Aker BP

Investor Presentation • May 7, 2025

First quarter 2025

7 May 2025 Aker BP ASA

First quarter 2025 highlights

Delivering on our strategy

Message at Strategy Update	Distinct capabilities driving E&P operator excellence	World-class assets with industry-leading performance	Large opportunity set with clear pathway for profitable growth	Financial frame designed to maximise value creation and shareholder return
	Well intervention alliance extended by 5 years	Production efficiency 97%	Projects on track	Low leverage and high financial capacity
Q1-25 performance		Opex \$6.5/boe	Approaching FID for
	Scaling AI across		Sverdrup phase 3	FCF \$1.1 per share
	Aker BP	GHG intensity 2.8 kg/boe	and East Frigg
				Dividend \$0.63 per share
			Two new discoveries

95% 97%

Strong production driven by high efficiency

1,000 barrels oil equivalents per day, mboepd

Production efficiency¹ Production

97%

Low cost – a competitive advantage

Aker BP production cost

USD per boe

Industry peers total operational cost¹

USD per boe, 2024

140 A global leader in low-emission oil and gas production

Decarbonising our business

Aker BP emission intensity, kg CO2e per boe¹

Industry emission intensity 2024 kg CO2e per boe, equity share²

120

Johan Sverdrup

• Good operational performance YTD
• Drilling four retrofit multi-lateral wells this year
• Targeting 2025 production close to 23/24 level
• Phase 3 planned to be sanctioned in Q2

Maintaining production above 500 mboepd into the 2030s

Field developments driving growth and value creation

Net volume ~800 mmboe | Net capex USD ~3 billion after tax | Portfolio BE at USD 35-40 per barrel¹

Yggdrasil Net ~450 mmboe

• New area hub with several discoveries
• Significant exploration upside potential. East Frigg discovered and added to plan
• Capex USD 11.1bn (pre-tax)

• New platform at Valhall and UI at Fenris
• Modernising Valhall field centre and enabling development of Fenris gas field
• Capex USD 5.5bn (pre-tax)

Tie-back projects at Alvheim, Skarv and Grieg Aasen Net ~170 mmboe

• Nine tie-backs to existing infrastructure four of which already completed
• Low break even, high returns, rapid payback
• Capex USD 4.0bn (pre-tax)

Development projects on track

• High activity at fabrication and assembly yards
• Jackets scheduled for installation this summer
• Extensive subsea campaigns underway
• Drilling activity ramping up
• Projects on schedule for planned start-ups
• Total capex estimate remains in line with plans

Yggdrasil – targeting 1 bn barrels

Designed for substantial upside potential

• On plan for production start in 2027
• Initial volume estimate 650 mmboe, increased to 700 mmboe with East Frigg discovery (2023)
• East Frigg development concept selected sanctioning planned in Q2
• Significant exploration potential remains several wells scheduled for drilling in 2025
• Flexible infrastructure with significant capacity for additional infill wells and tiebacks in the future

Exploration at Yggdrasil ahead

2025 Exploration programme

• Q2-Q3: Drill five prospects in a single campaign Omega, Alfa, Alfa S, Sigma NE, Pi
• Pre-drill estimate: 40–135 mmboe
• Q3: Drill Natrudstilen prospect

Frigg area follow-up

• Considerable oil volumes in place across the Frigg area
• 2026 ambition: Exploration drilling in the previously gas-producing Frigg field

Near-term exploration programme

Two commercial discoveries in the quarter

	Licence	Prospect	Operator	Aker BP share	Volume est. (mmboe)	Status
	PL1110	Njargasas	Aker BP	55%		Dry
	PL1131	Elgol	Vår Energi	20%		Minor discovery
	PL1182S	Kjøttkake	DNO	30%	38 - 74	Discovery
	PL886	Bounty updip	Aker BP	60%		Dry
	PL1090	Kokopelli	Vår Energi	20%		Dry
	PL1109	Horatio	OMV	20%		Dry
	PL942	Kongeørn	Aker BP	30%		Dry
	PL212	E-Prospect	Aker BP	24%	3 - 7	Discovery
	PL1005	Rondeslottet	Aker BP	40%	700 - 1,000	Q2-25
	PL554	Skrustikke	Equinor	30%	25 - 100	Q2-25
	PL873B	Omega	Aker BP	48%
	PL873	Alfa	Aker BP	48%
1)	PL873	Alfa Sør	Aker BP	48%	40 – 135	Q2-25
	PL1249	Sigma NE	Aker BP	38%
	PL1249	Pi	Aker BP	38%
	PL1140	Lofn	Equinor	40%	10 - 60	Q3-25
	PL1140	Langemann	Equinor	40%	10 - 50	Q3-25
	PL873	Natrudstilen	Aker BP	48%	15 - 60	Q3-25
	PL1086	Page	DNO	20%	10 - 55	Q3-25
	PL554	Avbitertang	Equinor	30%	20 - 75	Q4-25
	PL554E	Narvi	Equinor	30%	10 - 65	Q4-25
	PL1014	Arkenstone	Equinor	10%	65 - 300	Q4-25

1) Drilled as one operation in the Yggdrasil area

Unlocking value in tight reservoirs

A significant growth opportunity on the NCS

Large resource potential on the NCS

• Significant tight oil and gas volumes highlighted by NOD¹
• Opportunities identified in all major regions

Aker BP is well positioned

• Proven track record with fracking at Valhall
• Deep expertise in unlocking complex reservoirs

Actively pursuing new opportunities

• Exploration well at Rondeslottet in Q2
• Continued screening for similar opportunities

Financial highlights

First quarter 2025

• Strong operational performance and financial results
• Fortified financial position and capacity
• Delivering on our value creation plan
• Shareholder distributions of USD 0.63 per share

