Aker BP

Earnings Release • Oct 14, 2020

Third quarter 2020 trading update

Third quarter 2020 trading update

Aker BP produced 201.6 thousand barrels of oil equivalents per day (mboepd) in

the third quarter, and remains on track to deliver on its full-year production

guidance of 205-220 mboepd. The change from the previous quarter was mainly

driven by planned maintenance and drilling activities.

Total petroleum revenues increased compared to previous quarter as higher oil

and gas prices more than compensated for lower sold volume.

Volume (mboepd) Q3-20 Q2-20 Q1-20 Q4-19

Net production 201.6 209.8 208.1 191.1

Overlift/(underlift) (13.9) 22.2 (0.6) (6.6)

Net sold volume 187.7 232.0 207.5 184.5

Of which liquids 157.5 198.2 174.3 151.4

Of which natural gas 30.2 33.8 33.2 33.1

Realised prices Q3-20 Q2-20 Q1-20 Q4-19

Liquids (USD/boe) 42.7 29.9 44.7 64.2

Natural gas (USD/scm) 0.12 0.08 0.14 0.17

Conference call and webcast

The company will host a conference call to present its third quarter 2020

results on 29 October 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 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:         2134794

Disclaimer

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

company's third 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

'AKERBP'. 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.