keeping people safe is top priority Injury frequency (TRIF)1 Serious incident frequency (SIF)2 2.6 2.4 2.0 1.8 1.7 0.7 0.4 0.3 0.3 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 1) TRIF: Number of recordable injuries per million working hours 2) SIF: Number of serious injuries per
Slide 10: Field developments driving growth and value creation
Field developments driving growth and value creation Net volume ~835 mmboe & net capex USD ~3.3 billion after tax. Payback in 1-2 years on portfolio Tie-back projects at Alvheim, Yggdrasil Valhall PWP/Fenris Net ~450 mmboe Net ~220 mmboe Skarv and Eiga Net ~165 mmboe ▪ New area hub with several disc
Slide 11: Aker BP in all the large discoveries
Aker BP in all the large discoveries ~100 million barrels net to the company 2025 NCS exploration results1 Omega Alfa 38-48% Lofn/Langemann 40% Kjøttkake 45%2 Vidsyn Mistral South Zagato South Smørbukk Mid Drivis Tubåen Elgol Tyrihans East E-prospect Talisker F-South Goliat North Camilla North Skred
Slide 12: 2025 - Adding highly valuable barrels through exploration
2025 - Adding highly valuable barrels through exploration The three significant and commercial discoveries in the North Sea add ~100 million barrels net to Aker BP Kjøttkake Omega Alfa Lofn/Langemann March August December ▪ Gross volume of 39-75 mmboe ▪ Gross volume of 96-134 mmboe ▪ Gross volume of
Slide 13: Unlocking new volumes at Yggdrasil
Unlocking new volumes at Yggdrasil East Frigg development sanctioned in Q2 Major oil discovery at Omega Alfa in Q3 • Multi-target exploration well with recoverable volumes estimated at 96–134 mmboe • Total of 45,000m drilled – including 40,000m in reservoir sections and the three longest well branch
Slide 14: The Omega Alfa oil discovery
The Omega Alfa oil discovery Highly Rapidly Further valuable barrels progress upside with low BE oil price into concept studies potential 14
Slide 15: Q4 and full-year 2025
Q4 and full-year 2025 11 February 2026 Aker BP ASA
Slide 16: Financial highlights 2025
Financial highlights 2025 ▪ Strong operational performance ▪ Record-high operating cash flow ▪ Projects on schedule, increased resources and lifted investment estimates ▪ Sustained strong financial position ▪ Increased dividends by 5% for the year 16
Slide 17: Financial results 2025
Financial results 2025 Cash flow from Earnings1 operations after tax 2.8 USD/share 11.0 USD/share Dividend Leverage ratio2 2.52 USD/share 0.6 at year-end 1) Excl. impairments 2) Leverage ratio: Net interest-bearing debt divided by EBITDAX last 12 months, excluding effects of IFRS16 Leasing 17
Slide 18: Summing up Q4 2025 performance
Summing up Q4 2025 performance Produced and sold volume (1,000 boepd) Production cost (USD per boe) $63 per boe (69) Production Sales 449 441 415 414 411 458 7.6 7.9 439 431 7.3 414 6.5 396 5.7 Net realised price $-0.68 (0.24) Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 FCF per share
Slide 19: Income statement
Income statement USD million Q4 2025 Q3 2025 Before Before impairment Impairment Actual impairment Impairment Actual 431 mboepd (396) Total income 2 560 2 560 2 599 2 599 Production expenses 365 365 246 246 Other operating expenses 21 21 18 18 Oil and gas sales EBITDAX 2 174 2 174 2 334 2 334 Explor
Slide 20: Optimising the capital structure
Optimising the capital structure Aligning debt maturities with longevity of business profile Longer maturity at attractive terms 1 Bond maturities USD/EUR billion 10 10% 8 8% 1.75 Avg. years of maturity (bars) Aker BP cost (%) Interest rate (lines) 6 6% 4 4% 1.00 1.00 1.00 10y US treasury (%) New 0.