First quarter 2025 performance

6.1 6.4 6.6 5.7 6.5 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25

Net cash flow from operations (USD bn) Net cash flow from investments (USD bn)

\$1.1 (-0.5) FCF per share

\$0.63 (0.60) Dividend per share

Sales of oil and gas

Volume sold mboepd

Liquids Natural gas

Realised prices USD/boe

Liquids Natural gas

Total income USD million

Liquids Natural gas Other

Income statement

USD million

		Q1 2025			Q4 2024
	Before impairment	Impairments	Actual	Before impairment	Impairments	Actual
Total income	3 201		3 201	3 068		3 068
Production costs	278		278	229		229
Other operating expenses	14		14	10		10
EBITDAX	2 908		2 908	2 828		2 828
Exploration expenses	107		107	111		111
EBITDA	2 801		2 801	2 718		2 718
Depreciation	691		691	603		603
Impairments		189	189		35	35
Operating profit (EBIT)	2 110	(189)	1 921	2 114	(35)	2 079
Net financial items	14		14	(27)		(27)
Profit/loss before taxes	2 123	(189)	1 935	2 087	(35)	2 052
Tax (+) / Tax income (-)	1 619		1 619	1 517	(27)	1 490
Net profit / loss	505		316	570	(8)	562
EPS (USD)	0.80		0.50	0.90		0.89
Effective tax rate	76%		84%	73%		73%

458 mboepd (439)

Oil and gas sales

\$76 per boe (75)

Net realised price

\$6.5 per boe (5.7)

Production cost

Cash flow statement

USD million

	Q1-25	Q4-24	Q3-24	Q2-24
Op. CF before tax and WC changes1	2 852	2 935	2 610	3 051
Net taxes paid	(718)	(1 164)	(424)	(2 086)
Changes in working capital1	(25)	(708)	571	182
Cash flow from operations	2 109	1 063	2 757	1 147
Cash flow from investments	(1 424)	(1 366)	(1 402)	(1 430)
Free cash flow	685	(304)	1 355	(283)
Net debt drawn/repaid	(64)	836	-	807
Dividends	(398)	(379)	(379)	(379)
Interest, leasing & misc.	(125)	(68)	(112)	(119)
Cash flow from financing	(587)	388	(491)	308
Net change in cash	98	85	864	25
Cash at end of period	4 283	4 147	4 147	3 233

\$2.1 bn (1.1) Cash flow from operations

\$1.1 (-0.5) FCF per share

\$0.63 (0.60) Dividend per share

Balance sheet

USD million

Assets	31.03.25	31.12.24	31.03.24
PP&E	21 091	20 238	17 819
Goodwill	12 568	12 757	13 143
Other non-current assets	3 063	3 033	3 207
Cash and cash equivalent	4 283	4 147	3 215
Other current assets	2 293	2 018	2 053
Total Assets	43 297	42 193	39 437

Equity and liabilities	31.03.25	31.12.24	31.03.24
Equity	12 609	12 691	12 514
Financial debt1	7 532	7 498	5 850
Deferred taxes	13 470	12 990	11 058
Other long-term liabilities	4 701	4 661	4 674
Tax payable	3 049	2 434	3 444
Other current liabilities1	1 935	1 920	1 896
Total Equity and liabilities	43 297	42 193	39 437

\$7.7 bn (\$7.5) Total available liquidity

29% (30%)

Equity ratio

0.29 (0.30)

Leverage ratio

Maintaining a strong balance sheet and financial capacity

Net interest-bearing debt¹ Excl. leases, USD billion

0

1

2

3

4

5

6

7

8

1.2

0.9

0.6

0.3

0.1

0.5

Liquidity available³ USD billion

0.2 0.2

0.2

0.2 0.2 0.2 0.2

0.3 0.2

Progressing our investments according to plan

In a supportive fiscal regime

Aker BP est. capex before and after tax¹ USD billion

• Capex for ongoing PDO projects in line with plans and unchanged estimates since Q4-24 report
• ~85% is related to projects subject to the temporary tax system with 86.9% tax deduction
• The remaining is subject to ordinary tax system with 78% tax deduction
• Capex for new projects outside current plan is expected in the range of USD 15-25 per boe

Creating substantial shareholder value

Aker BP value creation plan 2023-2028

Resilient dividend growth

Dividends

USD per share

• Low-cost production and cash flow provide resilient dividend capacity
• Distributions reflect capacity through the cycle
• Ambition to grow the dividend with minimum 5% per year
• 5% dividend growth planned in 2025
• USD 0.63 per share distributed in Q1

Near-term tax payments

Sensitivity for H2-2025

USD million

Adjusted payment schedule from Q3-25¹

▪ Number of tax instalments increased to ten from six per year, with no payment in January and July

2025 assumptions used in sensitivity analysis

• Oil price: USD 60, USD 70 and 80 per barrel
• Gas price: USD 13.0 per MMBtu
• USDNOK: 11.0

2025 guidance unchanged

	Q1-2025 Actuals	2025 guidance
Production (mboepd)	441	390-420
Opex (USD/boe)	6.5	~7.0
Capex (USDbn)	1.3	5.5-6.0
Expex (USDbn)	0.14	~0.45
Abex (USDbn)	0.02	~0.15

Concluding remarks

• Strong operational performance with high production efficiency, low cost and low emissions
• Development projects on track supporting production level above 500 mboepd into the 2030s
• Johan Sverdrup Phase 3 and East Frigg approaching investment decision
• Two discoveries and exciting exploration ahead including Rondeslottet and Yggdrasil prospects
• Fortified balance sheet and robust cash flow supporting resilient dividends

Disclaimer

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.

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