Aker BP

Earnings Release • Feb 12, 2025

Fourth Quarter 2024 Results and Strategy Update

Fourth Quarter 2024 Results and Strategy Update

Aker BP delivered strong results in the fourth quarter and throughout 2024,

driven by high production efficiency, low costs, and low emissions. With

production at the upper end of guidance, a well-executed project portfolio, and

robust cash flow generation, the company continues to create value and

distribute attractive dividends to its shareholders.

Commenting on Aker BP's strategic direction, Aker BP CEO Karl Johnny Hersvik

said:

"Over the past decade, Aker BP has undergone a transformation to build a future

-fit E&P company. We have developed distinct capabilities that set us apart: a

strong performance culture that drives execution excellence, a well-established

alliance model that fosters collaboration across the value chain, and a leading

position in digitalisation that is transforming the way we work. Combined with

our world-class asset base, these strengths enable us to deliver industry

-leading performance."

Reflecting on the company's recent performance, Hersvik continued:

"In the fourth quarter and throughout 2024, we delivered strong operational

performance across all key metrics. Production reached the upper end of our

guidance, with strong performance across the portfolio - led by Johan Sverdrup,

which delivered a new annual production record. At the same time, we maintained

industry-leading cost efficiency and emission intensity. I am also pleased that

we remain on track to deliver our project portfolio and grow production into the

next decade."

Looking ahead, Hersvik added:

"We have a clear pathway to sustain production above 500,000 barrels per day

beyond 2030, with ambitions for further growth. With our capabilities, assets,

resource base, and technology, we are ideally positioned to drive profitable

growth on the Norwegian continental shelf."

Commenting on Aker BP's financial position, he said:

"With another year of strong value creation and cash flow behind us, we enter

2025 in our strongest financial position yet - providing the flexibility to

advance our development projects while maintaining attractive dividends to our

shareholders. In line with our ambition, we once again increase our dividends in

2025."

Highlights for the fourth quarter 2024

· Excellent operational performance: Oil and gas production reached 449 (415)

thousand barrels of oil equivalent per day (mboepd) during the quarter and 439

(457) for the full year 2024, close to the high end of the guided range of 430

-440 mboepd.

· Low cost: Production cost was USD 5.7 (6.6) per barrel. Ending the year at

USD 6.2 (6.2) per barrel, below latest guidance of 6.5 dollars per barrel.

· Low emissions: Greenhouse gas emission intensity was 2.6 (2.4) kg CO\2\e per

boe (scope 1 & 2), ranking among the lowest in the global oil and gas sector.

· Projects on track: Field development projects progressing according to plan,

with overall capex estimates unchanged.

· Strong financial results: Aker BP reported total income of USD 3.1 (2.9)

billion, an EBITDA of USD 2.7 (2.6) billion and net profit of USD 562 (173)

million for the quarter. On a full-year basis the company generated record-high

cash flow from operations at USD 6.4 (5.4) billion.

· Returning value: Dividends of USD 2.4 per share paid in 2024, to be

increased by five percent to USD 2.52 per share in 2025.

Guidance for 2025

Aker BP today announced its guidance for 2025, outlining management's

expectations for production, capital spending, production cost, and dividends.

Production is expected to range between 390-420 mboepd, in line with previously

communicated long-term plans.

Capital expenditures are projected at USD 5.5-6.0 billion before tax. Production

cost is expected to remain around USD 7 per barrel oil equivalent. Exploration

expenses are estimated at approximately USD 450 million, while abandonment spend

is projected at around USD 150 million.

In line with the company's commitment to shareholder returns, the Board has

approved a 5 percent increase in dividends to USD 0.63 per share per quarter,

annualising to USD 2.52 per share for 2025.

Webcast presentation

The presentation will be webcasted today at 08:30 CET on

www.akerbp.com (https://www.akerbp.com/en), hosted by CEO Karl Johnny Hersvik

and CFO David Tønne. The presentation will be followed by an online Q&A session.

Attachments

Aker BP 2024-Q4

Report.pdf (https://mb.cision.com/Public/1629/4104062/aa54d5e0d5f084b9.pdf)

Aker BP 2024-Q4

Presentation.pdf (https://mb.cision.com/Public/1629/4104062/8be52f69f33e53f8.pdf)

Investor contacts:

Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889

Carl Christian Bachke, Investor Relations Officer, tel.: +47 909 80 848

Martin Seland Simensen, Investor Relations Officer, tel.: +47 416 92 087

Media contacts:

Tore Langballe, VP Communications, tel.: +47 907 77 841

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

About Aker BP:

Aker BP is a leading exploration and production company focused on oil and gas

operations on the Norwegian continental shelf. The company operates the Alvheim,

Edvard Grieg, Ivar Aasen, Skarv, Ula, and Valhall field centres and is a key

partner in the Johan Sverdrup field. Headquartered in Fornebu, Norway, Aker BP

is listed on the Oslo Børs under the ticker AKRBP. For more information, visit

www.akerbp.com/en.

This information is considered to be inside information pursuant to the

EU Market Abuse Regulation and is subject to the disclosure requirements

pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Kjetil Bakken, Head of Investor

Relations, Aker BP ASA, on 12 February 2025 at 06:00 CET.