Aker BP

Earnings Release • Jan 21, 2021

Fourth quarter 2020 trading update

Fourth quarter 2020 trading update

Aker BP will publish its financial report for the fourth quarter 2020 on

Thursday 4 February 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 223.1 thousand barrels of oil equivalents per day (mboepd) in

the fourth quarter. The increase from the previous quarter was driven by new

wells on production at Ærfugl and Alvheim, by higher production from Johan

Sverdrup, and by generally lower maintenance activity. Average production for

the year 2020 ended at 210.7 mboepd, in line with previous guidance.

Volumes (mboepd) Q4-20 Q3-20 2020 2019

Net production 223.1 201.6 210.7 155.9

Overlift/(underlift) (9.3) (13.9) (0.5) 1.8

Net sold volume 213.8 187.7 210.2 157.6

Of which liquids 175.7 157.5 176.4 126.6

Of which natural gas 38.1 30.2 33.8 31.0

Realised prices

Liquids (USD/boe) 44.2 42.7 40.0 64.8

Natural gas (USD/scm) 0.20 0.12 0.14 0.18

Status on 2020 guidance

Aker BP routinely issues guidance for production and certain financial measures.

The following table shows the preliminary 2020 numbers, compared to the guidance

which was provided in the third quarter 2020 presentation. For definitions of

these financial measures, please see the company's third quarter 2020 report.

Preliminary Previous guidance

Production 210.7 mboepd 210-215 mboepd

Capex USD 1 306 million USD ~1.3 billion

Exploration spend USD 246 million USD ~300 million

Abandonment spend USD 178 million USD ~200 million

Production cost per boe produced USD 8.3 USD ~8

Average USDNOK in Q4-20 9.0 9.4

Exploration spend ended below guidance as the Bask and Merckx exploration wells

were delayed to 2021. Production cost was negatively impacted by a stronger NOK

than expected in the fourth quarter.

Liquidity and net debt

At the end of 2020, net interest-bearing debt amounted to USD 3.6 billion

including lease debt. Available liquidity was USD 4.5 billion, consisting of USD

0.5 billion in cash equivalents and USD 4.0 billion in undrawn credit

facilities.

Impairments

Due to updated accounting assumptions, the company expects to make non-cash

impairment charges of approximately USD 55 million before tax, mainly related to

tangible assets.

Conference call and webcast

Aker BP's fourth quarter report will be released on 4 February 2021 at 07:00

CET, and will be made available on the company's website: www.akerbp.com/en.

The company will host its annual Capital Markets Update from 08:30 CET the same

day, through a webcast which will be available at the company's website. The

presentation will be followed by a conference call with Q&A. The conference call

will also be streamed as part of the webcast. Dial-in details will be provided

later.

Disclaimer

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

company's fourth quarter 2020 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 Spokesman, tel.: +47 402 24 217

About Aker BP:

Aker BP is a fully-fledged 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.