Aker BP ASA · OSL:AKRBP
Aker BP ASA — Investor Presentation (October 2026)
69 slides from Aker BP ASA's investor presentation, October 2026
Slide 1: Investor presentation
Investor presentation October 2026 Aker BP ASA
Slide 2: Contents
Contents Page 3 Aker BP at a glance Page 5 Oil demand expected to grow for at least a decade Page 7 Distinct capabilities driving E&P operator excellence Page 13 Safe and with industry-low emissions Page 18 World-class assets with industry-leading performance Page 29 Deliver high return projects on
Slide 3: 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 1.5bn 0.9bn 420 boe boe mboepd Skarv Johan Sverdrup Eiga area Valhall area Partner, 31.7% Operator, ~35-65% Operator, 90% Yggdrasil NOAKA Alvheim Oslo Eiga Alvheim
Slide 4: 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 5: 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 6: 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 7: Distinct capabilities driving E&P operator excellence
Distinct capabilities driving E&P operator excellence 7
Slide 8: 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 9: 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 10: Strategic alliances with key suppliers
Strategic alliances with key suppliers c f BP’ x c y Alliances established across the value chain ▪ Subsea, drilling, fixed installations, modifications ▪ C y f BP’ c Proven track record last decade ▪ 18 subsea tie-backs and 2 fixed platforms ▪ More than 100 wells completed ▪ Significant modificatio
Slide 11: 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 12: Turning drilling excellence into competitive advantage
Turning drilling excellence into competitive advantage Faster drilling enables higher rig utilisation, lower well costs and stronger project economics Meters drilled per day 600 Aker BP operator Other 500 400 300 200 100 0 50 100 150 185 Number of wells drilled Source: Rushmore Reviews by S&P Global
Slide 13: Safe and with industry-low emissions
Safe and with industry-low emissions 13
Slide 14: Safety first
Safety first Keeping people safe is top priority Injury frequency (TRIF)1 Serious incident frequency (SIF)2 2,6 2,5 2,4 2,0 1,8 1,7 0,7 0,4 0,3 0,3 0,1 0 2021 2022 2023 2024 2025 9m-26 2021 2022 2023 2024 2025 9m-26 1) TRIF: Number of recordable injuries per million working hours 2) SIF: Number of s
Slide 15: 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 3,3 2,9 40 2,8 2,6 20 0 2019 2020 2021 2022 2023 2024 2025 9m-26 20% 40% 60% 80% 100% 25
Slide 16: 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 17: 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 Tusener New assets with power from shore 600 Target 100% electrificatio
Slide 18: World-class assets with industry-leading performance
World-class assets with industry-leading performance 18
Slide 19: Production
Production Delivered with industry-leading efficiency Oil & gas production per area Production efficiency1 1,000 mboepd 97% 97% 97% 481 94% 94% 93% 93% 95% 95% 95% 96% 96% 94% 94% 453 450 444 448 444 449 441 88% 415 415 414 411 398 384 374 Ula area Alvheim area Skarv area Valhall area Eiga area Joha
Slide 20: 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, 2025 25 12,4 20 9,2 8,7 8,5 8,3 15 7,3 6,2 6,2 10 5 0 2019 2020 2021 2022 2023 2024 2025 9m-26 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1) Source: Wood Mackenzie. Compan
Slide 21: Reserves and resources
Reserves and resources Year-end 2025 2P oil and gas reserves 2C contingent resources Skarv Skarv Alvheim Area Area 5% Discoveries Johan 18% Non-op 8% Sverdrup 27% 28% Eiga Area 10% Skarv Area 1,526 7% 866 mmboe Alvheim Area 5% mmboe Yggdrasil Eiga Area Valhall Area Valhall Area 11% 27% 20% 22% Yggdr
Slide 22: Johan Sverdrup
Johan Sverdrup A world class field Total reserves Gross production 2025 Production cost GHG emissions Aker BP ~2.7 731 ~$2 <1 kg 31.7% billion boe 1,000 bbl per day per boe CO2e per boe interest 22
Slide 23: Johan Sverdrup
Johan Sverdrup 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 23
Slide 24: 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 25: A story of profitable growth
Alvheim area A story of profitable growth Recoverable volumes nearly quadrupled from original PDO estimate The blueprint for a successful area strategy Total reserves in the Alvheim area Gross, million boe Maximising production efficiency Tyrving 800 KEG ▪ High-performance team Frosk ▪ Robust and fl
