Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Aker Bp Asa Ord — Q3 2025 Earnings Presentation
25 slides from Aker Bp Asa's earnings presentation, Oct 22, 2025
Slide 1: Third quarter 2025
Third quarter 2025 22 October 2025 Aker BP ASA
Slide 2: Highlights
Highlights Strong operational performance Field developments on track Exploration success Resilient financial position Installation of the Munin jacket 2
Slide 3: Strong production driven by high efficiency
Strong production driven by high efficiency Production 1,000 barrels oil equivalent per day (mboepd) 449 441 Strong performance in Q3 415 415 414 Ula 96% production efficiency (95% in Q2) Skarv Stable production from Johan Sverdrup Valhall Grieg Aasen Planned turnaround at Grieg Aasen Alvheim
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 10 7.3 7.6 6.2 6.4 6.6 6.5 6.0 6.1 5.7 5 0 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Cost of operations S
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 80 3.0 2.9 2.8 2.8 2.8 2.8 2.6 2.5 2.4 60 40 20 0 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Slide 6: 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 7: Development projects on track
Development projects on track On track for first oil as scheduled Engineering and procurement nearly complete Construction activity at peak level Jackets installed as planned Subsea campaigns successfully executed Drilling operations underway across all projects Robust investment plan
Slide 8: Field developments driving growth and value creation
Field developments driving growth and value creation Net volume ~800 mmboe | Net capex USD ~3.2 billion after tax | Portfolio BE at USD 35-40 per barrel1 Tie-back projects at Alvheim, Yggdrasil Valhall PWP/Fenris Net ~450 mmboe2 Net ~190 mmboe Skarv and Grieg Aasen Net ~170 mmboe New area hub with
Slide 9: 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 10: 2025 - Adding highly valuable barrels through exploration
2025 - Adding highly valuable barrels through exploration Two significant discoveries and potential to reach ~100 million barrels net to Aker BP this year Kjøttkake Omega Alfa Exploration drilling March August Q4 Gross volume of 39-75 mmboe Gross volume of 96-134 mmboe Drilling underway at Lof
Slide 11: Exploration programme
Exploration programme Firming up the 2026 schedule Aker BP Volume est. Licence Prospect Operator Status share (mmboe) PL1140 Lofn Equinor 40% 10 - 60 Q4-25 PL1140 Langemann Equinor 40% 10 - 50 Q4-25 PL873 Natrudstilen Aker BP 48% 15 - 60 Q4-25 PL1086 Page DNO 20% 10 - 55 Q4-25 Arkenstone PL554 Avbit
Slide 12: Financial highlights
Financial highlights Third quarter 2025 Strong performance driving robust cash flow Investments progressing according to plan Dividend of USD 0.63 per share Maintaining a strong and resilient financial position Delivering on our value creation plan 12
Slide 13: Third quarter 2025 performance
Third quarter 2025 performance Produced and sold volume (1,000 boepd) Production cost (USD per boe) Production Sales 449 7.3 7.6 441 415 415 414 6.6 6.5 458 $69 per boe (67) 439 5.7 414 396 391 Net realised price $0.24 (-1.0) Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Net cash flow
Slide 14: Sales of oil and gas
Sales of oil and gas Volume sold Realised prices Total income mboepd USD/boe USD million 458 439 64 414 396 3 201 391 66 3 068 58 2 858 46 56 487 477 2 584 2 599 85 271 80 79 360 327 69 70 74 75 67 63 394 64 374 356 345 340 2 659 2 548 2 545 2 170 2 199 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-2
Slide 15: Income statement
Income statement USD million Q3 2025 Q2 2025 Before Before impairment Impairments Actual impairment Impairments Actual 396 mboepd (414) Total income 2 599 2 599 2 584 2 584 Production costs 246 246 285 285 Other operating expenses 18 18 16 16 Oil and gas sales EBITDAX 2 334 2 334 2 283 2 283 Explora
Slide 16: Cash flow statement
Cash flow statement USD million Q3-25 Q2-25 Q1-25 Q4-24 Op. CF before tax and WC changes 2 369 2 331 2 852 2 935 Net taxes paid (295) (1 571) (718) (1 164) Changes in working capital (51) 480 (25) (708) $2.0 bn (1.2) Cash flow from operations 2 023 1 240 2 109 1 063 Cash flow from operations Adj. Ca
Slide 17: Balance sheet
Balance sheet USD million Assets 30.09.25 30.06.25 30.09.24 PP&E 24 025 22 421 19 803 Goodwill 11 679 11 851 12 757 Other non-current assets 3 482 3 501 3 362 $5.6 bn ($6.0) Cash and cash equivalent 2 344 2 745 4 147 Total available liquidity Other current assets 2 647 2 358 1 625 Total Assets 44 17
Slide 18: 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 7.5 7.7 6.0 5.6 1.6 1.8 3.0 2.4 0.9 2.9 4.3 4.1 4.1 0.6 0.5 0.5 3.0 5.0 4.6 0.4 2.6 0.3 3.4
Slide 19: Investing in high return projects
Investing in high return projects Unchanged estimates in a supportive fiscal regime Aker BP est. capex before and after tax1 USD billion 7 Investment plan unchanged from Q2 6 PDO projects are progressing on schedule 5 4 Projects eligible for the 2020 tax system with 86.9% tax deduction 3 2 H
Slide 20: 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 3.5 $90/boe 12 3.0 10 2.5 $65/boe 8 2.0 6 1.5 Stress-test at 4 1.0 $50/boe 2 0.5 $65/boe $90/boe 0 0.0 2023 2024 2025 2026 2027 2028 2023 2024
Slide 21: Resilient dividend growth
Resilient dividend growth Dividends USD per share Paid 2.52 Planned 2.40 2.20 Low-cost production and strong 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 2020 202
Slide 22: Near-term tax payments
Near-term tax payments Sensitivity for H1-2026 USD million 2 500 Adjusted payment schedule from Q3-251 2 000 Number of tax instalments increased to ten from six per year, with no payment in January and July 1 500 H1-26 sensitivity analysis 1 000 Two oil price scenarios illustrated (avg. 4Q-25)
Slide 23: 2025 guidance
2025 guidance Previous Actual New guidance Jan-Sept guidance Production 400-420 423 410-425 mboepd Production cost ~7.0 7.1 ~7.0 USD/boe Capex ~6.5 4.9 ~6.5 USD billion Exploration ~0.45 0.40 ~0.50 USD billion Abandonment ~0.10 0.07 ~0.10 USD billion 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