Slide 21: Maintaining a strong balance sheet and financial capacity
Maintaining a strong balance sheet and financial capacity Net interest-bearing debt1 + tax payable Leverage ratio2 Available liquidity3 Excl. leases, USD billion Targeting below 1.5 over time USD billion 7.5 7.7 1.1 6.0 5.9 5.6 1.6 1.8 3.0 2.4 0.9 4.1 4.3 0.6 6.0 0.6 0.5 0.5 3.0 5.0 4.6 0.4 2.6 2.6
Slide 22: Sales of oil and gas
Sales of oil and gas Volume sold Realised prices Total income mboepd USD/boe USD million 85 458 79 439 431 64 414 396 70 3 201 66 59 69 3 068 58 74 75 63 56 487 67 477 2 584 2 599 2 560 63 59 327 360 321 394 374 356 372 340 2 545 2 659 2 170 2 199 2 163 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-2
Slide 23: Cash flow statement
Cash flow statement USD million Q4-25 Q3-25 Q2-25 Q1-25 Op. CF before tax and WC changes 2 175 2 369 2 331 2 852 Net taxes paid (458) (295) (1 571) (718) Changes in working capital (131) (51) 480 (25) $1.6 bn (2.0) Cash flow from operations 1 586 2 023 1 240 2 109 Cash flow from operations Adj. Cash
Slide 24: Balance sheet
Balance sheet USD million Assets 31.12.25 30.09.25 31.12.24 PP&E 25 451 24 025 20 238 Goodwill 11 268 11 679 12 757 Other non-current assets 2 943 3 482 3 033 $5.9 bn ($5.6) Cash and cash equivalent 2 344 2 344 4 147 Total available liquidity Other current assets 2 801 2 647 2 018 Total Assets 44 80
Slide 25: 2025 Income statement
2025 Income statement USD million Full-year 2025 Full-year 2024 Before Before Total income impairment 10 943 Impairments Actual 10 943 impairment 12 379 Impairments Actual 12 379 425 mboepd (430) Production expenses 1 175 1 175 916 916 Oil and gas sales Other operating expenses 69 69 54 54 EBITDAX 9
Slide 26: 2025 Cash flow statement
2025 Cash flow statement USD million Full-year 2025 Full-year 2024 Op. CF before tax and WC changes 9 727 11 481 Net taxes paid (3 042) (4 728) $7.0 bn (6.4) Changes in working capital 273 (331) Cash flow from operations Cash flow from operations 6 958 6 423 Adj. Cash flow from investments1 $-0.39 (
Slide 27: Performance vs 2025 targets
Performance vs 2025 targets Strong delivery – higher capex driven by schedule protection Original Most recent Actual guidance1 guidance2 2025 Production 390-420 410-425 420 mboepd Production cost ~7.0 ~7.0 7.3 USD/boe Capex 5.5-6.0 ~6.5 7.0 USD billion Exploration ~0.45 ~0.50 0.51 USD billion Abando
Slide 28: Strategy update
Strategy update 11 February 2026 Aker BP ASA
Slide 29: Our strategic priorities
Our strategic priorities Operate safely, Decarbonise Deliver high return Establish the next Lead the E&P Return maximum efficiently and with our business, scope projects on quality, wave of profitable transformation with value to our low cost 1&2 GHG emission time and cost growth options digitalisat
Slide 30: Aker BP at a glance
Aker BP at a glance Pure-play oil & gas company operating on the Norwegian Continental Shelf ✓ Experienced team driving performance and innovation. Collaborative, entrepreneurial and agile culture Distinct capabilities ✓ Alliance model with key suppliers. Execution excellence through shared incentiv
Slide 31: Macro environment backdrop
Macro environment backdrop 31
Slide 32: Oil demand expected to grow for at least a decade
Oil demand expected to grow for at least a decade Mobility and petrochemical demand offset structural declines in other sectors Global oil demand by sector ▪ Transport demand remains resilient, with passenger vehicles, trucks and aviation together adding more than 2 million boepd over the next decad
Slide 33: Unlocking the NCS potential
