Aker BP

Investor Presentation • May 6, 2020

First quarter 2020

Aker BP ASA

6 May 2020

Disclaimer AKER BP – FIRST QUARTER 2020

This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker BP ASA's lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker BP ASA's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Document. Although Aker BP ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document. Aker BP ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker BP ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

AKER BP Q1-2020 | Unprecedented challenges

COVID-19 pandemic and oil price collapse

Aker BP demonstrating its strength and flexibility

Opportunity to build an even stronger company

Well positioned to tackle the crisis

Improvement focus Flexible portfolio Financially robust Industrial owners

STRONG PERFORMANCE IN CHALLENGING TIMES Efficient management of the COVID-19 risk

Production maintained at full capacity

STRONG PERFORMANCE IN CHALLENGING TIMES Q1-2020 | Best operational performance ever for Aker BP

STRONG PERFORMANCE IN CHALLENGING TIMES All three operated PDO projects now on stream

• Wellhead platform at Valhall
• First oil achieved in December 2019
• Drilling/stimulation continues through Q3
• Subsea tieback to Skarv
• Production started in April 2020
• Phase 1 complete by end-2020
• Subsea tieback to Alvheim
• Production started in March 2020

DEMONSTRATING STRENGTH AND FLEXIBILITY Handling the crisis with determination and action

Postponing investments

~20% reduced compared to CMU

Reducing opex

\$7-8/boe

Production cost 2020 ~25% reduced compared to CMU

Reducing exploration activity

Expex planned for 2020 ~30% reduced compared to CMU

Adjusting the organisation

• Adjusting to lower activity
• First actions taken
• Go-live for new org. in Q4

DEMONSTRATING STRENGTH AND FLEXIBILITY Utilizing the flexibility of our portfolio

Moving to a sanctioned-only scenario – maintaining optionality for future growth

Production and capex profiles as presented at Aker BP's Capital Markets Update 11 February 2020. Capex 2020 adjusted to new guidance.

Government initiatives to support the industry TEMPORARY CHANGES TO REGULATORY FRAME

What does this mean for Aker BP?

• Industry wide production cuts communicated
  • ~7% reduction in H2-2020 distribution by field not concluded
  • Pro rata impact on Aker BP's 2020 production 5-10 mboepd

Temporary changes to tax system proposed

• Govt. proposal to be submitted to the Storting 12 May
• Could trigger additional investments by Aker BP

BUILDING AN EVEN STRONGER COMPANY Adjusting the dividend to retain financial flexibility

2020 dividend ambition (USDm)

Overall ambition: Attractive cash dividends

Old dividend plan cancelled

• Preserving financial flexibility
• Positioning for future growth opportunities
• Quarterly dividend reduced to USD 71 million
  • Represents 50% reduction for FY20 compared to the old plan
• Will revert with new dividend policy when market conditions allow

Financial review

FINANCIAL REVIEW Oil and gas sales

FINANCIAL REVIEW Timing of liftings impacted realized liquids prices

Liftings Q1-2020

Realized liquids prices vs benchmark (\$/bbl)

Navigating volatile oil markets FINANCIAL REVIEW

Breakdown of realized liquids prices in Q1 (\$/bbl)

Benefiting from collaboration with BP

• Marketing & offtake agreement with BP
• Aker BP crude treated as BP "equity oil"
• Benefits from BPs downstream network and know-how

Income statement FINANCIAL REVIEW

USD million	Q1 2020	Q4 2019	Q1 2019
Total income	872	1,003	836
Production costs	156	154	200
Other operating expenses	-	19	7
EBITDAX	716	830	629
Exploration expenses	50	85	90
EBITDA	666	745	539
Depreciation	277	255	183
Impairment losses	654	(1)	69
Operating profit (EBIT)	(266)	491	287
Net financial items	(149)	(67)	(37)
Profit/loss before taxes	(414)	424	249
Tax (+) / Tax income ( - )	(80)	312	239
Net profit/loss	(335)	112	10
EPS (USD)	(0.93)	0.31	0.03

Statement of financial position FINANCIAL REVIEW

USD million

Assets	31.03.20	31.12.19	31.03.19	Equity and liabilities	31.03.20	31.12.19	31.03.19
Goodwill	1,647	1,713	1,791	Equity	1,813	2,368	2,799
Other intangible assets	2,001	2,537	2,483	Other provisions for liabilities incl. P&A (long)	2,699	2,645	2,503
Property, plant and equipment	7,061	7,023	5,954	Deferred tax	2,153	2,235	1,867
Right-of-use asset	171	194	225	Bonds and bank debt	3,593	3,287	2,226
Receivables and other assets	524	652	534	Lease debt	277	313	369
Calculated tax receivables	-	-	15	Other current liabilities incl. P&A	931	1,017	786
Cash and cash equivalents	323	107	114	Tax payable	260	361	567
Total Assets	11,727	12,227	11,117	Total Equity and liabilities	11,727	12,227	11,117

Cash flow – first quarter 2020 FINANCIAL REVIEW

USD million

BUILDING AN EVEN STRONGER COMPANY Financial capacity further improved

*Outlook change by S&P and Moodys from neutral to negative due to negative market development **Cash and undrawn capacity on RCF

BUILDING AN EVEN STRONGER COMPANY Rebalancing our financial priorities

Capital allocation priorities

2020 liquidity improvements (USD million)

BUILDING AN EVEN STRONGER COMPANY Guidance for 2020

Positioning Aker BP to be the leading E&P company BUILDING AN EVEN STRONGER COMPANY

Execute Improve Grow

Efficient operations New operating model Financial flexibility

APPENDIX Updated 2020 exploration programme

Four wells postponed – spend reduced to USD 350 (500) million

License	Prospect	Operator	Aker BP share	Pre-drill mmboe	Status
PL1008	Nidhogg 1	Aker BP	60 %	37 96 -	Discovery 6-15 mmboe
PL719	Sandia 2	Spirit	20 %	23 527 -
PL533	Bask 3	Lundin	35 %	14 585 -
PL127C	Alve NE 4	Aker BP	88 %	8 25 -
PL780	Sørvesten 5	Spirit	40 %	15 35 -
PL981	Mercx Ty 6	Lundin	40 %	22 92 -
PL858	Stangnestind	Aker BP	40 %	13 108 -	Postponed
PL722	Shenzhou	Equinor	20 %	191 505 -	Postponed
PL554	Garantiana W	Equinor	30 %	7 28 -	Postponed
PL442	Liatårnet app.	Aker BP	90 %		Postponed

5

APPENDIX Guidance summary

	2020 guidance	2020-3M actual	Comments
Production	205-220 mboepd	208.1 mboepd	Net production excl. over/underlift
Capex	USD ~1.2 billion	USD 360 million	Excl. capitalized interest Incl. share of lease payments
Exploration spend	USD ~350 million	USD 53 million	Incl. share of lease payments
Abandonment spend	USD ~200 million	USD 22 million	Incl. share of lease payments
Production cost per boe	USD 7-8	USD 8.7	Per produced boe
Dividends	USD 425 million	USD 212.5 million