Aker BP

Earnings Release • May 7, 2025

Aker BP reports first quarter 2025 results

Aker BP reports first quarter 2025 results

Aker BP delivered another strong operational quarter, supported by high

production efficiency, low costs, and low emissions. The project portfolio

remains on track to enable production growth from 2027, while two new

discoveries have further strengthened our future development pipeline. With

solid cash flow and a robust balance sheet, the company is well positioned to

navigate market volatility and continue delivering resilient dividends to

shareholders.

Highlights

· Strong operational performance: Oil and gas production reached 441 (449)

thousand barrels of oil equivalent per day (mboepd) during the quarter. The full

year guidance remains unchanged at 390-420 mboepd.

· Low cost: Production cost amounted to USD 6.5 (5.7) per barrel.

· Low emissions: Greenhouse gas emission intensity was 2.8 (2.5) kg CO2e 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.

· Exploration success: Resource base strengthened with two new discoveries.

· Strong financial results: Total income of USD 3.2 (3.1) billion, net profit

of USD 316 (562) million and cash flow from operations of USD 2.1 (1.1) billion

for the quarter.

· Resilient dividends: Dividends of USD 0.63 per share paid in the quarter -

on track to deliver USD 2.52 per share for the full year.

Comment from Karl Johnny Hersvik, CEO of Aker BP

"Aker BP delivered strong operational performance this quarter, underscoring our

commitment to safe, reliable, and low-emission operations. Efficient production

and disciplined cost management remain key pillars of our success, and we once

again achieved an outstanding production efficiency of 97 percent across our

portfolio."

"We are making excellent progress across our project portfolio and remain firmly

on track to deliver substantial production growth from 2027. In parallel, we

continue to build our long-term value creation potential, with two new

discoveries this quarter further enhancing our portfolio of future development

opportunities."

"Our financial position remains very strong, supported by robust underlying cash

flow and a resilient balance sheet. This gives us the flexibility to navigate

market fluctuations, while continuing our disciplined approach to capital

distribution. We remain fully committed to delivering value to our shareholders

through stable and predictable dividends."

Webcast presentation

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

www.akerbp.com (https://akerbp.com/en/investor/first-quarter-2025/), hosted by

CEO Karl Johnny Hersvik and CFO David Tønne. The presentation will be followed

by an online Q&A session.

Attachments

Aker BP 2025-Q1

Report.pdf (https://mb.cision.com/Public/1629/4145854/8d72f7cb4880b032.pdf)

Aker BP 2025-Q1

Presentation.pdf (https://mb.cision.com/Public/1629/4145854/b962b4ba7c0d41c0.pdf)

Investor contacts:

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

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

Martin Seland Simensen, IR 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 (https://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 7 May 2025 at 06:00 CEST.