Aker BP

Earnings Release • Jan 24, 2022

Fourth quarter 2021 trading update

Fourth quarter 2021 trading update

Aker BP will publish its financial report for the fourth quarter 2021 on

Thursday 10 February 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 207.0 thousand barrels of oil equivalents per day (mboepd) in

the fourth quarter, while net volume sold amounted to 205.1 mboepd. Production

was below average in the first half of the quarter due to project activities and

various technical issues, but increased towards the end of the year with

December volumes above the 2021 full year production of 209.4 mboepd.

Volumes (mboepd) Q4-21 Q3-21 FY-21 FY-20

Net production 207.0 210.0 209.4 210.7

Overlift/(underlift) (1.9) 14.7 2.6 (0.5)

Net sold volume 205.1 224.8 212.0 210.2

Of which liquids 165.4 183.6 173.8 176.4

Of which natural gas 39.7 41.2 38.2 33.8

.

Realised prices Q4-21 Q3-21 FY-21 FY-20

Liquids (USD/boe) 78.8 71.5 69.2 40.0

Natural gas (USD/boe) 169.5 91.3 88.5 21.8

Costs

Production costs for the oil and gas sold in the fourth quarter are estimated to

approximately USD 200 million.

Exploration expenses for the quarter are estimated to approximately USD 85

million.

The company expects non-cash net impairment charges of approximately USD 80

million before tax in the fourth quarter.

Conference call and webcast

The company will host a conference call to present its fourth quarter 2021

results on 10 February 2022 at 08:30 CET. The conference call will be available

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

use the dial-in numbers and passcode below.

Phone number Norway: +47 2350 0347

Phone number UK: +44 (0) 330 336 9600

Participant passcode: 912023

Disclaimer

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

company's fourth quarter 2021 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.

Contacts:

Kjetil Bakken, VP Corporate Finance and Investor Relations, tel.: +47 918 89 889

Jørgen Torstensen, Senior Investor Relations Professional, tel.: +47 954 83 707

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.