Aker BP

Investor Presentation • Oct 22, 2025

Third quarter 2025

22 October 2025 Aker BP ASA

Highlights

• Strong operational performance
• Field developments on track
• Exploration success
• Resilient financial position

Strong production driven by high efficiency

Production

1,000 barrels oil equivalent per day (mboepd)

Strong performance in Q3

• 96% production efficiency (95% in Q2)
• Stable production from Johan Sverdrup
• Planned turnaround at Grieg Aasen

Full-year guidance lifted to 410-425 mboepd

Previously 400-420 mboepd

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

Maintaining production above 500 mboepd into the 2030s

Development projects on track

• On track for first oil as scheduled
• Engineering and procurement nearly complete
• Construction activity at peak level
• Jackets installed as planned
• Subsea campaigns successfully executed
• Drilling operations underway across all projects
• Robust investment plan unchanged

Field developments driving growth and value creation

Net volume ~800 mmboe | Net capex USD ~3.2 billion after tax | Portfolio BE at USD 35-40 per barrel1

Yggdrasil Net ~450 mmboe2

• New area hub with several discoveries
• Significant exploration upside potential. East Frigg discovered and added to plan
• Capex (pre-tax) USD 12.1bn
• Start-up in 2027

Valhall PWP/Fenris

Net ~190 mmboe

• New platform at Valhall and UI at Fenris
• Modernising Valhall field centre and enabling development of Fenris gas field
• Capex (pre-tax) USD 5.9bn
• Start-up in 2027

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 (pre-tax) USD 3.5 bn
• Start-up in 2023/2024/2026/2027

Unlocking new volumes at Yggdrasil

East Frigg development sanctioned in Q2

Major oil discovery at Omega Alfa in Q3

• Multi-target exploration well with recoverable volumes estimated at 96–134 mmboe
• Total of 45,000m drilled including 40,000m in reservoir sections and the three longest well branches ever drilled on the NCS
• High-speed horizontal drilling and advanced data acquisition have reduced subsurface uncertainty – accelerating the progress toward concept studies

Significant upside potential in the area

2025 - Adding highly valuable barrels through exploration

Two significant discoveries and potential to reach ~100 million barrels net to Aker BP this year

Kjøttkake March

• Gross volume of 39-75 mmboe
• Aker BP (45%)1
• Located the vicinity of Troll C and Gjøa

Omega Alfa August

• Gross volume of 96-134 mmboe
• Aker BP operator (38% / 48%)2
• Tie-back to Yggdrasil under evaluation

Exploration drilling Q4

Drilling underway at Lofn/Langemann, Natrudstilen, Avbitertang and Page

Exploration programme

Firming up the 2026 schedule

Licence	Prospect	Operator	Aker BP share	Volume est. (mmboe)	Status
PL1140	Lofn	Equinor	40%	10 - 60	Q4-25
PL1140	Langemann	Equinor	40%	10 - 50	Q4-25
PL873	Natrudstilen	Aker BP	48%	15 - 60	Q4-25
PL1086	Page	DNO	20%	10 - 55	Q4-25
PL554	Avbitertang	Equinor	30%	20 - 75	Q4-25
PL1148	Carmen Appr	Wellesley	10%	20 - 50	Q1-26
PL979	Svarteknippa	Aker BP	60%	20 - 70	Q1-26
PL1153	Alpehumle	Aker BP	40%	10 - 180	Q2-26
PL782S	Linga	Equinor	40%	5 - 50	Q2-26
PL984	Norma Appr	DNO	10%	15 - 40	Q3-26
JSU	Tonjer	Equinor	32%	10 - 20	Q3-26
PL1102	Lindesnes East	Equinor	20%	15 - 50	Q3-26
PL1139	Gere	Aker BP	60%	10 - 55	Q4-26
PL1042	MG	Equinor	40%	10 - 110	Q4-26
PL1014	Arkenstone	Equinor	10%	65 - 300	Q4-26

Financial highlights

Third quarter 2025

• Strong performance driving robust cash flow
• Investments progressing according to plan
• Dividend of USD 0.63 per share
• Maintaining a strong and resilient financial position
• Delivering on our value creation plan

Third quarter 2025 performance

Produced and sold volume (1,000 boepd) Production cost (USD per boe)

Net cash flow from investments (USD bn) Net cash flow from operations (USD bn) ¹

Includes capex, expex & abex

\$69 per boe (67)

Net realised price

\$0.24 (-1.0)

FCF per share

\$0.63 (0.63)

