Aker BP

Earnings Release • Oct 22, 2025

Aker BP reports third quarter 2025 results

Aker BP reports third quarter 2025 results

Aker BP delivered another strong quarter in Q3 2025, demonstrating operational

excellence, disciplined cost control, and continued progress on key growth

projects. Production remained stable, supported by high uptime and safe

execution across the portfolio. The company achieved a major milestone with the

Omega Alfa oil discovery in the Yggdrasil area - one of the largest on the

Norwegian Continental Shelf in the past decade. Aker BP's robust financial

position and resilient cash flow underpin its commitment to shareholder returns

while enabling continued investment in future growth.

Highlights

· Stable production: Oil and gas production averaged 414 mboepd (415 mboepd in

Q2), with high production efficiency and minimal unplanned downtime. Full-year

production guidance has been raised to 410-425 mboepd (previously 400-410

mboepd).

· Cost discipline: Production cost was USD 7.6 per boe (USD 7.3 in Q2),

impacted by planned maintenance.

· Industry-leading emissions: Greenhouse gas emission intensity at 2.9 kg CO2e

per boe (scope 1 & 2).

· Project delivery: Major field developments - including Yggdrasil, Valhall

PWP-Fenris, Skarv Satellites, and Utsira High - advanced on schedule, with all

key construction and drilling milestones reached.

· Exploration breakthrough: The Omega Alfa campaign delivered a significant

oil discovery in the Yggdrasil area, estimated at 96-134 mmboe recoverable.

· Solid financials: Total income was USD 2.6 billion (USD 2.6 billion in Q2),

with cash flow from operations of USD 2.0 billion (USD 1.2 billion in Q2).

· Resilient dividends: A dividend of USD 0.63 per share was paid in the

quarter, keeping Aker BP on track for USD 2.52 per share for the year.

Comment from Karl Johnny Hersvik, CEO of Aker BP:

"In the third quarter, we continued to demonstrate stable and efficient

operations across a diverse portfolio. Our growth projects progressed as

planned, while our teams maintained high uptime, a strong safety record, and

industry-leading low emissions."

"The Omega Alfa discovery was a clear highlight this quarter. As one of the

largest oil finds on the Norwegian Continental Shelf in the past decade, it

underscores the strength of our exploration strategy and our collaborative

approach with partners. The discovery significantly expands the resource base

for Yggdrasil and supports our ambition to grow production well into the next

decade."

"Our financial position remains robust. Strong cash flow and disciplined capital

allocation enable continued investment in future growth, advancement of major

development projects, and delivery of attractive, resilient dividends to our

shareholders."

Webcast presentation

The presentation will be webcast today at 08:30 CEST

on www.akerbp.com (https://akerbp.com/en/investor/third-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-Q3

Report (https://mb.cision.com/Public/1629/4253715/ba67e97ec489dec7.pdf)

Aker BP 2025-Q3

Presentation (https://mb.cision.com/Public/1629/4253715/a44b678f0eb16e2a.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 22 October 2025 at 06:00 CEST.