Aker BP

Investor Presentation • Feb 8, 2024

Q4 and full-year 2023 & strategy update

8 February 2024 Aker BP ASA

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 global economic conditions, the economic conditions of the regions and industries that are major markets for Aker BP ASA's lines of business.

These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.

Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker BP ASA's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Document.

Although Aker BP ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document.

Aker BP ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker BP ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

2023 highlights

• Strong performance delivering on targets
• Development projects on track
• Exploration success
• Leading the way in low GHG emissions
• Financially strong & growing dividends

2023 operational improvements

Increasing production…

1,000 barrels oil equivalent per day (mboepd)¹

…reducing production cost… USD per boe¹

8.3

12.4

…while decarbonising our business

Aker BP emission intensity, kg CO2e per boe

2.8

2023 key financials

5

2023 deliverables

	Original 1 guidance	Latest 2 guidance	Actual 2023
Production	430	455	457
mboped	-460	-465
Production cost	7.0	6.0	6.2
USD/boe	-8.0	-6.5
Capex	3.0	3.0	3.3
USD billion	-3.5	-3.5
Exploration	0.4	0.4	0.36
USD billion	-0.5	-0.5
Abandonment USD billion	0.1 -0.2	~0.2	0.16

Aker BP's improvement programme

Strategic alliances

One-team culture with our main suppliers based on common goals and shared incentives

Lean operations

Framework for developing more efficient work processes

Flexible business models

Re-thinking how we structure our interactions with suppliers and business partners

Digitalisation

Essential enabler for building the E&P company of the future

Our strategic priorities

Ambition to lead the industry transformation as the E&P company of the future

Return maximum value to our shareholders and our society

Operate safely and efficiently

World-class oil and gas portfolio

Large scale, low risk assets on the Norwegian Continental Shelf

Safety

Injury frequency (TRIF)¹ Serious incident frequency (SIF)¹

1) TRIF and SIF in prior years have been restated to reflect a more accurate methodology for measurement of exposure hours. See Quarterly report Q4 2023 for details.

Production

Oil & gas production per area 1,000 mboepd

Johan Sverdrup

Daily oil production since start-up

A giant field with excellent reservoir properties

• Excellent operational performance
• Stable production at elevated capacity level
• Continuously working to optimise production

Aker BP holds 31.6% ownership in the Johan Sverdrup partnership operated by Equinor Copyright Equinor

Production efficiency

Increased production uptime

Rolling 12m, operated assets only

Low-cost operations

Total operational cost¹

USD per boe, 2023e

1) Source Wood Mackenzie. Companies included: Aker BP, BP, Chevron, ConocoPhillips, Diamondback Energy, DNO, Eni, EOG Resources, Equinor, ExxonMobil, , Galp Energia, Harbour Energy, Hess Corp., Marathon Oil, OKEA, Pioneer, Shell, TotalEnergies, , Tullow Oil, Vår Energi.

Future operations – modernising and digitalising the way we work

Integration of new concepts

New ways of working

Integrated Operation Centres

Data-driven decisions

New cooperation models

Increased digital Automation competence for all

Remote operations and maintenance

16

Decarbonise our business

Aker BP's decarbonisation strategy

Reducing absolute scope 1&2 GHG emissions before neutralising residual emissions

Scope 1&2			Scope 3
Avoid	Reduce	Neutralise	Upstream scope 3 reduction through procurement
Electrification of	Active energy	Carbon removal	Support new industries and drive technology development
greenfield assets and portfolio management	management and brownfield electrification	offsets for hard to-abate emissions	Explore potential of CCS
		Create value through decarbonisation

Aker BP's targets

• 1. Reduce operated scope 1&2 GHG emissions with 50% by 2030 and ~100% by 2050
• 1. Net zero equity share scope 1&2 emissions by 2030
• 1. World-class equity share scope 1&2 GHG intensity <4 kg CO2e/boe
• 1. World-class methane intensity <0.05 %

140 Aker BP – a global leader in low CO² emissions

0 20 40 60 80 100 Net emission intensity 2023 kg CO2e per boe, equity share 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

285 largest producing upstream companies

Targeting net zero scope 1&2 emissions by 2030

Aker BP to offset all our remaining emissions using high-quality carbon removal projects

