Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Aker Bp Asa Ord — Q4 2024 Earnings Presentation
89 slides from Aker Bp Asa's earnings presentation, Feb 12, 2025
Slide 1: Q4 and full-year 2024 & strategy update
Q4 and full-year 2024 & strategy update 12 February 2025 Aker BP ASA
Slide 2: Highlights
Highlights ▪ Outstanding performance in Q4 and 2024 ▪ Development projects on track ▪ Production outlook above 500 mboepd into 2030s ▪ Targeting over 1 bn barrels from Yggdrasil area ▪ Increasing Johan Sverdrup recovery ambition to 75% ▪ Growing dividend by 5% to USD 2.52 per share in 2025 2
Slide 3: Aker BP – The E&P company of the future
Aker BP – The E&P company of the future High quality pure play oil and gas operating on the Norwegian Continental shelf Distinct capabilities driving E&P operator excellence World-class assets with industry-leading performance Large opportunity set with clear pathway for profitable growth Financial
Slide 4: 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 5: Leading the transformation of the E&P industry
DISTINCT CAPABILITIES DRIVING E&P OPERATOR EXCELLENCE Leading the transformation of the E&P industry Performance culture Alliance model Digitalisation driving execution innovating collaboration transforming the way we excellence in the value chain work to create value 5
Slide 6: Track record of operational excellence and value creation
WORLD-CLASS ASSETS WITH INDUSTRY-LEADING PERFORMANCE 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) Gr
Slide 7: Maintaining production above 500 mboepd into the 2030s
LARGE OPPORTUNITY SET WITH CLEAR PATHWAY FOR PROFITABLE GROWTH 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 di
Slide 8: Creating substantial shareholder value
FINANCIAL FRAME DESIGNED TO MAXIMISE VALUE CREATION AND SHAREHOLDER RETURN Creating substantial shareholder value Cumulative free cash flow2 Leverage ratio3 Consistent dividend growth USD billion After dividends USD per share 16 4.0 14 $90/boe 3.5 2.52 2.40 3.0 2.20 12 2.00 10 2.5 $65/boe 8 2.0 1.35
Slide 9: Q4 and full-year 2024
Q4 and full-year 2024 12 February 2025 Aker BP ASA
Slide 10: 2024 highlights
2024 highlights ▪ Strong operational performance ▪ Record-high operating cash flow ▪ Projects progressing according to plan ▪ Strengthened financial position ▪ Increased dividends by 9% in 2024 Noble Integrator drilling at Valhall 10
Slide 11: Industry-leading performance continued in 2024
Industry-leading performance continued in 2024 Sustaining production… …reducing production costs… …while decarbonising our business 1,000 barrels oil equivalent per day (mboepd)1 USD per boe1 Aker BP emission intensity, kg CO2e per boe2 457 12.4 439 5.9 4.8 9.2 4.5 309 8.7 4.3 8.3 6.2 6.2 211 209 2.
Slide 12: 2024 financial results
2024 financial results Cash flow from Earnings operations after tax 2.9 USD/share 10.2 USD/share Dividend Leverage ratio1 2.4 USD/share 0.3 at year-end 1) Leverage ratio: Net interest-bearing debt divided by EBITDAX last 12 months, excluding effects of IFRS16 Leasing 12
Slide 13: Summing up Q4 2024 performance
Summing up Q4 2024 performance Produced and sold volume (1,000 boepd) Operating cost (USD per boe) $75 per boe (78) Production Sales 444 448 444 449 6.4 6.6 415 6.2 6.1 467 5.7 461 429 439 391 Net realised price $-0.48 (2.15) Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 FCF per share
Slide 14: Sales of oil and gas
Sales of oil and gas Volume sold Realised prices Total income mboepd USD/boe USD million 467 84 83 83 461 80 439 79 3 556 429 3 376 59 63 391 398 66 3 078 326 3 068 64 74 74 2 858 46 301 477 271 64 57 51 408 398 3 140 364 374 3 011 345 2 748 2 548 2 545 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q4-23 Q1-24 Q2-2
Slide 15: Income statement
Income statement USD million Q4 2024 Q3 2024 Before Before impairment Impairments Actual impairment Impairments Actual 439 mboepd (391) Total income 3 068 3 068 2 858 2 858 Production costs 229 229 186 186 Other operating expenses 10 10 19 19 Oil and gas sales EBITDAX 2 828 2 828 2 652 2 652 Explora
Slide 16: Cash flow statement
Cash flow statement USD million Q4-24 Q3-24 Q2-24 Q1-24 Op. CF before tax and WC changes 2 542 2 595 3 133 2 986 Net taxes paid (1 164) (424) (2 086) (1 054) Changes in working capital1 (315) 586 100 (476) $1.1 bn (2.8) Cash flow from operations 1 063 2 757 1 147 1 456 Cash flow from operations Cash
Slide 17: Balance sheet
Balance sheet USD million Assets 31.12.24 30.09.24 31.12.23 PP&E 20 238 19 803 17 450 Goodwill 12 757 12 757 13 143 Other non-current assets 3 033 3 362 3 314 $7.5 bn ($7.5) Cash and equivalent 4 147 4 147 3 388 Total available liquidity Other current assets 2 018 1 625 1 751 Total Assets 42 193 41
Slide 18: Delivering on 2024 targets
Delivering on 2024 targets Original Most recent Actual guidance1 guidance2 2024 Production 410-440 430-440 439 mboepd Production cost ~7.0 ~6.5 6.2 USD/boe Capex ~5.0 ~5.0 4.8 USD billion Exploration ~0.5 ~0.5 0.5 USD billion Abandonment ~0.25 ~0.25 0.23 USD billion 1) 8 February 2024 2) 30 October
Slide 19: Strategy update
Strategy update 12 February 2025 Aker BP ASA
Slide 20: Aker BP – The E&P company of the future
