Aker BP — Audit Report / Information 2016

Oct 24, 2017

STATEMENT OF OPERATIONS

(Amounts in thousands NOK)

	Note	2016	2015
Operating revenues
Crude oil sales	1	3,124,852	4,103,948
Gas sales	$\mathbf{l}$	374,906	697,394
Natural gas liquid sales	$\mathbf{1}$	65,359	99,627
Other income		(136)	26,000
Total operating income		3,564,981	4,926,969
Operating cost and expenses
Production and transportation costs		1,965,822	2,106,767
Exploration costs			(1,217)
Salaries and benefits	$\mathbf{z}$	121,595	147,413
Ordinary depreciation and impairment	$\overline{\mathbf{4}}$	2,752,808	6,108,500
Other operating costs		172,431	197,629
Total operating costs and expenses		5,012,656	8,559,093
Income from operations		(1, 447, 675)	(3,632,124)
Financial income and (expenses)
Interest income		1,936	6,122
Interest expense	9,11	(1,458,150)	(1,525,600)
Foreign exchange gain/ (loss)		24,991	82,290
Other finance expences		(88)	(132)
Net financial income/ (expenses)		(1,431,312)	(1,437,320)
Income before taxes		(2,878,986)	(5,069,444)
Taxes	6	(1, 588, 549)	(3.175, 449)
Net income		(1, 290, 437)	(1, 893, 994)
Allocation of profit (loss)
Allocated to/from retained earnings	7	(137, 899)	(1,893,994)
Allocated to/from share premium	7	(1, 152, 538)
Total year end dispositions		(1, 290, 437)	(1,893,994)

BALANCE SHEET PER 31.12 (Amounts in thousands NOK)

ASSETS
	Note	2016	2015
Fixed Assets
Tangible assets
Production facilities in operation	4	33,626,392	37,264,129
Office equipment and art	4	270	41 37,264,170
Total fixed assets		33,626,662
Financial assets
Long-term receivables		68.534	100,928
Total financial assets		68.534	100,928
Total non current assets		33.695.196	37,365,098
Current assets
Spare parts		120,683	324,863
Receivables
Underlift	3	72,634	135,264
Accounts receivable		626,702	279,388
Intercompany receivables			1,065
Prepaid expenses and other receivables	12	273.224	360,687
Total receivables		972,561	776,404
Cash and bank deposits	5	485,522	195,087
Total current assets		1,578,765	1,296,355
TOTAL ASSETS		35,273,961	38.661.452

BALANCE SHEET PER 31.12. (Amounts in thousands NOK)

EQUITY AND LIABILITIES

	Note	2016	2015
Shareholder's equity
Paid-
Capital stock	7	2.400	2,300
Share premium	7	2.212.279	2,125,145
Total paid- in capital		2,214,679	2,127,445
Retained earnings
Other equity	7		137.966
Total shareholder's equity		2,214,679	2,265,411
Long-term liabilities
Long-term provisions
Deferred income taxes	6	1,041,822	2,630,270
Pension liability	10	6.267	1,899
Dismantlement provision	8	8,630,750	10,199,973
Total long- term provisions		9,678,840	12,832,142
Other long term liabilities
Intercompany debt	9	22,757,980	22,757,980
Total other long- term liabilities		22,757,980	22,757,980
Total long-term liabilities		32,436,820	35,590,122
Current lightlities
Accounts payable and accrued liabilities		294.633	493,112
Bank overdraft	5		93,817
Intercompany liabilities	9	325,030	213,880
Overlift	3		1,732
Public duties payable		2,799	3,379
Total current liabilities		622,462	805,920

TOTAL EQUITY AND LIABILITIES

Stavanger, 8 June 2017 ٦. J. N. Vold $\text{Cl}$ J. N. Vold
Clariman of the Board

A. G. Nymann Director

M. G, Edwards

Managing Director and Director

B. D. Truelove Director

35,273,961

38,661,452

M. J. Guyan Director

la

CASH FLOW STATEMENT (Amounts in thousands NOK)

	Note	2016	2015
Cash flow from operating activities
Income before taxes		(2,878,986)	(5,069,444)
Taxes received/ (paid)			30,422
Depreciation, depletion and amortisation	4	2,752,808	3,856,967
Impairment	4		2,251,533
Accretion on dismantlement less payments		(576,218)	(931, 807)
Net change in long term receivables		32,394	(32, 311)
Net change in long term accruals		4,368	925
Net change in accounts receivable		(347, 314)	78,798
Net change in accounts payable		(198, 480)	(168, 628)
Net change in other current accounts and other changes		464.176	203,071
Net cash flow from operating activities		(747.251)	219,527
Cash flow from investing activities Purchase of tangible fixed assets	4,8	(108, 270)	(434, 876)
Net cash flow from investing activities		(108, 270)	(434, 876)
Cash flow from financing activities Proceeds from new intercompany debt			(648, 693)
Net change in overdraft	5	(93, 817)	(206, 773)
Proceeds from issuance of equity	7	1,239,773	1,221,445
Net cash flow from financing activities		1,145,955	365,979
Net increase/ (decrease) in cash		290,434	150,630
Cash and cash equivalents at beginning of year		195,087	44,457
Cash and cash equivalents at end of year		485,522	195,087