Total estimated equity share scope 1&2 emissions 1 000 tonnes CO2e

Our approach

Avoid

New assets with power from shore Target 100% electrification

Reduce

Continued energy efficiency 2% annual reduction target

Neutralise residual emissions

High quality carbon offsets Removal only, strict verification criteria

Deliver high -return projects on quality, time and cost

Aker BP project overview

770 mmboe net oil and gas volume at net capex of around USD 3 billion after tax

Asset area	Field development	Aker BP ownership	Gross/net volume	Net capex estimate	PDO submission	Production start
	Frosk	80.0%	10/8 mmboe	USD 0.2bn	2021	2023
Alvheim	Kobra East & Gekko	80.0%	50/40 mmboe	USD 0.9bn	2021	2023
	Tyrving	61.3%	25/15 mmboe	USD 0.4bn	2022	2025
	Hanz	35.0%	20/7 mmboe	USD 0.2bn	2021	2024
Edvard Grieg & Ivar Aasen	Symra	50.0%		USD 1.3bn	Dec-22	20261)
	Solveig Phase II	65.0%	87/49 mmboe			2026
	Alve North	68.1%	119/51 mmboe	USD 1.0bn	Dec-22	2027
Skarv	Idun North	23.8%				2027
	Ørn	30.0%				2027
	Valhall PWP	90.0%		USD 5.5bn	Dec-22	2027
Valhall	Fenris	77.8%	230/187 mmboe			2027
Yggdrasil2)	Hugin	87.7%				2027
	Munin	50.0%	650/413 mmboe	USD 10.7bn	Dec-22	2027
	Fulla	47.7%				2027

Our key principles for successful project execution

✓Competence and learning

• ✓Continuity
• ✓Common goals and incentives

Partnerships Standardisation Frontloading

✓ Well designs and equipment ✓Topside and subsea equipment ✓Facilitate efficient operations

• ✓Early planning and maturation
• ✓Supplier involvement
• ✓Secured yard and rig capacity

Alliances with leading suppliers – with proven track record

The cornerstone of project planning and execution

Alliances established with leading suppliers

• Covering majority of capital spend
• Subsea, Fixed Facilities, Modifications and Drilling
• One team Common goals Shared incentives

Proven track record of alliance model since 2016

• 16 subsea tie-backs
• Two fixed platforms
• More than 100 wells completed
• Significant modifications scope

Key benefits

• Access to capacity and competence
• Improved efficiency
• Drive continuous improvement

Project execution on track

Good progress in the first year since PDOs

• Key milestones achieved on schedule
• Main contracts placed and capacity secured
• Fabrication underway at multiple locations
• Sub-sea and drilling scope progressing well
• Total capex estimate in line with plans

Developments to drive growth and value creation

Planning to produce around 525 mboepd in 2028

Production outlook

mboepd

Our project portfolio

• Net resources of 770 mmboe
• The projects lift Aker BP's production by 250-300 mboepd in 2028
• Low CO² emission intensity
• Full-cycle portfolio break even oil price of USD 35-40 per barrel¹
• Average payback time of 1-2 years²

Yggdrasil

New North Sea area hub by joining forces across licences

Gas ~40% of estimated volumes		Aker BP (operator)	Hugin: 87.7% Munin: 50.0% Fulla: 47.7%
Power supply from shore	Munin	Partners	Equinor and PGNiG Upstream Norway
A new digital standard	Unmanned production platform Hugin A Production, drilling & quarters Hugin B	Volume estimate	650 mmboe (gross) / 413 mmboe (net)
55 wells	Normally unmanned installation	Net capex estimate (nominal)	USD 10.7 bn
Significant additional volume potential		Production start est.	2027

Valhall PWP-Fenris

Unlocks new volumes and secures life-time extension on Valhall

Skarv Satellites

Subsea

Drilling

Investments in future flexibility enabling further area development

Alve N

Utsira High projects

Increased capacity utilisation at Ivar Aasen and Edvard Grieg platforms

Alvheim projects

Unlocks new volumes, reduces unit cost and secures life-time extension on Alvheim

Establish the next wave of profitable growth options

Growth through M&A and projects

Transactions + 18 organic development projects

33

Our exploration strategy

Uniquely positioned on the NCS

• 2 nd largest in Norway with over 200 licences
• Operator of ~70%
• 27 licences awarded in APA 2023 all-time high

Targeting net 250 mmboe from 2022 to 2027

• Drill 10-15 exploration wells per year
• 80% near-field 20% in new areas

New ways of working

• Technology driving efficiency and exploration success
• Data gathering and processing speed multiplied

