Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Investor Presentation (July 2025)
91 slides from Aker Bp Asa's investor presentation, July 2025
Slide 1: Investor presentation
Investor presentation July 2025 Aker BP ASA
Slide 2: Contents
Contents Page 3 Our story – Aker BP at a glance Page 14 Oil & gas will remain a crucial part of the energy mix Page 17 Distinct capabilities driving E&P operator excellence Page 22 Safe and with industry-low emissions Page 28 World-class assets with industry-leading performance Page 46 Deliver high
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 1.6bn 0.8bn 439 boe boe mboepd Skarv Johan Sverdrup Edvard Grieg / Ivar Aasen Valhall area Partner, 31.6% Operator, ~35-65% Operator, 90% Yggdrasil NOAKA Alvheim O
Slide 4: Track record of operational excellence and value creation
Track record of operational excellence and value creation Portfolio high-grading through organic development, continuous improvement and M&A Production (1,000 boepd) Operating cost (USD per boe) Production efficiency Emissions (kg CO2e per boe) Grown to become 2nd largest operator on the NCS Low-cos
Slide 5: Distinct capabilities, world-class assets, growth and shareholder return
DISTINCT CAPABILITIES DRIVING WORLD-CLASS ASSETS WITH E&P OPERATOR EXCELLENCE INDUSTRY-LEADING PERFORMANCE LARGE OPPORTUNITY SET WITH CLEAR PATHWAY FINANCIAL FRAME DESIGNED TO MAXIMISE FOR PROFITABLE GROWTH VALUE CREATION AND SHAREHOLDER RETURN Dividend per share $2.52 $2.40 $2.20 $2.00 $1.35 $1.18
Slide 6: In pole position with distinct operator capabilities
Financial frame designed to Distinct capabilities driving E&P World-class assets with industry- Large opportunity set with clear maximise value creation and operator excellence leading performance pathway for profitable growth shareholder return In pole position with distinct operator capabilities E
Slide 7: Industry-leading performance
Financial frame designed to Distinct capabilities driving E&P World-class assets with industry- Large opportunity set with clear maximise value creation and operator excellence leading performance pathway for profitable growth shareholder return Industry-leading performance Lowest opex among peers1
Slide 8: Johan Sverdrup
Financial frame designed to Distinct capabilities driving E&P World-class assets with industry- Large opportunity set with clear maximise value creation and operator excellence leading performance pathway for profitable growth shareholder return Johan Sverdrup Consistently exceeding expectations Tot
Slide 9: Yggdrasil – the new area development blueprint
Financial frame designed to Distinct capabilities driving E&P World-class assets with industry- Large opportunity set with clear maximise value creation and operator excellence leading performance pathway for profitable growth shareholder return Yggdrasil – the new area development blueprint Total r
Slide 10: Maintaining production above 500 mboepd into the 2030s
Financial frame designed to Distinct capabilities driving E&P World-class assets with industry- Large opportunity set with clear maximise value creation and operator excellence leading performance pathway for profitable growth shareholder return Maintaining production above 500 mboepd into the 2030s
Slide 11: Significant future value creation across oil price scenarios
Financial frame designed to Distinct capabilities driving E&P World-class assets with industry- Large opportunity set with clear maximise value creation and operator excellence leading performance pathway for profitable growth shareholder return Significant future value creation across oil price sce
Slide 12: Resilient dividend growth
Financial frame designed to Distinct capabilities driving E&P World-class assets with industry- Large opportunity set with clear maximise value creation and operator excellence leading performance pathway for profitable growth shareholder return Resilient dividend growth Dividends USD per share ▪ Lo
Slide 13: Aker BP at a glance - The E&P company of the future
Aker BP at a glance - The E&P company of the future High-quality, 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
Slide 14: Oil & gas will remain important beyond 2050
Oil & gas will remain important beyond 2050 World primary energy consumption QBtu 900 2050 scenarios 800 700 600 500 Other renewables 400 2022 level Hydropower 300 Nuclear 200 Coal 100 Natural gas Liquids 0 1990 2010 2022 ExxonMobil IEA STEPS Shell Sky 2050 EnerBlue IEA APS bp Net Zero EnerGreen IEA
