Aker BP

Earnings Release • Jul 15, 2025

Aker BP reports second quarter 2025 results

Aker BP delivered strong operational performance in the second quarter of 2025, marked by high production efficiency, low costs, and industry-leading low emissions intensity. While production declined compared to the previous quarter due to planned maintenance activities, the company's field development projects remain firmly on track to support production growth from 2027. In addition, a new oil discovery has been made in the Yggdrasil area. Backed by solid operating cash flow and a robust balance sheet, Aker BP is well positioned to navigate market volatility and continue delivering resilient dividends to its shareholders.

Highlights

• Strong operational performance: Oil and gas production averaged 415 mboepd (441 mboepd in Q1), impacted by planned maintenance. Full-year production guidance has been revised upwards to 400-420 mboepd (from 390-420).
• Low cost: Production cost amounted to USD 7.3 per boe (USD 6.5 in Q1).
• Low emissions intensity: Greenhouse gas emission intensity remained at 2.8 kg CO2e per boe (scope 1 & 2), among the lowest in the global oil and gas industry.
• Projects on track: Field development projects are progressing on schedule investment estimates revised upwards by approximately six percent reflecting updated assumptions for inflation, labour costs, and currency effects.
• Exploration success: Oil discovery confirmed in the ongoing Omega Alfa well in the Yggdrasil area.
• Financial results: Total income of USD 2.6 billion (USD 3.2 billion in Q1) and cash flow from operations of USD 1.2 billion (USD 2.1 billion in Q1).
• 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

"We continued to deliver strong operational results in the second quarter, with high production efficiency, low emissions, and safe execution across our portfolio. This performance reflects the strength of our teams and the resilience of our operations."

"Our field development portfolio is progressing according to plan, with several projects even moving ahead of schedule. The final investment decisions on Johan Sverdrup Phase 3 and East Frigg this quarter further demonstrate our ability to turn strategy into action and lay the foundation for future growth."

"Our robust balance sheet and solid cash flow generation enable us to navigate market volatility with confidence – while continuing to deliver attractive and resilient dividends to our shareholders."

Webcast presentation

The presentation will be webcasted today at 08:30 CEST on www.akerbp.com, 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-Q2 Report.pdf Aker BP 2025-Q2 Presentation.pdf

Investor contacts:

Kjetil Bakken, Head of IR, tel.: +47 918 89 889 Carl Christian Bachke, IR Officer, tel.: +47 909 80 848

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 15 July 2025 at 06:00 CET.