Aker BP – The E&P company of the future Distinct capabilities driving E&P operator excellence World-class assets with industry-leading performance Large opportunity set with clear pathway for profitable growth Financial frame designed to maximise value creation and shareholder return 20
Slide 21: 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 22: 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 OPEC (2045) 1990 2010 2022 ExxonMobil EnerBlue IEA STEPS Shell Sky 2050 bp Net Zero IEA APS E
Slide 23: 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 24: 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 25: Distinct capabilities driving E&P operator excellence
Distinct capabilities driving E&P operator excellence 25
Slide 26: 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 26
Slide 27: 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 since 2016 ▪ 18 subsea tie-backs and 2 fixed pla
Slide 28: 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 29: World-class assets with industry-leading performance
World-class assets with industry-leading performance 29
Slide 30: 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 31: Production efficiency
Production efficiency Consistently delivering top quartile performance Production efficiency1 95% 96% 97% 94% 94% 95% 95% 93% 93% 88% Top quartile on 84% the NCS2: above 88% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 1) Total portfolio per quarter (operated and non-operated) 2
Slide 32: 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 33: 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 34: 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 35: World-class assets on the Norwegian Continental Shelf
World-class assets on the Norwegian Continental Shelf 2P reserves1 2C resources1 Production2 arstad 1.6bn 0.8bn 439 boe boe mboepd andnessj en Skarv karv rond eim Johan Sverdrup Edvard Grieg / Ivar Aasen Valhall area Partner, 31.6% Operator, ~35-65% Operator, 90% Yggdrasil NOAKA Alvheim Alv eim orne
Slide 36: 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 36
Slide 37: 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 38: Expect to maintain high production throughout 2025
Johan Sverdrup Expect to maintain high production throughout 2025 ▪ Targeting 2025 production close to 2023/2024 ▪ Maturing and implementing IOR measures ▪ Optimising water handling and drilling four retrofit multi-lateral wells 38
Slide 39: Increasing the field recovery ambition to 75%
Johan Sverdrup Increasing the field recovery ambition to 75% Phase-3 to be sanctioned in Maturing additional Additional resource 2025 with 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
Slide 40: Alvheim area
Alvheim area Total reserves / resources Volume increase Aker BP operator >750 x4 ~80% mmboe from original estimate interest 40
Slide 41: 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 42: 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 rom Aker BP’s 2023-Q3 presentation rom Aker BP’s 2024-Q3 presentation 42
Slide 43: Skarv area
Skarv area Total reserves / resources Volume increase Aker BP operator >800 ~90% ~24% mmboe from original estimate interest 43
Slide 44: 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 45: 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 46: Valhall area
Valhall area Total reserves / resources Volume increase Aker BP operator >1.5 x6 90% billion boe from original estimate interest 46
Slide 47: 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 48: 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 49: Grieg Aasen area
Grieg Aasen area Total reserves / resources Volume increase Aker BP operator ~800 ~100% ~35-65% mmboe from original estimate interest 49
Slide 50: 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 51: 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 52: 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 52
Slide 53: 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” 53
Slide 54: 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 55: 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 Munin Unmanned production platform Volume estimate1 ~700 mm
Slide 56: 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 57: Current field developments driving growth and value creation
Current field developments driving growth and value creation Net volume ~800 mmboe I Net capex USD ~3 billion after tax I 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
Slide 58: Project execution on track
Project execution on track ▪ Successful installation activities in 2024 ▪ High activity level at yards ▪ Drilling ongoing on several locations ▪ On schedule for planned start-ups ▪ Total capex estimate in line with plans Valhall PWP jacket roll-up at Verdal yard in Norway 58
Slide 59: 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 Aker BP’s total drilling portfo
Slide 60: Large opportunity set with clear pathway for profitable growth
Large opportunity set with clear pathway for profitable growth 60
Slide 61: 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 62: 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 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: Maximising value from existing assets with ILX