Slide 26: High-performing gas hub in prospective area
Skarv area High-performing gas hub in prospective area Top-performing asset Total reserves in the Skarv area Gross, million boe ▪ Industry-leading production efficiency ▪ High-capacity FPSO with a long asset life 900 ▪ Strong, high-performing team 800 Strategic transformation 700 ▪ Aker BP became th
Slide 27: Continued development of a North Sea giant
Valhall area Continued development of a North Sea giant Approx. 1.1 billion barrels produced – aiming for 2 billion Projects delivered on plan Total resources in the Valhall area Gross, million boe ▪ Hod and Valhall Flank West ▪ Decommissioning and P&A 2 000 PWP/Fenris transforming Valhall into area
Slide 28: Doubling of recoverable resources from original PDO plans
Eiga area Doubling of recoverable resources from original PDO plans Growing value organically Total reserves in the Eiga area Gross, million boe ▪ Improved subsurface understanding ▪ Accelerated production and plateau prolonged 800 ▪ Refilling host capacity through tie-ins and infill campaigns 700 R
Slide 29: Deliver high-return projects on quality, time and cost
Deliver high-return projects on quality, time and cost 29
Slide 30: Development projects
Development projects Key milestones delivered in Q3-2026 ▪ Yggdrasil ▪ Hugin B and Munin installed offshore ▪ Subsea programme completed ▪ On track for summer 2027 start-up ▪ Valhall PWP-Fenris ▪ PWP topside installed offshore ▪ Hook-up and drilling progressing well ▪ On track for summer 2027 start-
Slide 31: 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 32: 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 33: Yggdrasil – new hub with significant upside potential
Yggdrasil – new hub with significant upside potential Net resources Investments Start-up ~450 12.5-13.0 2027 mmboe USD bn (pre-tax) 33
Slide 34: Unlocking new volumes at Yggdrasil
Unlocking new volumes at Yggdrasil East Frigg discovery in 2023 now included in project Major oil discovery at Omega Alfa in 2025 • 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 long
Slide 35: 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 Net resources Investments Start-up ~220 7.3-7.6 2027 mmboe USD bn (pre-tax) 35
Slide 36: Large opportunity set with clear pathway for profitable growth
Large opportunity set with clear pathway for profitable growth 36
Slide 37: Aker BP's next phase of value creation
Aker BP’s next phase of value creation Find Unlock Execute 1 2 3 4 GROW THE DELIVER NEXT GENERATION MAXIMISE VALUE TRANSFORMATION PORTFOLIO FIELD DEVELOPMENTS FROM PRODUCTION • Near-field exploration • Unlock challenging resources • Leverage infrastructure • AI & agentic workflows • High-impact expl
Slide 38: 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 39: 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 40: 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 41: 2026 exploration programme
2026 exploration programme Gross Aker BP Licence Prospect Operator volume share (mmboe) JSU Tonjer / Geitungen Equinor 32% 20 - 30 Discovery PL1148 Carmen appraisal Wellesley 10% 21 - 107 PL782S Linga Equinor 40% 1 - 13 Small discovery PL1153 Alpehumle Aker BP 40% 1 - 15 Small discovery PL979 Svarte
Slide 42: 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 43: 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 44: 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 add resources faster and with lower cost for keeping p
Slide 45: 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 46: 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 47: 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 48: 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 49: Proven track record of value accretive M&A
Proven track record of value accretive M&A mboepd 500 Tusener 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 49
Slide 50: Financial frame designed to maximise value creation and shareholder return
Financial frame designed to maximise value creation and shareholder return 50
Slide 51: 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 52: Investments
