Aker BP

Earnings Release • Feb 6, 2019

AKERBP: Continued strong growth in 2018

AKERBP: Continued strong growth in 2018

Aker BP continued its positive development and strong growth in 2018. Total

income increased by 46 percent from 2017 and all major field development

projects progressed as planned. Reserve replacement was above 100 percent and

the company continued to grow its resource base through acquisitions and

exploration success. The debt level was significantly reduced and the company

paid a dividend of USD 450 million (USD 1.25 per share) in 2018.

- I am very pleased with Aker BP's development in 2018. We delivered strong

operational performance, and continued to build our portfolio to enable further

profitable growth in the years to come. I am also pleased by our ability to

return value to shareholders through increasing dividends, says Karl Johnny

Hersvik, CEO of Aker BP.

For the full year 2018, the company's net production in 2018 was 155.7 (138.8)

thousand barrels of oil equivalents per day ("mboepd"). Total production volume

was 56.8 million barrels of oil equivalents ("boe"). Total income amounted to

USD 3,750 (2,563) million for the year. Average realised oil price was USD 72

(56) per barrel, while the realised price for natural gas averaged USD 0.29

(0.21) per standard cubic metre ("scm").

Production costs amounted to USD 689 (523) million in 2018, or USD 12.1 (10.3)

per boe. Exploration expenses amounted to USD 296 (226) million. Total cash

spend on exploration amounted to USD 359 (262) million. The company's

exploration activities in 2018 resulted in the Frosk discovery and a positive

appraisal of the Gekko discovery. In addition, the company expanded its licence

portfolio, further strengthening its position as the second largest licence

holder on the Norwegian Continental Shelf.

Profit before taxes amounted to USD 1,805 (811) million. Tax expense was USD

1,328 (536) million, representing an effective tax rate of 74 percent. Net

profit increased by 73 percent to USD 476 (275) million.

In the fourth quarter 2018, production volumes increased due to improved

efficiency and new wells. Net production was 155.7 (135.6) mboepd. Profit before

taxes amounted to USD 359 (248), and Net profit was USD 54 (34) million. The

company completed several transactions, reduced its debt level significantly and

paid a dividend of USD 112.5 million (USD 0.3124 per share) during the fourth

quarter.

Investments in fixed assets amounted to USD 1,313 (977) million in 2018. All

field development projects, including Johan Sverdrup, Valhall Flank West and

Ærfugl, progressed according to plans.

Aker BP's 2P reserves increased to 917 (914) mmboe, as the total additions and

revisions exceeded the year's production. The company also made two significant

acquisitions in 2018, adding 171 mmboe to its 2C contingent resource base. In

total, contingent resources grew by 23 percent to 946 mmboe.

The company's net interest-bearing debt was USD 1,973 million at the end of

2018, down USD 1,183 million from 2017. This was mainly driven by the repayment

of a USD 1.5 billion bank loan following the refund of the tax losses in Hess

Norge. Total available liquidity at the end of 2018 was USD 3.1 (2.9) billion.

Total dividends for 2018 amounted to USD 1.25 or NOK 10 per share. The Board has

resolved to pay a quarterly dividend of USD 187.5 million (USD 0.5207 per share)

in February 2019.

Presentation and webcast

The full report and presentation for the fourth quarter 2018 are attached and

can also be found on www.akerbp.com

A presentation will be given today at Fornebuporten (Grand Hall, building B),

Oksenøyveien 10, Lysaker, Norway. Registration from 08:00 (CET).

A live webcast of the presentations will be available on our website

www.akerbp.com, and will start at 08:30 (CET) today.

Q4-2018 Aker BP

Report (https://mb.cision.com/Public/1629/2733028/b025392e99e8985f.pdf)

2018-Q4

Presentation (https://mb.cision.com/Public/1629/2733028/9ed87d19d6a7ae75.pdf)

Investor contact:

Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889

Media contact:

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 fully-fledged E&P company with exploration, development and

production activities on the Norwegian Continental Shelf. Aker BP is the

operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The

company is also a partner in the Johan Sverdrup field. Aker BP is headquartered

at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker

'AKERBP'. More about Aker BP at www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act.