Slide 15: Europe needs oil and gas in all plausible 2040 scenarios
Europe needs oil and gas in all plausible 2040 scenarios Norway – a key provider of reliable, affordable and sustainable energy Estimated European oil & gas demand Norway has the lowest GHG footprint globally Million boepd Upstream oil and gas emissions, kg CO2e/boe 25 40 20 30 15 20 10 10 5 0 0 USA
Slide 16: Large untapped value creation potential on the NCS
Large untapped value creation potential on the NCS Up to 40 billion barrels remain to be produced Significant oil & gas resources remaining… …with increasingly better assessment of potential Billion barrels of oil equivalent Billion barrels of oil equivalent Undiscovered 100 resources 22 Contingent
Slide 17: Distinct capabilities driving E&P operator excellence
Distinct capabilities driving E&P operator excellence 17
Slide 18: 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, projects on quality, wave of profitable transformation with value to our low cost neutralise scope time and cost growth options digitalisation, s
Slide 19: 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 ▪ Driving culture of continuous improvement & innovation ▪ Active and ambitious long- term owners 19
Slide 20: 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 since 2016 ▪ 18 subsea tie-backs and 2 fixed platforms ▪ More than 100 wells completed ▪ Significant modification
Slide 21: Digitalisation
Digitalisation Unlocking massive potential Transforming operations ▪ Increased efficiency through automation and remote operations ▪ Faster and better project planning and execution ▪ Real-time monitoring and predictive maintenance ▪ Improved reservoir management and exploration success Future-fit d
Slide 22: Safe and with industry-low emissions
Safe and with industry-low emissions 22
Slide 23: 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 1.9 1.7 0.7 0.4 0.3 0.3 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1) TRIF: Number of recordable injuries per million working hours 2) SIF: Number of serious injuries per
Slide 24: 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 1. Reduce operated scope 1&2 Avoid Reduce Neutralise Upstream scope 3 GHG emissions with 50% by reduction through procurement 2030 and ~100% by 2050
Slide 25: 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 Emission intensity 2024 Aker BP emission intensity, kg CO2e per boe1 kg CO2e per boe, equity share2 100 5.9 80 4.8 4.5 4.3 60 2.9 2.6 40 20 0 2019 2020 2021 2022 2023 2024 20% 40% 60% 80% 100% 250 largest produ
Slide 26: Uniquely positioned to become GHG neutral by 2030
Uniquely positioned to become GHG neutral1 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% electrifica
Slide 27: Staying below our strict GHG and methane targets
Staying below our strict GHG and methane targets GHG intensity Methane intensity Kg CO2e/boe, total equity share of scope 1&2 emissions % methane in saleable gas, operated gross volume 10 0.12% 8 0.10% 6 0.08% Our target: Our target: <0.05% <4 kg CO2e/boe 0.06% (Industry average* is 0.20%) 4 0.04% 2
Slide 28: World-class assets with industry-leading performance
World-class assets with industry-leading performance 28
Slide 29: Production
Production Oil & gas production per area 1,000 mboepd 481 453 450 444 448 444 449 432 441 412 415 415 Ula area Alvheim area Skarv area Valhall area Grieg/Aasen 181 Johan Sverdrup Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Lundin portfolio included from Q3-22 29
Slide 30: Production efficiency
Production efficiency Consistently delivering top quartile performance Production efficiency1 95% 96% 97% 97% 94% 94% 95% 95% 95% 93% 93% 88% Top quartile on the NCS2: above 88% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 1) Total portfolio per quarter (operated and non-o
Slide 31: 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, 2024e 20 12.4 15 9.2 8.7 8.3 6.2 10 6.2 5 0 2019 2020 2021 2022 2023 2024 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1) Source Wood Mackenzie. Companies included: Aker BP,
Slide 32: 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 cost1 for NCS wells in 2023 1,000 USD per meter ▪ 12 of 18 wellbores drilled in 45 2023 were in top quartile for 40 cost per meter 35 30 ▪ The average performance of BP’ f 25 was also in top quarti
Slide 33: Reserves and resources