Unlocking the NCS potential Requires active exploration, high productivity and innovation Scenarios for Norwegian oil and gas production to 2050 Million boepd High scenario 5 ▪ High exploration activity with several larger discoveries ▪ Rapid technology deployment across fields 4 ▪ Strong utilisatio
Slide 34: Aker BP's distinct capabilities as a technology-driven E&P
Aker BP’s distinct capabilities as a technology-driven E&P 34
Slide 35: Performance culture – a key to success
Performance culture – a key to success ▪ Experienced team with strong track record ▪ Creating the most attractive place to work in the industry ▪ Collaborating as One Team internally and across our partnerships ▪ Driving culture of continuous improvement & innovation ▪ Active and ambitious long- ter
Slide 36: Digitalisation as a competitive differentiator
Digitalisation as a competitive differentiator Turning a decade of digital investment into measurable advantage A decade-strong Tech and AI accelerating Scaling a proven data foundation performance today digital advantage High-quality, structured, real-time Faster exploration decisions, Higher speed
Slide 37: Strategic alliances with key suppliers
Strategic alliances with key suppliers A cornerstone of Aker BP’s execution strategy Alliances established across the value chain ▪ Subsea, drilling, fixed installations, modifications ▪ Covering majority of Aker BP’s capital spend Proven track record last decade ▪ 18 subsea tie-backs and 2 fixed pl
Slide 38: Proven track record for project execution
Proven track record for project execution Last 10 projects delivered on plan and with highly attractive economics ▪ Recent projects delivered together with our alliances1 ▪ ▪ Skarv (Ærfugl phase 1 and phase 2 & Gråsel) Valhall (Valhall Flank West & Hod redevelopment) <$30/bbl Average full-cycle ▪ Ei
Slide 39: Aker BP sets new benchmark in drilling on the NCS
Aker BP sets new benchmark in drilling on the NCS Drilling alliances with excellent results Total well cost for NCS wells in 2023 & 20241 1,000 USD per meter ▪ 23 of 37 wellbores drilled were 60 in top quartile for cost per meter 50 ▪ The average performance of 40 Aker BP’s total drilling portfolio
Slide 40: Large opportunity set with clear pathway for profitable growth
Large opportunity set with clear pathway for profitable growth 40
Slide 41: World-class oil and gas portfolio
World-class oil and gas portfolio Large scale, low risk assets on the Norwegian Continental Shelf 2P reserves1 2C resources1 Production2 arstad 1.5bn 0.9bn 420 boe boe mboepd Sandnessjøen Skarv Trondheim Johan Sverdrup Eiga area Valhall area Partner, 31.6% Operator, ~35-65% Operator, 90% Yggdrasil N
Slide 42: Reserves and resources
Reserves and resources Year-end 2025 arstad 2P oil and gas reserves 2C contingent resources Sandnessjøen Skarv Skarv Alvheim Area Area 5% Discoveries Johan 18% Non-op 8% Sverdrup 27% 28% Eiga Area 10% Skarv Area Trondheim 1,526 7% 866 mmboe Alvheim Area 5% mmboe Yggdrasil Eiga Area Valhall Area Valh
Slide 43: 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 44: Levers to shape our +2030 trajectory
Levers to shape our +2030 trajectory Ongoing/potential projects and IOR opportunities Enhancing recovery in our existing asset base ▪ Infill drilling campaigns planned at all main hubs ▪ Testing basement and tight reservoirs Projects in Ongoing and planned execution infill campaigns 860 million boe
Slide 45: Valhall PWP-Fenris – increasing volumes and value creation
Valhall PWP-Fenris – increasing volumes and value creation New production and wellhead platform expanding capacity and field life + tie back of Fenris gas discovery New well Fenris + IOR wells Total project volume Start-up +30-35 > 220 2027 mmboe (net) mmboe (net) 45
Slide 46: Yggdrasil – the new area development blueprint