Maximising value from existing assets with ILX Targeting high-value barrels with low break-even oil price ▪ Existing area knowledge reduces exploration risk ▪ Lower capex per unit by leveraging existing infrastructure ▪ Accelerated time to first oil ▪ Better capacity utilisation and lower unit costs
Slide 66: 2025 high-impact wells
2025 high-impact wells Significant exploration potential Pre-drill volume estimates (mid-point, mmboe gross) ▪ Extensive 2025 drilling programme ▪ High-potential wells planned with Rondeslottet, Bounty and Kokopelli 300 ▪ East Frigg success unlocks additional opportunities in the Yggdrasil area 200
Slide 67: Near-term exploration programme
Near-term exploration programme Aker BP operator Aker BP partner Upcoming wells Aker BP Pre-drill Licence Prospect Operator Status share mmboe PL886 Bounty Aker BP 60% 50 - 440 Drilling PL1109 Horatio OMV 20% 20 - 70 Drilling PL1090 Kokopelli Vår Energi 20% 50 - 375 Drilling PL1182S Kjøttkake DNO 30
Slide 68: 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 68
Slide 69: Financial frame designed to maximise value creation and shareholder return
Financial frame designed to maximise value creation and shareholder return 69
Slide 70: Our capital allocation priorities remain firm
Our capital allocation priorities remain firm Aker BP’s financial frame – 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
Slide 71: 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 72: Maintaining a strong balance sheet and financial capacity
Maintaining a strong balance sheet and financial capacity Net interest-bearing debt Leverage ratio1 Liquidity available2 Excl. leases, USD billion Targeting below 1.5 over time USD billion 8 4 7 4 7.5 6.8 6 3 6.2 5 3 5.4 4 2 4.5 4.1 3 3.4 2 3.4 3.3 1.5 2.8 2 2.5 2.4 1 2.0 1.6 1 1 0.3 0.2 0.2 0.3 0.5
Slide 73: 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 1.3bn 2026 $35-40/bbl
Slide 74: Progressing our investments according to plan
Progressing our investments according to plan In a supportive fiscal regime Aker BP est. capex before and after tax1 USD billion ▪ Capex for ongoing PDO projects in line with plans presented two years ago 6 ▪ Minor adjustments to phasing between years 5 ▪ ~85% is related to projects subject to the 4
Slide 75: 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 76: 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 ▪ Net reductio
Slide 77: Significant future value creation across oil price scenarios
Significant future value creation across oil price scenarios Aker BP value creation plan 2023-2028 Cumulative free cash flow2 Leverage ratio3 USD billion, accumulated USD billion After dividends 16 4.0 20 14 $90/boe 3.5 $90/bbl 12 3.0 15 10 2.5 $65/bbl $65/boe Dividend 8 2.0 capacity, 10 debt servic
Slide 78: Resilient dividend growth
Resilient dividend growth Dividends USD per share 2.52 2.40 2.20 ▪ Low-cost production and cash flow provide 2.00 resilient dividend capacity ▪ Distributions reflect capacity through the cycle 1.35 1.18 ▪ Ambition to grow the dividend with minimum 5% per year ▪ 5% dividend growth planned in 2025 202
Slide 79: Near-term tax payments
Near-term tax payments Sensitivity for H2-2025 USD million 3 000 Adjusted tax payment schedule from Q3-251 2 500 ▪ Number of tax instalments increased to ten from six per year, with no payment in January and July 2 000 2025 assumptions used in sensitivity analysis 1 500 ▪ Oil price: USD 70 and 80 pe
Slide 80: 2025 guidance
2025 guidance 2024 2025 actuals guidance Production (mboepd) 439 390-420 Opex (USD/boe) 6.2 ~7.0 Capex (USDbn) 4.8 5.5-6.0 Expex (USDbn) 0.50 ~0.45 Abex (USDbn) 0.23 ~0.15 80
Slide 81: www.akerbp.com
AkerBP www.akerbp.com
Slide 82: Appendix
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Slide 83: 2024 Income statement
2024 Income statement USD million Full-year 2024 Full-year 2023 Before Before Total income impairment 12 379 Impairments Actual 12 379 impairment 13 670 Impairments Actual 13 670 430 mboepd (460) Production costs 916 916 1 060 1 060 Oil and gas sales Other operating expenses 54 54 58 58 EBITDAX 11 4
Slide 84: 2024 Cash flow statement
2024 Cash flow statement USD million Full-year 2024 Full-year 2023 Op. CF before tax and WC changes Net taxes paid 11 255 12 287 $6.4 bn (5.4) (4 728) (7 455) Cash flow from operations Changes in working capital1 (105) 575 Cash flow from operations 6 423 5 407 Cash flow from investments (5 315) (3 4
Slide 85: 2024 performance per quarter
2024 performance per quarter Production Production costs Decarbonising our business 1,000 barrels oil equivalent per day (mboepd)1 USD per boe1 Aker BP emission intensity, kg CO2e per boe1 444 448 444 449 415 6.4 6.6 6.2 6.1 3.0 5.7 2.8 2.6 2.5 2.4 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q4-23 Q1-24 Q2-24 Q3-
Slide 86: 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 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: Overview of calculation of current tax (cash tax)
Overview of calculation of current tax (cash tax) Analyst information EBITDAX Exploration spend Abandonment spend EBITDA EBITDA Corporate tax depreciation Special tax depreciation** Tax EBIT x 22% Corporate tax deductible in special tax Net financial expense Uplift Corporate tax base* Special tax ba
Slide 89: www.akerbp.com
AkerBP www.akerbp.com