Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Aker Bp Asa Ord — Q2 2025 Earnings Presentation
25 slides from Aker Bp Asa's earnings presentation, Jul 15, 2025
Slide 1: Second quarter 2025
Second quarter 2025 15 July 2025 Aker BP ASA
Slide 2: Second quarter highlights
Second quarter highlights Delivering on our strategy ▪ Strong operational performance ▪ Field developments on track ▪ Exploration success at Yggdrasil ▪ Stable financial delivery 2
Slide 3: Strong production driven by high efficiency
Strong production driven by high efficiency Production 1,000 barrels oil equivalents per day (mboepd) 444 449 415 441 415 Strong performance in Q2 Skarv ▪ 95% production efficiency (97% in Q1) Valhall ▪ Stable production from Johan Sverdrup Grieg/Aasen ▪ One month planned shutdown at Valhall Alvheim
Slide 4: Johan Sverdrup
Johan Sverdrup ▪ Continued high production ▪ The first retrofit multilateral well drilled in Q2 ▪ Three additional wells to be drilled this year ▪ Phase 3 sanctioned in Q2 ▪ Two new subsea templates and eight additional wells ▪ Start-up planned for Q4-2027 4
Slide 5: 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 12.0 10 7.3 7.2 7.2 7.3 6.2 6.4 6.6 6.5 6.0 6.1 5.7 5.6 5 0 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 2 3 4 5 6 7 8 9 10 11 12 13
Slide 6: 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 5.3 80 3.8 60 3.2 3.0 2.9 2.8 2.8 2.8 2.8 2.6 2.6 2.5 2.4 40 20 0 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q
Slide 7: 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 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 mmboe Net ~190 mmboe Skarv and Grieg Aasen Net ~170 mmboe ▪ New area hub with
Slide 9: 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 10: 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 11: 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 12: 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 12
Slide 13: 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 14: Sales of oil and gas
Sales of oil and gas Volume sold Realised prices Total income mboepd USD/boe USD million 85 461 83 458 80 79 439 414 3,377 63 64 3,201 391 66 69 3,068 75 326 58 74 2,858 46 487 67 477 2,584 64 271 57 360 398 394 374 356 3,011 345 2,659 2,548 2,545 2,170 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-2
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 ▪ Investment estimates up ~6% (USD ~1.2 bn) 3 compared to original guida
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 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 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. H2-25) ▪
Slide 23: 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 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
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