Yggdrasil – the new area development blueprint Omega Alfa discovery Volume ambition Start-up ~115 > 1,000 2027 Gross mmboe Gross mmboe 46
Slide 47: Targeting over 1 billion barrels
Targeting over 1 billion barrels Yggdrasil built for substantial long-term upside Substantial upside potential ▪ Initial estimate of ~650 mmboe increased to ~800 mmboe with East Frigg and Omega Alfa ▪ Additional prospectivity identified, further exploration planned ▪ Resource ambition raised to >1 b
Slide 48: A large NCS opportunity set
A large NCS opportunity set Building on our distinct capabilities and world-class assets 5 M&A + Further Stand-alone discoveries value upside 4 Near-field exploration (ILX) 3 Two-billion-barrel- Billion boe 2C resources opportunity 2 Improved base (IOR) 1 Current producing assets (2P reserves) Effic
Slide 49: Exploration programme 2026
Exploration programme 2026 12 wells planned – focused on near-infrastructure opportunities Aker BP Gross volume Licence Prospect Operator Timing share (mmboe) PL1148 Carmen appraisal Wellesley 10% Q1-26 JSU1 Tonjer Equinor 32% 10 - 20 Q1-26 PL1153 Alpehumle Aker BP 40% 10 - 190 Q2-26 PL979 Svartekni
Slide 50: Exploration strategy
Exploration strategy ▪ Attractive NCS exploration potential with up to 22 billion boe yet to be discovered1 ▪ Aker BP uniquely positioned with more than 200 licences – operating ~70% ▪ Leveraging new technology to drive performance and success rates ▪ Real-time exploration drilling ▪ AI-powered subs
Slide 51: A new NCS reality
A new NCS reality Still large resource potential on the NCS, but smaller discoveries and more complex reservoirs Aker BP with proven project development capabilities ▪ Alliance model with suppliers ▪ Adoption of new technologies ▪ Relentless push on digitalisation New reality calls for bold next ste
Slide 52: Reinforcing the next-generation field developments
Reinforcing the next-generation field developments Our ambition: halve the time from discovery to first oil and drive cost efficiency at similar magnitude 1 2 3 Solutions Workflows Integration ▪ Scaling standardised, leaner and ▪ Re-thinking workflows from ▪ Further enhancing how we work repeatable
Slide 53: Creating value at our hubs, while innovating to unlock new plays
Creating value at our hubs, while innovating to unlock new plays Examples for shaping the future of the NCS Skarv area ▪ Reserves 2x since the start with developments like Ærfugl and Skarv Satellites ▪ Several new discoveries with an ambition to ad resources faster and with lower cost for keeping pr
Slide 54: Proven track record of value accretive M&A
Proven track record of value accretive M&A mboepd 500 Thousands 420k 400 300 ▪ Strategic fit ▪ Financially accretive 200 ▪ Efficient integration 100 ▪ Realise synergies & upsides 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 54
Slide 55: Financial frame designed to maximise value creation and shareholder return
Financial frame designed to maximise value creation and shareholder return 55
Slide 56: Our capital allocation priorities remain firm
Our capital allocation priorities remain firm Aker BP’s financial frame – designed to maximise value creation 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
Slide 57: Progressing our investments programme
Progressing our investments programme In a supportive fiscal regime Aker BP est. capex before and after tax1 USD billion 7 6 PWP Fenris Yggdrasil 5 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 w
Slide 58: Significant future value creation across oil price scenarios
Significant future value creation across oil price scenarios Cumulative free cash flow1 Leverage ratio2 USD billion After dividends 14 4.0 3.5 12 $90/boe 3.0 10 2.5 8 $65/boe 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 Illustrative
