Aker BP

Earnings Release • Apr 13, 2022

First quarter 2022 trading update

First quarter 2022 trading update

Aker BP will publish its financial report for the first quarter 2022 on Thursday

28 April 2022. The company issues this trading update to summarize its

production and sales volumes and related topics for the quarter.

Oil and gas production and sales

Aker BP produced 208.2 thousand barrels of oil equivalents per day (mboepd) in

the quarter, while net volume sold amounted to 216.2 mboepd.

Volumes (mboepd) Q1-22 Q4-21

Net production 208.2 207.0

Overlift/(underlift) 8.0 (1.9)

Net sold volume 216.2 205.1

Of which liquids 171.1 165.4

Of which natural gas 45.0 39.7

.

Realised prices Q1-22 Q4-21

Liquids (USD/boe) 100.9 78.8

Natural gas (USD/boe) 171.0 169.5

Other income

Aker BP expects to report Other income of approximately USD 40 million, mainly

driven by unrealised gains on commodity derivatives.

Production cost

The company expects to report production costs of approximately USD 220 million.

The increase from the previous quarter is mainly driven by higher lifted

volumes, power costs, environmental taxes and higher well intervention activity.

Sale of shares in Cognite

During the first quarter 2022, Aker BP sold its shares in Cognite AS. This is

expected to generate a gain of approximately USD 100 million (not taxable),

which will be recorded as Other financial income.

Conference call and webcast

The company will host a conference call to present its first quarter 2022

results on 28 April 2022 at 08:30 CEST. The conference call will be available as

a webcast on https://www.akerbp.com/en. To participate in the conference call,

please use the following dial-in numbers and passcode:

Phone number Norway:    +47 2350 0347

Phone number UK: +44 (0) 330 165 3641

Participant passcode: 639109

Contacts:

Kjetil Bakken, VP Corporate Finance and Investor Relations, tel.: +47 91 889 889

Jørgen Torstensen, Senior IR Professional, tel.: +47 95 48 37 07

Disclaimer

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

company's first 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, 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.