Aker BP

Earnings Release • Oct 30, 2024

Aker BP reports third quarter 2024

Aker BP reports third quarter 2024

Aker BP delivered strong results in third quarter 2024, driven by high

production efficiency, low costs, and low emissions. With production guidance

raised, early project completions, and robust cash flow generation, we continue

to create value and return it to shareholders through dividends.

Highlights

· Efficient operations: Oil and gas production averaged 415 (444) thousand

barrels of oil equivalent per day (mboepd) during the quarter. Full-year

guidance raised to 430-440 (previously 420-440) mboepd.

· Low cost: Production cost was USD 6.6 (6.4) per barrel. Full-year guidance

lowered to USD ~6.5 (previously ~7) per barrel.

· Low emissions: Greenhouse gas emission intensity averaged 2.4 (2.6) kg

CO\2\e per boe (scope 1 & 2), ranking among the lowest in the global oil and gas

sector.

· Projects on track: All field development projects progressing on schedule

and within budget.

· Tyrving on stream: The Tyrving field in the Alvheim area commenced

production five months ahead of original plan.

· Strong financial performance: Aker BP reported EBITDA of USD 2.6 (3.0)

billion, net profit of USD 173 (561) million, and record-high cash flow from

operations of USD 2.8 (1.5) billion.

· Improved debt profile: Average debt maturity extended by three years

following issuance of new 10- and 30-year bonds (completed in October).

· Returning value: Quarterly dividend of USD 0.60 per share.

Comment from Karl Johnny Hersvik, CEO of Aker BP

- We are pleased to report another quarter of high production efficiency,

supported by smooth execution of our maintenance program. This performance has

allowed us to increase our production guidance for 2024 and reinforces our

position as an industry leader in both low costs and low emissions.

- The execution of our development projects is progressing well. This quarter,

we celebrated the early production start from the Tyrving field, which came on

stream in September - five months ahead of schedule, thanks to the outstanding

efforts of our project team and alliance partners. Delivering with quality, on

time, and within budget is a key priority as we continue developing new fields

that will support future profitable growth.

- Our strong financial position was further enhanced by the issuance of 10- and

30-year bonds, extending our debt maturity and underscoring the capital markets'

confidence in our strategy. This financial flexibility ensures we are well

-positioned not only to deliver on current projects but also to seize future

opportunities and navigate potential challenges in an evolving macroeconomic and

industry landscape.

- In summary, Aker BP continues to generate value through operational

excellence, strategic investments in profitable growth, and disciplined

financial management. We remain fully committed to delivering value to our

shareholders through consistent dividends and long-term growth.

Webcast presentation

Today at 08:30 CET, the management will present the results on a webcast

available on www.akerbp.com (https://www.akerbp.com/en). The presentation will

be followed by an online Q&A session.

Attachments

Aker BP 2024-Q3

Report.pdf (https://mb.cision.com/Public/1629/4058041/b99727f8796dbe85.pdf)

Aker BP 2024-Q3

Presentation.pdf (https://mb.cision.com/Public/1629/4058041/8d55883d1ff5fd06.pdf)

Investor contacts:

Kjetil Bakken, Head of IR, tel.: +47 918 89 889

Carl Christian Bachke, IR Officer, tel.: +47 909 80 848

Martin Seland Simensen, IR Officer, tel.: +47 416 92 087

Media contact:

Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

About Aker BP:

Aker BP is a leading exploration and production company focused on oil and gas

operations on the Norwegian continental shelf. The company operates the Alvheim,

Edvard Grieg, Ivar Aasen, Skarv, Ula, and Valhall field centres and is a key

partner in the Johan Sverdrup field. Headquartered in Fornebu, Norway, Aker BP

is listed on the Oslo Børs under the ticker AKRBP. For more information, visit

www.akerbp.com/en.

This information is considered to be inside information pursuant to the

EU Market Abuse Regulation and is subject to the disclosure requirements

pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Kjetil Bakken, Head of Investor

Relations, Aker BP ASA, on 30 October 2024 at 06:00 CET.