Aker Bp Asa · OSL:AKRBP
Aker Bp Asa — Q3 2026 Earnings Presentation
21 slides from Aker Bp Asa's earnings presentation, Oct 29, 2026
Slide 1: Third quarter 2026
Third quarter 2026 29 October 2026 Aker BP ASA
Slide 2: 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 2
Slide 3: Strong operational performance
Strong operational performance High efficiency in a quarter with planned maintenance Production Production cost Emissions mboepd / production efficiency (%) USD/boe kg CO2e/boe 96% 96% 97% 94% 94% 100% 500 90% 414 411 80% 9.0 398 8.8 400 384 374 7.9 70% 7.6 7.7 60% 300 50% 3.8 40% 200 3.0 3.1 2.9 30
Slide 4: Delivering growth – shaping the next wave
Delivering growth – shaping the next wave ~35% production growth from 2026 to 2028 Production above 500 mboepd into the 2030s Shaping the next wave of growth 900 mboepd 800 700 Active portfolio management 600 M&A ~525 and exploration 500 IOR/discoveries/ILX Targeted exploration 380-400 400 300 Disco
Slide 5: Development projects
Development projects Key milestones delivered ▪ 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-up ▪ Skarv
Slide 6: Exploration & Business Development
Exploration & Business Development Wisting Recent key updates Exploration ▪ Successful appraisal at Symra ▪ Small discoveries at Alpehumle and Linga ▪ Frigg area exploration programme maturing for 2027 Business Development ▪ Increased stake in Froskelår/Losgann Slagugle ▪ Operatorship and 51% in Sla
Slide 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 19
Slide 20: 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 21: www.akerbp.com
AkerBP www.akerbp.com