Aker BP

Earnings Release • Apr 24, 2024

First quarter 2024 results

First quarter 2024 results

Aker BP delivered continued strong operational performance in the first quarter

of 2024, with low cost and low emissions, and with all field development

projects progressing according to plan.

Highlights

· Increased production: Oil and gas production reached 448 mboepd in the first

quarter, one percent higher than in the fourth quarter

· Low cost: Production cost amounted to USD 6.1 per barrel produced, down from

USD 6.2 in the fourth quarter

· Low emissions: Greenhouse gas emissions (scope 1&2) averaged 3.0 kg CO\2\e

per boe, ranking among the lowest in the global oil & gas industry

· Development projects on track: All field development projects are

progressing as planned and within budget

· Strong financial performance: EBITDA of USD 2.8 (3.2) billion, operating

profit of USD 2.2 (2.2) billion, net profit of USD 531 (164) million, and free

cash flow of USD 339 (461) million

· Returning value: Quarterly dividend of USD 0.60 per share

Comment from Karl Johnny Hersvik, CEO of Aker BP

"Aker BP delivered strong operational and financial performance in the first

quarter of 2024. Our oil and gas production increased while we maintained low

costs and kept emissions in check.

Our field development projects are on track, and construction activity is

ramping up at multiple sites in Norway and abroad. The Hanz project has been

completed, and production started a few days ago. Meanwhile, the Tyrving

development is progressing towards an accelerated start-up in the fourth

quarter.

We are pleased to report another quarter marked by robust cash flow and a strong

financial position, which further underpins the ongoing investments in our

profitable projects and attractive dividends to our shareholders."

Webcast presentation

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

available on www.akerbp.com/en. The presentation will be followed by an online

Q&A session.

Attachments

Aker BP 2024-Q1

Report.pdf (https://mb.cision.com/Public/1629/3966058/83d211f6893a5f6a.pdf)

Aker BP 2024-Q1

Presentation.pdf (https://mb.cision.com/Public/1629/3966058/bd371eeb10d44fd4.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 contacts:

Tore Langballe, VP Communications, tel.: +47 907 77 841

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

About Aker BP:

Aker BP is a company engaged in exploration, field development and production of

oil and gas on the Norwegian continental shelf. The company operates six field

centres: Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a

partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu,

Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at

www.akerbp.com.

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 24 April 2024 at 06:00 CEST.