Aker BP

Earnings Release • Jan 27, 2023

Fourth quarter 2022 trading update

Fourth quarter 2022 trading update

Aker BP will publish its financial report for the fourth quarter 2022 on Friday

10 February 2023. The company issues this trading update to summarize its

production and sales volumes and related topics for the quarter.

Aker BP produced 432.0 thousand barrels of oil equivalents per day (mboepd) in

fourth quarter 2022. Net volume sold amounted to 428.3 mboepd. For the second

half of 2022, average production was 421.8 mboepd, above the previous guidance

of 410-420 mboepd.

Volumes (mboepd)  Q4-2022   Q3-2022   H2-2022

Net production 432.0 411.7 421.8

Over/underlift (3.7) (5.0) (4.4)

Net sold volume 428.3 406.7 417.5

- liquids 362.2 342.2 352.2

- natural gas 66.0 64.5 65.2

.

Realised prices (USD/boe)   Q4-2022   Q3-2022   H2-2022

Liquids 86.6 101.1 93.6

Natural gas 150.4 280.9 214.9

The company plans to change the accounting principle for abandonment provisions

in the fourth quarter. The change is related to the discount rate applied in the

calculation which will now consist of a risk free rate only, while it

historically has included a credit risk element. This will increase the book

value of the abandonment provisions and the corresponding assets, which will

lead to higher depreciation. For the fourth quarter, depreciation is estimated

to around USD 16 per boe produced. Prior periods will be restated accordingly.

The company expects non-cash impairment charges of USD 600-700 million before

tax (USD 400-450 million after tax) in the fourth quarter, mainly related to the

Wisting project where the partners decided to postpone the planned investment

decision during the quarter. This leads to a higher effective tax rate than

normal, currently estimated to around 95 percent.

Webcast presentation

The company will release the fourth quarter 2022 results on 10 February 2023 at

07:00 CET. At 08:30 CET the same day, the management will present the results on

a webcast available on https://www.akerbp.com/en. The presentation will be

followed by an online Q&A session.

Contact

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

Disclaimer

The information in this statement is based on a preliminary assessment of the

company's fourth quarter 2022 financial results. The company has not completed

its financial reporting and related review and control procedures. The estimates

provided may therefore be subject to change and the financial statements finally

approved and released by the company may deviate from the information herein.

About Aker BP

Aker BP is an independent E&P company with exploration, development and

production activities on the Norwegian Continental Shelf. Aker BP is the

operator of Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Valhall, Hod, Ula and

Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP is

headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under

the ticker AKRBP. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act and requirements under the EU Market

Abuse Regulation.