Aker BP

Earnings Release • Oct 27, 2023

Aker BP reports third quarter 2023 results

Aker BP reports third quarter 2023 results

Aker BP continued its strong performance in the third quarter of 2023, bolstered

by high operational efficiency, increased oil prices, and rigorous cost control,

and maintained its standing as an industry leader in low greenhouse gas

emissions. The company's field development projects are progressing according to

plan, and its exploration activities resulted in two new discoveries in the

quarter.

Key highlights

· Production on track: Oil and gas production was 450 mboepd in the quarter.

Full-year production guidance is narrowed to 455-465 from 445-470 mboepd.

· Cost efficiency: Production cost was USD 6.0 per boe, demonstrating high

efficiency and cost awareness. Full-year guidance is lowered to USD 6.0-6.5 from

6.0-7.0 per boe.

· Low emissions: Aker BP continues to lead the oil and gas industry with

greenhouse gas emissions of only 2.8 kg CO2e per boe.

· Progress on field developments: All projects are progressing as planned,

with fabrication activities underway at multiple locations

· Exploration success: The company participated in two oil and gas discoveries

in the quarter.

· Strong financial performance: Operating profit of USD 2,618 million, net

profit of USD 588 million, and free cash flow of USD 1,157 million.

· Returning value: Quarterly dividend of USD 0.55 per share.

Comment from Karl Johnny Hersvik, CEO of Aker BP

"I am pleased to report another quarter of strong operational performance,

demonstrating our commitment to high efficiency and cost discipline, and

confirming our continued industry leadership in low emissions."

"Our field development projects are progressing well, with fabrication

activities now underway at multiple sites. I am particularly pleased to announce

that production from Kobra East & Gekko at Alvheim has commenced, five months

ahead of schedule, a testament to the strong delivery from our project team and

alliance partners."

"Our robust financial performance, marked by increased income and effective cost

control, has resulted in substantial cash generation. This underscores our

strategic focus on efficiency and disciplined capital allocation and supports

our continued growth in dividends."

Webcast presentation

Today at 08:30 CEST, the company 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

2023-Q3

Report.pdf (https://mb.cision.com/Public/1629/3862251/92c12cc2f355a31f.pdf)

2023-Q3

Presentation.pdf (https://mb.cision.com/Public/1629/3862251/89701c4406d89ef7.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, VP Investor

Relations, Aker BP ASA, on 27 October 2023 at 06:00 CEST.