Investments Executed in the supportive Norwegian fiscal regime Aker BP est. capex before and after tax1 USD billion 8 ▪ The investment plan remains unchanged and 7 reflects capex included in our current business plan 6 5 ▪ The majority of these investments are within the 4 2020 tax system with 86.9%
Slide 53: 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 54: 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 1,6 2,5 1,2 5,9 6,0 5,8 1,9 5,6 1,1 5,4 1,6 0,9 0,7 0,6 0,6 0,6 6,4 0,5 6,0 5,7 5,8 0,5 0,5 2,6
Slide 55: Resilient dividend growth
Resilient dividend growth USD 0.6615 paid in the quarter Dividends USD per share Paid 2,65 Planned 2,40 2,52 ▪ Low-cost production and cash flow provide 2,20 Q4 resilient dividend capacity 2,00 ▪ Distributions reflect capacity through the cycle Q3 1,35 1,18 ▪ Ambition to grow the dividend with minim
Slide 56: Near-term tax payments
Near-term tax payments Payment sensitivity for H1-2027 USD million 1 600 1 400 $100 Payment schedule 1 200 ▪ Ten tax instalments per year with 1 000 no payments in January and July $100 800 $80 600 H1-27 sensitivity analysis (price Q4-26) 400 $80 ▪ Oil price: USD 80 and 100 per barrel ▪ Gas price: U
Slide 57: 2026 guidance
2026 guidance Previous Actual New guidance Jan-Sept guidance Production 380-400 385 380-400 mboepd Production cost ~8.0 8.5 ~8.5 USD/boe Capex 6.8-7.2 5.3 6.8-7.2 USD billion Exploration ~400 328 ~400 USD million Abandonment ~100 39 ~100 USD million View of the Fenris platform 57
Slide 58: Third quarter 2026
Third quarter 2026 29 October 2026 Aker BP ASA
Slide 59: Highlights
Highlights ▪ Strong performance and cash flow ▪ Major projects on track for start-up next summer ▪ Skarv Satellites on stream ▪ Portfolio high-grading ▪ Preparing next phase of value creation The Valhall PWP topside installed on site in September 59
Slide 60: Q3 2026 financial performance
Q3 2026 financial performance Produced and sold volume (1,000 boepd) Production cost (USD per boe) $104 per boe (105) Production Sales 8,8 9,0 414 411 398 384 374 7,6 7,9 7,7 431 396 406 376 396 Net realised price $0.9 (2.1) Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 FCF per share N
Slide 61: High realised prices
High realised prices Brent dated vs front month contract Aker BP Q3 achieved oil price USD/barrel USD/barrel 150 $102 $1 $101 125 $97 $91 100 75 50 25 - Q1 Q2 Q3 Front Brent Premiums Achieved NGL price Achieved month Dated & timing oil price effect liquids Front month contract Brent dated contract p
Slide 62: Sales of oil and gas
Sales of oil and gas Volume sold Realised prices Total income mboepd USD/boe USD million 3 872 3 682 431 594 396 406 123 431 396 59 108 3 026 376 53 52 56 54 2 599 2 560 387 101 82 88 327 321 70 80 63 63 3 164 3 176 372 59 340 352 343 322 2 605 2 199 2 163 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q3-25 Q4-25 Q
Slide 63: Income statement
Income statement USD million Q3 2026 Q2 2026 Before Before impairment Impairments Actual impairment Impairments Actual 396 mboepd (376) Total income 3 872 3 872 3 682 3 682 Production expenses 341 341 267 267 Other operating expenses 21 21 18 18 Oil and gas sales EBITDAX 3 509 3 509 3 398 3 398 Expl
Slide 64: Cash flow statement
Cash flow statement USD million Q3-26 Q2-26 Q1-26 Q4-25 Op. CF before tax and WC changes 3 455 3 404 2 799 2 175 Net taxes paid (543) (504) (315) (458) Changes in working capital (478) 222 (471) (131) $2.4 bn (3.1) Cash flow from operations 2 433 3 123 2 013 1 586 Cash flow from operations Cash flow
Slide 65: Balance sheet
Balance sheet USD million Assets 30.09.26 30.06.26 31.12.25 PP&E 29 418 28 254 25 451 Goodwill 11 268 11 268 11 268 Other non-current assets 3 793 2 910 2 943 $5.8 bn (6.0) Cash and cash equivalent 2 307 2 492 2 344 Total available liquidity Other current assets 3 499 2 764 2 801 Total Assets 50 284
Slide 66: 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% dedu
Slide 67: Technical goodwill explained
Technical goodwill explained Accounting effect arising from M&A transactions Illustrative example of goodwill formation and impairments Step 1 Step 2 Step 3 The M&A Deferred tax leads to The balance transaction technical goodwill sheet Deferred tax Technical goodwill ▪ Technical goodwill, allocated
Slide 68: 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 69: www.akerbp.com
AkerBP www.akerbp.com