2023 – another year of successful exploration

Significant oil discovery in the Yggdrasil area

Discovery at Frigg East

• Current volume estimate of 53-90 mmboe gross
• Increases the resource base for Yggdrasil
• Highly profitable with break-even well below \$20/bbl

Partner in several other discoveries

• Carmen, Ofelia, Norma
• Finding cost below \$1/boe
• 2/3 on the way towards 2027 target of 250 mmboe

2024 exploration program

Licence	Prospect	Operator	Aker BP share	Pre-drill mmboe	Status
PL102G	Trell North	Aker BP	61%	3 - 12	Drilling
PL1138	Ametyst	Harbour Energy	30%	23 - 116	Drilling
PL956	Ringhornet Ty	Vår Energi	20%	7 - 27	Drilling
PL442	FGD/Ypsilon	Aker BP	88%	9 - 22	Q1
PL1182S	Kjøttkake	DNO	30%	19 - 42	Q2
PL1185	Kvernbit	Equinor	20%	9 - 64	Q2
PL203	Alvheim Deep	Aker BP	80%	24 - 159	Q2
PL261	Storjo West	Aker BP	70%	4 - 32	Q2
PL1170	Ferdinand	Aker BP	35%	31 - 65	Q2
PL1170	Hassel	Aker BP	35%	27 - 47	Q2
PL554	Garantiana Skrustikke	Equinor	30%	26 - 99	Q2
PL869	Rumpetroll South	Aker BP	80%	10 - 45	Q3
PL932	Kaldafjell	Aker BP	40%	12 - 140	Q3
PL110	Njargasas	Aker BP	55%	23 - 120	Q4
PL1131	Elgol	Vår Energi	20%	27 - 180	Q4
PL942	Kongeørn	Aker BP	30%	5 - 39	Q4

Significant upside potential around existing assets

Reserves and resources

billion boe

Return maximum value to shareholders and society

2023 financials in brief

Operating cash flow 20.4 USD/share

Tax paid 11.8 USD/share

Free cash flow 3.1 USD/share Financial capacity 6.8 USD billion

Dividend 2.2 USD/share Leverage ratio 0.2

Free cash flow: Net cash flow after tax from operating activities less net cash flow from investment activities Leverage ratio: Net interest-bearing debt divided by EBITDAX last 12 months, excluding effects of IFRS16 Leasing

Q4 2023 - Sales of oil and gas

Volume sold mboepd

Realised prices USD/boe

Q4-22 Q1-23 Q2-23 Q3-23 Q4-23

Liquids Natural gas

Total income USD million

Income statement

USD million

		Q3 2023
	Before impairment	Impairments	Actual	Actual
Total income	3 556		3 556	3 513
Production costs	298		298	252
Other operating expenses	17		17	12
EBITDAX	3 241		3 241	3 249
Exploration expenses	67		67	74
EBITDA	3 174		3 174	3 174
Depreciation	606		606	557
Impairments		415	415	-
Operating profit (EBIT)	2 569	(415)	2 154	2 618
Net financial items	15		15	(53)
Profit/loss before taxes	2 583	(415)	2 168	2 565
Tax (+) / Tax income (-)	2 008	(3)	2 005	1 977
Net profit / loss	575	(412)	164	588
EPS (USD)	0.82	(0.65)	0.26	0.93
Effective tax rate	78 %	1 %	92 %	77 %

467 mboepd (450)

Oil and gas sales

\$82 per boe (84)

Net realised price

\$6.2 per boe (6.0)

Production cost

92% (77%)

Effective tax rate

Cash flow

USD million

	Q4-23	Q3-23	Q2-23	Q1-23
Operating cash flow before tax	3 710	2 963	2 938	3 251
Taxes paid	(2 207)	(862)	(2 817)	(1 569)
Cash flow – operations	1 503	2 101	121	1 682
Cash flow – investments	(1 042)	(944)	(776)	(705)
Free cash flow	461	1 157	(655)	977
Net debt drawn/repaid	(0)	(2)	488	-
Dividends	(348)	(348)	(348)	(348)
Interest, leasing & misc.	(85)	(138)	(75)	(106)
Cash flow – financing	(433)	(488)	66	(454)
Net change in cash	28	669	(589)	523
Cash at end of period	3 388	3 375	2 689	3 280

\$0.5bn (1.2) Free cash flow (FCF)

\$0.73(1.83)

FCF per share

\$0.55 (0.55)