STATEMENT OF OPERATIONS

(Amounts in thousands NOK)

			Restated
	Note	2014	2013
Operating revenues
Crude oil sales	$\mathbf{1}$	5,744,804	4,387,068
Gas sales	1	688,863	438,701
Natural gas liquid sales	$\mathbf{1}$	151,913	102,469
Other income		142 1	1,757
Total operating income		6,585,722	4,929,995
Operating cost and expenses
Production and transportation costs		2,236,542	1,870,488
Exploration costs		105	38,173
Salaries and benefits	$\mathbf{2}$	122,040	94,333
Ordinary depreciation	4	2,825,422	1,941,972
Other operating costs		115,512	124,487
Total operating costs and expenses		5,299,620	4,069,453
Income from operations		1,286,101	860,542
Financial income and (expenses)
Interest income		1,272	3,254
Interest expense	8&9	(1,488,445)	(1,482,314)
Foreign exchange gain/ (loss)		107,808	(17, 765)
Other finance expences		(119)	(107)
Net financial income/ (expenses)		(1,379,484)	(1,496,932)
Income before taxes		(93, 383)	(636, 390)
Taxes	6	462,332	93,973
Net income		(555, 715)	(730, 364)
Allocation of profit (loss)
Allocated to/from retained earnings	7	(555, 715)	(730, 364)
Total year end dispositions		(555, 715)	(730, 364)

BALANCE SHEET PER 31.12 (Amounts in thousands NOK)

TOTAL ASSETS		43,645,314	42,217,724
Total current assets		1,248,095	1,967,140
Cash and bank deposits	5	44.457	7,427
Total receivables		821,774	1,511,191
Prepaid expenses and other receivables	12	345,415	445.975
Intercompany receivables		1.065	399,987
Accounts receivable		358,186	518,723
Underlift	3	117.108	146,506
Receivables
Spare parts		381.865	448.522
Current assets
Total non current assets		42,397,219	40,250,584
Total financial assets		68.617	68.648
Long-term receivables		68,617	68.648
Financial assets
Total fixed assets		42.328.602	40,181,936
Office equipment and art	4	181	1,286
Production facilities under development	4
Fixed Assets Tangible assets Production facilities in operation	4	42,328,421	40,180,650
	Note	2014	2013
ASSETS	Restated

BALANCE SHEET PER 31.12. (Amounts in thousands NOK)

2014 Note 2013 Shareholder's equity Paid- in capital Capital stock 2.100 2.100 7 7 Share premium reserve 903.900 903,900 Total paid- in capital 906.000 906.000 Retained earnings Other equity 7 2,031,960 2,587,675 Total shareholder's equity 2.937,960 3,493,675 Long-term liabilities Long-term provisions Deferred income taxes 6 5,775,298 5,304,384 Pension liability 974 10 1,833 Dismantlement provision $\mathbf{R}$ 8,138,135 10,522,587 Total long-term provisions 16,298,858 13,444,353 Other long-term liabilities 9 Intercompany debt 23,406,673 18,705,416 Total other long-term liabilities 23,406,673 18,705,416 Total long-term liabilities 39,705,532 32,149,769 Current liabilities Accounts payable and accrued liabilities 661,740 642,278 5 Bank overdraft 300,590 1,164,348 Intercompany liabilities 35,668 4,743,307 Tax payable 19,056 Public duties payable 5,289 3,824 Total current liabilities 1,001,822 6,574,279	EQUITY AND LIABILITIES		Restated

TOTAL EQUITY AND LIABILITIES

2016 9 June 2015 Stavanger. 13 Me

4.

0 ି J. N. Volg thariman of the Board $A. G. M$ Direct

C. г

L. E. J Huizenga
Managing Director and Director

M. J. Guyan

Director

( B. D. Pruelove

43,645,314

Director

ie. - 1 H. Paver

42,217,723

Director

CASH FLOW STATEMENT (Amounts in thousands NOK)

	Note	2014	2013
Cash flow from operating activities
Income before taxes		(93, 383)	(636, 390)
Taxes received/ (paid)		(10, 475)
Depreciation, depletion and amortisation	4	2,825,422	1,941,972
Accretion on dismantlement less payments		(608, 455)	(44, 583)
Net change in long term receivables		31	(68, 597)
Net change in long term accruals		(859)	(40)
Net change in accounts receivable		160,537	(513, 035)
Net change in accounts payable		19,462	(402, 408)
Net change in other current accounts and other changes		586,433	(552, 221)
Net cash flow from operating activities		2,878,712	(275,302)
Cash flow from investing activities
Purchase of tangible fixed assets	4	(1,979,181)	(2,503,098)
Net cash flow from investing activities		(1,979,181)	(2,503,098)
Cash flow from financing activities
Proceeds from new intercompany debt		1,257	4,700,000
Net change in overdraft	5	(863,758)	(1,961,514)
Net cash flow from financing activities		(862, 501)	2,738,486
Net increase/ (decrease) in cash		37,030	(39, 913)
Cash and cash equivalents
at beginning of year		7,427	47,340
Cash and cash equivalents
at end of year		44,457	7,427