Reserves and resources Year-end 2024 2P oil and gas reserves 2C contingent resources Skarv Alvheim Area Discoveries Area 5% 17% 8% Non-op Johan Sverdrup 28% 31% Grieg/Aasen Area 10% Alvheim Area 1,568 mmboe 5% 802 mmboe Grieg/Aasen Area Yggdrasil 11% 23% Valhall Area Valhall Area 21% 22% Yggdrasil 1
Slide 34: Johan Sverdrup
Johan Sverdrup A world class asset Total reserves Production capacity Production cost GHG emissions Aker BP ~2.7 755 ~$2 <1 kg 31.6% billion boe 1,000 bbl per day per boe CO2e per boe interest 34
Slide 35: Consistently exceeding expectations
Johan Sverdrup Consistently exceeding expectations Approx. 15% more volume produced than original plan mboepd, gross 800 700 600 500 Highest ever oil 400 production from any 300 field on the NCS in a 200 single year 100 - 2019 2020 2021 2022 2023 2024 Actual production Original plan Aker BP holds 31
Slide 36: Expect to maintain high production throughout 2025
Johan Sverdrup Expect to maintain high production throughout 2025 ▪ Good operational performance YTD ▪ Targeting 2025 production close to 2023/2024 ▪ Maturing and implementing IOR measures ▪ Optimising water handling and drilling four retrofit multi-lateral wells 36
Slide 37: Increasing the field recovery ambition to 75%
Johan Sverdrup Increasing the field recovery ambition to 75% Phase-3 sanctioned with Maturing additional Additional resource start up end 2027 IOR measures potential in the area Planned with two subsea Ambition for recovery factor Targeting 3-4 exploration templates and four new wells increased to 7
Slide 38: Alvheim area
Alvheim area Total reserves / resources Volume increase Aker BP operator >750 x4 ~80% mmboe from original estimate interest 38
Slide 39: 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 40: Skarv area
Skarv area Total reserves / resources Volume increase Aker BP operator >800 ~90% ~24% mmboe from original estimate interest 40
Slide 41: 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 42: Valhall area
Valhall area Total reserves / resources Volume increase Aker BP operator >1.5 x6 90% billion boe from original estimate interest 42
Slide 43: 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 44: Grieg Aasen area
Grieg Aasen area Total reserves / resources Volume increase Aker BP operator ~800 ~100% ~35-65% mmboe from original estimate interest 44
Slide 45: Doubling of recoverable resources from original PDO plans
Grieg Aasen area Doubling of recoverable resources from original PDO plans Growing value organically Total reserves in the Grieg Aasen area Gross, million boe ▪ Improved subsurface understanding ▪ Accelerated production and plateau prolonged 800 ▪ Refilling host capacity through tie-ins and infill c
Slide 46: Deliver high-return projects on quality, time and cost
Deliver high-return projects on quality, time and cost 46
Slide 47: 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 ▪ Gr
Slide 48: Recent projects delivered ahead of time and below budget
Alvheim area Recent projects delivered ahead of time and below budget Unlocking new volumes, reducing unit cost and extending field life Kobra East & Gekko – on stream in October 2023 Tyrving – on stream in September 2024 BP’ 2023-Q3 presentation BP’ 2024-Q3 presentation 48
Slide 49: 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 mmboe Net ~190 mmboe Skarv and Grieg Aasen Net ~170 mmboe ▪ New area hub with
Slide 50: Development projects on track
Development projects on track ▪ On track for first oil according to schedule ▪ Engineering and procurement largely complete ▪ High construction activity ▪ Jackets installation this summer ▪ Extensive subsea campaigns underway ▪ Drilling activity ramping up ▪ Investments in ongoing projects revised u
Slide 51: Yggdrasil – the new area development blueprint
Yggdrasil – the new area development blueprint Total reserves / resources Volume ambition Aker BP operator ~700 > 1,000 ~65% mmboe mmboe interest 51
Slide 52: The field of the future
Yggdrasil area The field of the future Setting the standard in field operation and development Unmanned Technology and Remote operation platforms digital excellence and “walk-to-work” 52
Slide 53: Targeting over 1 billion barrels
Yggdrasil area Targeting over 1 billion barrels Yggdrasil designed for substantial upside potential Substantial upside potential ▪ Initial volume estimate 650 mmboe, increased to 700 mmboe with East Frigg discovery ▪ Additional prospectivity identified, including in acreage awarded in January 2025 –
Slide 54: Yggdrasil – project overview