Slide 59: Resilient dividend growth
Resilient dividend growth 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 minimum Q2 5% per year through the c
Slide 60: Near-term tax payments
Near-term tax payments Sensitivity for H2-2026 USD million 2 500 Adjusted payment schedule from Q3-25 2 000 ▪ Number of tax instalments increased to ten from six per year, with no payment in January and July ▪ No impact on tax rates 1 500 1 000 H2-26 sensitivity analysis ▪ Oil price: USD 70 and 80 p
Slide 61: 2026 guidance
2026 guidance 2025 2026 actuals guidance Production 420 370-400 mboepd Production cost 7.3 ~8.0 USD/boe Capex 7.0 6.2-6.7 USD billion Exploration 0.51 ~0.40 USD billion Abandonment 0.09 ~0.10 USD billion 61
Slide 62: Appendix
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Slide 63: Aker BP's decarbonisation strategy
Aker BP’s decarbonisation strategy Reducing absolute scope 1&2 GHG emissions before neutralising residual emissions Scope 1&2 Scope 3 Aker BP’s targets Identify cost-efficient 1. Reduce operated scope 1&2 Avoid Reduce Neutralise initiatives to reduce GHG GHG emissions with 50% by emissions in our su
Slide 64: Uniquely positioned to become GHG neutral by 2030
Uniquely positioned to become GHG neutral by 2030 Aker BP to offset all our remaining emissions using high-quality carbon removal projects Total estimated equity share scope 1&2 emissions Our approach 1 000 tonnes CO2e 800 Avoid Thousands New assets with power from shore 600 Target 100% electrificat
Slide 65: Yggdrasil – project overview
Yggdrasil – project overview New North Sea area hub by joining forces across licences Aker BP Hugin Unit: 76.7% Gas ~40% of (operator) Hugin Satellites: 87.7% estimated volumes Munin: 50.0% Fulla: 47.7% Power supply Partners Equinor and ORLEN from shore Upstream Norway East Frigg Munin Unmanned prod
Slide 66: Valhall PWP-Fenris – project overview
Valhall PWP-Fenris – project overview Unlocks new volumes and secures life-time extension on Valhall Aker BP Valhall: 90.0% Establishes Valhall PWP WP/IP PH (operator) Fenris: 77.8% as area gas-hub Partners ORLEN Upstream Power supply Norway and INPEX from shore Idemitsu Norway Valhall Volume estima
Slide 67: Skarv Satellites – project overview
Skarv Satellites – project overview Investments in future flexibility enabling further area development Aker BP Alve North: 58.1% Gas ~70% of (operator) Idun North: 23.8% estimated volumes Ørn: 30.0% Partners Equinor, Harbour Energy, Low operational Japex and ORLEN cost Upstream Norway Volume estima
Slide 68: Eiga area– project overview
Eiga area– project overview Increased capacity utilisation at Ivar Aasen and Edvard Grieg platforms Aker BP Solveig Ph. II: 65.0% Adds low-cost (operator) Symra: 50.0% production Partners Equinor, Harbour Energy, Unlocks potential OMV and DNO Norge future developments Solveig Volume estimate 103 mmb
Slide 69: Alvheim projects are all in production
Alvheim projects are all in production Unlocks new volumes, reduces unit cost and secures life-time extension on Alvheim Aker BP Frosk: 80.0% Tie-backs to existing (operator) KEG: 80.0% infrastructure Tyrving: 61.3% Accounts for ca. 50% Partners Concedo, ConocoPhillips, of net Alvheim Petoro, ORLEN
Slide 70: The Norwegian petroleum tax system
The Norwegian petroleum tax system An overview ▪ Stable 78% tax rate, consisting of corporate tax (CT) and special petroleum tax (SPT) Ordinary tax system ▪ Cash flow-based tax system from 2022 ▪ Immediate deductions for offshore investments in SPT and refund of tax losses ▪ An additional 12.4 % ded
Slide 71: www.akerbp.com
AkerBP www.akerbp.com