Slide 1: Fourth quarter 2019
Fourth quarter 2019 Aker BP ASA 11 February 2020
Slide 2: 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 3: Fourth quarter 2019 highlights
AKER BP Fourth quarter 2019 highlights Key figures Q4-19 Q3-19 2019 New fields on stream Johan Sverdrup Production mboepd 191.1 146.1 155.9 Valhall Flank West Sales mboepd 184.5 143.3 157.6 Strong operational performance Realized liquids price USD/bbl 64.2 62.0 64.8 Record high production effi
Slide 4: Production overview
OPERATIONAL REVIEW Production overview Net production, mboepd Production efficiency* 100% Alvheim Valhall Skarv Ivar Aasen Ula Other 191.1 95.8% Johan Sverdrup 93.4% 158.7 92.9% 155.7 155.9 91.6% 146.1 91.0% 90.4% 138.8 90% 127.3 84.1% 77.4 60.0 80% 15.6 70% 2014 2015 2016 2017 2018 2019 Q1-19 Q2-19
Slide 5: 2019 exploration wells
EXPLORATION 2019 exploration wells 16 wells completed – high success rate License Prospect Operator Aker BP Est. Pre-drill Status share spud mmboe PL869 Froskelår Main Aker BP 60 % Q1 45 - 153 Discovery 60-130 mmboe PL857 Gjøkåsen Equinor 20 % Q1 26 - 1427 Dry PL033 Hod Deep West Aker BP 90 % Q1 2 -
Slide 6: Financial review
Financial review 6
Slide 7: Oil and gas sales
FINANCIAL REVIEW Oil and gas sales Volume (mboepd) Realised prices (USD/boe) Petroleum revenues (USDm) Production Sales Liquids Natural gas +31% +29% +4% +36% 191.1 184.5 62.0 64.2 980 146.1 143.3 721 +3% 25.5 26.3 Q3- Q4- Q3- Q4- Q3- Q4- Q3- Q4- Q3-2019 Q4-2019 2019 2019 2019 2019 2019 2019 2019 20
Slide 8: Income statement
FINANCIAL REVIEW Income statement USD million Q4 2019 Q3 2019 Q4 2018* 2019 2018* Total income 1,003 723 916 3,347 3,752 Production costs 154 167 178 720 694 Other operating expenses 19 6 8 35 17 EBITDAX 830 550 731 2,591 3,041 Exploration expenses 85 70 72 306 296 EBITDA 745 480 658 2,286 2,745 Dep
Slide 9: Statement of financial position
FINANCIAL REVIEW Statement of financial position USD million Assets 31.12.19 30.09.19 31.12.18* Equity and liabilities 31.12.19 30.09.19 31.12.18* Goodwill 1,713 1,713 1,860 Equity 2,368 2,444 2,977 Other provisions for liabilities Other intangible assets 2,537 2,571 2,433 2,646 2,543 2,581 incl. P&
Slide 10: Cash flow – fourth quarter 2019
FINANCIAL REVIEW Cash flow – fourth quarter 2019 USD million CF Operations 199 CF Financing 25 CF Investing 724 490 42 9 5 188 335 5 107 Opening Net debt Operations Tax paid Capex & Expex Abex Other Dividends Closing balance drawn before tax Leases balance 10
Slide 11: Tax payments
FINANCIAL REVIEW Tax payments USD million For fiscal year 2017 For fiscal year 2018 For fiscal year 2019 340 208 199 163 106 106 100 67 69 50 34 34 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 The instalments for 2019 are converted from NOK to USD using an exchange rate of
Slide 12: Guidance summary
FINANCIAL REVIEW Guidance summary Updated 2019 guidance1) Actual 2019 Production2) ~155 mboepd 155.9 mboepd Capex3) USD 1.6-1.7 billion USD 1.67 billion Exploration spend USD ~550 million USD 501 million Abandonment spend USD ~100 million USD 109 million Production cost per boe4) USD ~12.5 USD 12.4
Slide 13: Growing production – Reducing spend – Increasing dividends
FINANCIAL GUIDANCE 2020 Growing production – Reducing spend – Increasing dividends Production Capital spend Production cost Dividend mboepd USD billion USD/boe USD million Abex Exploration Capex +36% +13% -4% -19% 205-220 2.3 12.4 850 2.2 0.2 750 ~10 156 0.5 1.5 2019 2020 2019 2020 2019 2020 2019 20
Slide 14: Priorities ahead
AKER BP Priorities ahead Execute Start-up of new wells Excellent project execution Improve Keep momentum on improvement agenda Mature the Aker BP operating model Mobilize for NOAKA area development Grow Mature recent discoveries Photo: Maersk Drilling 14
Slide 15: Aker BP
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