Aker BP

Earnings Release • Apr 15, 2021

First quarter 2021 trading update

First quarter 2021 trading update

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

Wednesday 28 April 2021. The company issues this statement to summarize its

production and sales volumes and certain accounting-related topics for the

quarter.

Oil and gas production and sales

Aker BP produced 222.2 thousand barrels of oil equivalents per day (mboepd) in

the first quarter. Net sold volume was 223.2 mboepd due to overlift in the

quarter.

Volumes (mboepd) Q1-21 Q4-20

Net production 222.2 223.1

Overlift/(underlift) 1.0 (9.3)

Net sold volume 223.2 213.8

Of which liquids 183.0 175.7

Of which natural gas 40.2 38.1

Realised prices Q1-21 Q4-20

Liquids (USD/boe) 60.1 44.2

Natural gas (USD/boe) 38.5 31.8

Exploration

Exploration expenses amounted to approximately USD 70 million in the first

quarter, mainly driven by field evaluation expenses and the Bask exploration

well.

Impairments

The company expects non-cash net impairment charges of approximately USD 30

million before tax in the first quarter, consisting of impairment on Ula/Tambar

and reversal of previous impairment on Ivar Aasen.

Financial items

Net financial expenses amounted to approximately USD 90 million for the first

quarter and include approximately USD 20 million in costs related to early

redemption of the USD 500 million 5.875% Senior Notes due 2025, which was repaid

on 31 March.

Liquidity and net debt

At the end of the first quarter, net interest-bearing debt amounted to USD 3.3

billion including USD 0.2 billion in lease debt. Available liquidity was USD 4.4

billion, consisting of USD 0.4 billion in cash equivalents and USD 4.0 billion

in undrawn credit facilities.

Conference call and webcast

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

results on 28 April 2020 at 08:30 CEST. The conference call will be available as

a webcast on the company's website www.akerbp.com/en.

To participate in the conference call, please contact the conference call

operator at the telephone numbers listed below. Please join the event 5-10

minutes prior to scheduled start time and provide the confirmation code or ask

for Aker BP's quarterly presentation.

Phone number Norway +47 2100 2610

Phone number UK +44 (0) 330 336 9125

Confirmation code 2343186

Disclaimer

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

company's first 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 Investor Relations, tel.: +47 918 89 889

Ole-Johan Faret, Press Spokesperson, tel.: +47 402 24 217

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.