Dividend per share

Balance sheet

USD million

Assets	31.12.23	30.09.23	31.12.22
PP&E	17 450	16 123	15 887
Goodwill	13 143	13 554	13 935
Other non-current assets	3 314	3 166	2 984
Cash and equivalent	3 388	3 375	2 756
Other current assets	1 751	1 909	2 000
Total Assets	39 047	38 127	37 562

Equity and liabilities
Equity	12 362	12 524	12 428
Financial debt	5 798	5 754	5 279
Deferred taxes	10 592	10 182	9 359
Other long-term liabilities	4 861	4 090	4 248
Tax payable	3 600	4 070	5 084
Other current liabilities	1 833	1 509	1 164
Total Equity and liabilities	39 047	38 127	37 562

\$6.8bn (\$6.8)

Total available liquidity

32% (33%)

Equity ratio

0.19 (0.19)

Leverage ratio¹

1) Leverage ratio: Net interest-bearing debt divided by EBITDAX last 12 months, excluding effects of IFRS16 Leasing

Capital allocation priorities

Aker BP's financial frame – designed to drive value creation and shareholder return

Continuously optimising our capital structure

Financing transactions in 2023

USD 1,500 million in new Senior Notes issued

• USD 500 million Notes due in 2028
• USD 1,000 million Notes due in 2033
• USD ~1,000 million in existing bonds repurchased
• 2025 and 2026 maturities

USD 1,800 million Forward Start Bank Facility signed

• Active from 2026, maturing in 2028, options to extend to 2030
• Opportunity to increase up to USD 2,500 million

Bond maturities USD/EUR billion

Maintaining financial flexibility

Net interest-bearing debt Excl. leases, USD billion

3.4 3.1 2.6 2.2 1.6 0.7 3.7 2.2 2.5 2.0 3.1 2.4 2.4 Q4-20 Q2-21 Q4-21 Q2-22 Q4-22 Q2-23 Q4-23 Leverage ratio¹ Targeting below 1.5 over time

Q4-20 Q2-21 Q4-21 Q2-22 Q4-22 Q2-23 Q4-23

Liquidity available² USD billion

Cash and cash equivalents Undrawn bank facilities

Investment grade credit ratings

1) Leverage ratio: Net interest-bearing debt divided by EBITDAX last 12 months, excluding effects of IFRS16 Leasing 2) Liquidity available: undrawn bank facilities and cash and cash equivalents BBB Baa2 BBB

Grow production with robust high return projects

Projects to lift Aker BP's production by 250-300 mboepd in 2028

Production outlook

mboepd

Robust and profitable project portfolio

\$35-40/bbl

Project portfolio break-even oil price¹

~25%

Project portfolio IRR at \$65/bbl oil price

1-2 years

Project portfolio payback at \$65/bbl oil price

Investing in robust and profitable projects

In an investment-friendly tax system

Aker BP est. capex before and after tax USD billion

• Total capex estimate 2023-2028 in line with plans presented one year ago
• Minor adjustments to capex phasing between years
• ~85% of the planned capex is related to projects subject to the temporary tax system with 86.9% tax deduction
• The rest is subject to ordinary tax system with 78% tax deduction

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

• Relatively low tax payments in periods with high investments
• Especially prominent in low oil price scenarios
• An illustrative tax calculation example
• Tax calculation model employed¹ (available at www.akerbp.com/investor)

▪ Note: this is for illustrative purposes only and is not company guiding

Near-term tax payments

Sensitivity for H2-2024

USD million

2 500

Tax instalments for fiscal year 2023

• Tax for the year is paid in six bimonthly instalments with six months delay
• Q1-24 and Q2-24 instalments now fixed based on full-year 2023 performance

Assumptions for H2-24 sensitivity analysis

• Gas prices assumed at USD 11 per mmbtu
• USDNOK rate assumed at 10.0
• Three oil price scenarios illustrated (average for 2024)

Strong and resilient cash flow as basis for dividend growth

Aker BP value creation plan 2023-2028 USD billion, accumulated

Dividends USD per share

• Low-cost production gives resilient dividend capacity
• Distributions shall reflect the capacity through the cycle
• 9% dividend growth in 2024
• Ambition to grow dividend by minimum 5% per year

2024 guidance

	2023 actuals	2024 guidance
Production (mboped)	457	410-440
Opex (USD/boe)	6.2	~7.0
Capex (USDbn)	3.3	~5.0
Expex (USDbn)	0.36	~0.5
Abex (USDbn)	0.16	~0.25

Summary – Executing on our strategic priorities

Return maximum value to shareholders and society

www.akerbp.com