Yggdrasil – project overview New North Sea area hub by joining forces across licences Aker BP Hugin: 87.7% Gas ~40% of (operator) Munin: 50.0% estimated volumes Fulla: 47.7% Partners Equinor and ORLEN Power supply Upstream Norway from shore East Frigg Munin Unmanned production platform Volume estima
Slide 55: Valhall PWP-Fenris – project overview
Valhall PWP-Fenris – project overview Unlocks new volumes and secures life-time extension on Valhall PWP WP/IP PH Aker BP Valhall: 90.0% Establishes Valhall (operator) Fenris: 77.8% as area gas-hub Partners ORLEN Upstream Power supply Norway and Pandion from shore Valhall Volume estimate 230 mmboe (
Slide 56: Skarv Satellites – project overview
Skarv Satellites – project overview Investments in future flexibility enabling further area development Aker BP Alve North: 68.1% Gas ~70% of (operator) Idun North: 23.8% estimated volumes Ørn: 30.0% Partners Equinor, Harbour Energy Low operational and ORLEN Upstream cost Norway Volume estimate 119
Slide 57: Utsira High – project overview
Utsira High – 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 Sval Energi future developments Solveig Volume estimate 87
Slide 58: 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 59: Execution through alliances and incentive-based contracts
Execution through alliances and incentive-based contracts Capacity secured with alliance partners The PDOs …with the majority of work performed …and compensation formats that incentivise in December… by the alliance partners… productivity and cost reductions 100% Skarv satellites Other facilities, L
Slide 60: Large opportunity set with clear pathway for profitable growth
Large opportunity set with clear pathway for profitable growth 60
Slide 61: 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 62: 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 63: Large hopper of early-phase projects and IOR opportunities
Large hopper of early-phase projects and IOR opportunities Over 30 early-phase projects, discoveries and IOR/infill campaigns being matured Enhancing recovery in our existing asset base ▪ Infill drilling campaigns planned at all main hubs Yggdrasil Valhall PWP-Fenris ▪ Testing basement and tight res
Slide 64: 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 10-15 80% wells ILX wells per year Source: Resource
Slide 65: Exploration programme
Exploration programme Aker BP operator Aker BP partner Upcoming wells Aker BP Volume est. Licence Prospect Operator Status share (mmboe) PL1005 Rondeslottet Aker BP 40% Dry PL554 Skrustikke Equinor 30% 25 - 100 Ongoing Omega/Alfa/Sigma/etc.1 Aker BP 38%/48% Discovery, drilling ongoing PL1140 Lofn Eq
Slide 66: Unlocking new volumes at Yggdrasil
Unlocking new volumes at Yggdrasil Towards our 1-billion-barrel ambition East Frigg development sanctioned in Q2 ▪ Discovered in 2023 (gross ~75 mmboe) ▪ Included in the Yggdrasil development project New oil discovery in ongoing Omega Alfa well1 ▪ Multi-target well with five prospects ▪ Oil discover
Slide 67: Proven track record of value accretive M&A
Proven track record of value accretive M&A mboepd 500 Thousands 439k 400 Strategic fit 300 Financially accretive 200 Efficient integration 100 Realize synergies & upsides 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 67
Slide 68: Financial frame designed to maximise value creation and shareholder return
Financial frame designed to maximise value creation and shareholder return 68
Slide 69: Our capital allocation priorities remain firm
Our capital allocation priorities remain firm BP’ f c f – designed to maximise value creation and shareholder return 1 Financial capacity 2 Profitable growth 3 Return value Maintain financial flexibility and Invest in robust projects Resilient dividend growth in line investment grade credit rating w
Slide 70: Optimising the capital structure
Optimising the capital structure New 10-year and 30-year USD senior notes issued in Q4 2024 Bond maturities Longer maturity at attractive terms USD/EUR billion Aligning debt maturities with longevity 10 10% of business profile ▪ Issued USD 1.5 billion notes split equally between 10 and 30 years 8 8%
Slide 71: Maintaining a strong balance sheet and financial capacity
Maintaining a strong balance sheet and financial capacity Debt increase primarily due to significantly higher tax payment in Q2 than actual tax liability incurred Net interest-bearing debt1 + tax payable Leverage ratio2 Available liquidity3 Excl. leases, USD billion Targeting below 1.5 over time USD