Dividend per share

13 1) Adjusted for Investments in financial assets

Sales of oil and gas

Realised prices USD/boe

Total income USD million

Income statement

USD million

	Q3 2025			Q2 2025
	Before impairment	Impairments	Actual	Before impairment	Impairments	Actual
Total income	2 599		2 599	2 584		2 584
Production costs	246		246	285		285
Other operating expenses	18		18	16		16
EBITDAX	2 334		2 334	2 283		2 283
Exploration expenses	72		72	60		60
EBITDA	2 262		2 262	2 223		2 223
Depreciation	615		615	591		591
Impairments		173	173		717	717
Operating profit (EBIT)	1 647	(173)	1 475	1 632	(717)	915
Net financial items	(48)		(48)	(63)		(63)
Profit/loss before taxes	1 599	(173)	1 426	1 569	(717)	852
Tax (+) / Tax income(-)	1 141		1 141	1 176		1 176
Net profit / loss	458		285	393		(324)
EPS (USD)	0.73		0.45	0.62		(0.51)
Effective tax rate	71%		80%	75%		138%

396 mboepd (414)

Oil and gas sales

\$69 per boe (67)

Net realised price

\$7.6 per boe (7.3)

Production cost

Cash flow statement

USD million

	Q3-25	Q2-25	Q1-25	Q4-24
Op. CF before tax and WC changes	2 369	2 331	2 852	2 935
Net taxes paid	(295)	(1 571)	(718)	(1 164)
Changes in working capital	(51)	480	(25)	(708)
Cash flow from operations	2 023	1 240	2 109	1 063
Adj. Cash flow from investments1	(1 871)	(1 899)	(1 424)	(1 366)
Free cash flow	152	(658)	685	(304)
Investments in financial assets	-	(300)	-	-
Net debt drawn/repaid	-	-	(64)	836
Dividends	(398)	(398)	(398)	(379)
Interest, leasing & misc.	(149)	(247)	(125)	(68)
Cash flow from financing	(547)	(645)	(587)	388
Net change in cash	(395)	(1 603)	98	85
Cash at end of period	2 344	2 745	4 283	4 147

\$2.0 bn (1.2)

Cash flow from operations

\$0.24 (-1.0)

FCF per share

\$0.63 (0.63)

Dividend per share

1) Adjusted for Investments in financial assets 16

Balance sheet

USD million

Assets	30.09.25	30.06.25	30.09.24
PP&E	24 025	22 421	19 803
Goodwill	11 679	11 851	12 757
Other non-current assets	3 482	3 501	3 362
Cash and cash equivalent	2 344	2 745	4 147
Other current assets	2 647	2 358	1 625
Total Assets	44 175	42 877	41 693

Equity and liabilities
Equity	11 738	11 851	12 477
Financial debt1	7 665	7 627	6 739
Deferred taxes	15 445	14 447	12 363
Other long-term liabilities	5 172	4 939	5 125
Tax payable	1 646	1 781	2 904
Other current liabilities1	2 508	2 232	2 085
Total Equity and liabilities	44 175	42 877	41 693

\$5.6 bn (\$6.0)

Total available liquidity

27% (28%)

Equity ratio

0.49 (0.43)

Leverage ratio

Maintaining a strong balance sheet and financial capacity

Net interest-bearing debt1 + tax payable Excl. leases, USD billion

2.6 3.4 3.2 4.6 5.0 2.9 2.4 3.0 1.8 1.6

Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 NIBD Tax payable end of quarter

Leverage ratio2 Targeting below 1.5 over time

Available liquidity3 USD billion

18

Investing in high return projects

Unchanged estimates in a supportive fiscal regime

Aker BP est. capex before and after tax1 USD billion

• Investment plan unchanged from Q2
• PDO projects are progressing on schedule
• Projects eligible for the 2020 tax system with 86.9% tax deduction
• Hedged 75-90% of planned NOK expenditures in 2025-2027 at USDNOK rate 10.5-11.0

Creating substantial shareholder value

Aker BP value creation plan 2023-2028

Resilient dividend growth

Dividends

USD per share

• Low-cost production and strong cash flow provide resilient dividend capacity
• Distributions reflect capacity through the cycle
• Ambition to grow the dividend with minimum 5% per year

Near-term tax payments

Sensitivity for H1-2026

USD million

2 500

0

500 1 000 1 500 2 000 \$80 \$80 \$60 ~450

Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26

Adjusted payment schedule from Q3-251

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

H1-26 sensitivity analysis

• Two oil price scenarios illustrated (avg. 4Q-25)
• Gas price: USD 13.0 per MMBtu
• USDNOK: 10.0

\$60

2025 guidance

	Previous guidance	Actual Jan-Sept	New guidance
Production mboepd	400-420	423	410-425
Production cost USD/boe	~7.0	7.1	~7.0
Capex USD billion	~6.5	4.9	~6.5
Exploration USD billion	~0.45	0.40	~0.50
Abandonment USD billion	~0.10	0.07	~0.10

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.