Slide 72: Robust project portfolio driving profitable growth
Robust project portfolio driving profitable growth Highly profitable projects with low break-evens and short payback time Robust and profitable project portfolio Gross/net Net capex Production Asset area Field development volume estimate start Grieg Aasen Symra 87/49 mmboe USD 1.1bn 2026 $35-40/bbl
Slide 73: Investing in high return projects
Investing in high return projects In a supportive fiscal regime Aker BP est. capex before and after tax1 USD billion 7 ▪ Investment plan updated to reflect recent project 6 reviews 5 ▪ PDO projects are progressing on schedule 4 ▪ July-25: Investment estimates up ~6% 3 (USD ~1.2 bn) compared to origi
Slide 74: Progressing on the 2023-2028 value creation plan
Progressing on the 2023-2028 value creation plan Financial position significantly improved since initiating the plan two years ago Underlying cash flow generation in 2023 and 2024 USD mill. 14 Thousands ▪ Underlying cash generation covered 12 dividends and investments in the period 10 ▪ N c “ x ”f 8
Slide 75: 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 4 1.0 at $50/boe 2 0.5 $65/boe $90/boe 0 0.0 2023 2024 2025 2026 2027 2028 2023 2024
Slide 76: 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 77: 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. H2-25) ▪
Slide 78: 2025 guidance
2025 guidance Previous Actual New guidance Jan-June guidance Production 390-420 428 400-420 mboepd Production cost ~7.0 6.9 ~7.0 USD/boe Capex 5.5-6.0 3.1 ~6.5 USD billion Exploration ~0.45 0.25 ~0.45 USD billion Abandonment ~0.15 0.06 ~0.10 USD billion 78
Slide 79: Second quarter 2025
Second quarter 2025 15 July 2025 Aker BP ASA
Slide 80: Second quarter highlights
Second quarter highlights Delivering on our strategy ▪ Strong operational performance ▪ Field developments on track ▪ Exploration success at Yggdrasil ▪ Stable financial delivery 80
Slide 81: Low cost and low-emission oil and gas production
Low cost and low-emission oil and gas production Aker BP production cost Decarbonising our business USD per boe Aker BP emission intensity, kg CO2e per boe1 5.3 3.8 12.0 3.2 3.0 2.9 2.8 2.8 2.8 2.8 2.6 2.6 2.5 2.4 7.3 7.2 7.2 7.3 6.2 6.4 6.6 6.5 6.0 6.1 5.7 5.6 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4
Slide 82: Financial highlights
Financial highlights Second quarter 2025 ▪ Operational performance reflected in financial results ▪ Delivering on our value creation plan ▪ Strong financial position ▪ Dividend USD 0.63 per share 82
Slide 83: Second quarter 2025 performance
Second quarter 2025 performance Produced and sold volume (1,000 boepd) Production cost (USD per boe) Production Sales 444 449 441 7.3 415 415 6.6 6.4 6.5 461 458 $67 per boe (76) 439 5.7 414 391 Net realised price $-1.0 (1.1) Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Net cash flow
Slide 84: Income statement
Income statement USD million Q2 2025 Q1 2025 Before Before impairment Impairments Actual impairment Impairments Actual 414 mboepd (458) Total income 2 584 2 584 3 201 3 201 Production costs 285 285 278 278 Other operating expenses 16 16 14 14 Oil and gas sales EBITDAX 2 283 2 283 2 908 2 908 Explora
Slide 85: Cash flow statement
Cash flow statement USD million Q2-25 Q1-25 Q4-24 Q3-24 Op. CF before tax and WC changes 2 331 2 852 2 935 2 610 Net taxes paid (1 571) (718) (1 164) (424) Changes in working capital 480 (25) (708) 571 $1.2 bn (2.1) Cash flow from operations 1 240 2 109 1 063 2 757 Cash flow from operations Adj. Cas
Slide 86: Balance sheet
Balance sheet USD million Assets 30.06.25 31.03.25 30.06.24 PP&E 22 421 21 091 18 620 Goodwill 11 851 12 568 13 060 Other non-current assets 3 501 3 063 3 307 $6.0 bn ($7.7) Cash and cash equivalent 2 745 4 283 3 233 Total available liquidity Other current assets 2 358 2 293 1 997 Total Assets 42 87
Slide 87: 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 88: The tax system is highly supportive for investments
The tax system is highly supportive for investments In the investment phase, taxes paid are significantly lower than tax expense in the P&L Illustrative1 tax calculations Aker BP 2023 - 2028 USD billion 12 ▪ Relatively low tax payments in periods with 10 high investments ▪ Especially prominent in lo
Slide 89: 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 90: 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 91: www.akerbp.com
AkerBP www.akerbp.com