Aker BP — Earnings Release 2020

Feb 4, 2021

Aker BP ASA

4 February 2021

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.

Q4-2020 | AKER BP Strong performance in a challenging year

2020 in review

Handling challenges with Covid-19 pandemic

• Protecting the safety of our people
• Maintaining stable operations

Preserving financial strength by adapting to macro uncertainty

• Non-sanctioned projects put on hold
• Dividend reduction
• Mobilising to deliver profitable growth

Delivering on our operational targets

• Safety and emissions
• Production
• Cost and capital spending

Key performance indicators 2020 Q4-2020 | OPERATIONAL PERFORMANCE

Q4-2020 | STRONG OPERATIONAL PERFORMANCE New production record

Production

(mboepd)

Production efficiency

Aker BP operated assets (percent)

Q4-2020 | STRONG OPERATIONAL PERFORMANCE Industry-leading low carbon intensity

Emissions intensity1) CO2 - kg/boe

Contributing to the energy transition

Produce efficiently to return high value from oil & gas resources to our stakeholders

Minimise emissions

Reduce emissions from our operations focusing on the total footprint

Contribute with

industries

Improve and share data, know-how and technology to other

Q4-2020 | STRONG OPERATIONAL PERFORMANCE Ærfugl startup delivered on schedule

…with the remainder of phase II on track for 2021

• Keeping the facilities full
• Large production increase at Skarv
• Low break-even project
• Total reserves of 300 mmboe (gross)
• Extends over 60 kilometers
• New technology unlocking resources
• Excellent performance by Aker BP's alliances
• Progress according to cost and schedule
• Major improvements since PDO

Financial review

Q4-2020 | FINANCIAL REVIEW Oil and gas sales

Q4-2020 | FINANCIAL REVIEW Lifted volumes and realised prices

Crude oil liftings 20201) mmbbl

Breakdown of realised liquids prices in 2020 USD/bbl

Income statement Q4 -2020 | FINANCIAL REVIEW

USD million	Q4 2020	Q3 2020	Q4 2019
Total income	834	684	1 003
Production costs	142	134	154
Other operating expenses	27	7	19
EBITDAX	664	543	830
Exploration expenses	42	32	85
EBITDA	623	511	745
Depreciation	289	269	255
Impairments	55	-	(1)
Operating profit (EBIT)	278	242	491
Net financial items	(42)	(51)	(67)
Profit/loss before taxes	236	191	424
Tax (+) / Tax income ( - )	106	111	312
Net profit/loss	129	80	112
EPS (USD)	0.36	0.22	0.31

Statement of financial position Q4-2020 | FINANCIAL REVIEW

USD million

Assets	31.12.20	30.09.20	31.12.19	Equity and liabilities	31.12.20	30.09.20	31.12.19
Goodwill	1,647	1,647	1,713	Equity	1,987	1,929	2,368
Other intangible assets	2,043	2,051	2,537	Other provisions for liabilities incl. P&A (long)	2,650	2,650	2,645
Property, plant and equipment	7,266	7,219	7,023	Deferred tax	2,642	2,563	2,235
Right-of-use asset	133	126	194	Bonds and bank debt	3,969	4,373	3,287
Receivables and other assets	793	562	652	Lease debt	216	217	313
Calculated tax receivables	-	71	-	Other current liabilities incl. P&A	792	764	1,017
Cash and cash equivalents	538	819	107	Tax payable	163	-	361
Total Assets	12,420	12,495	12,227	Total Equity and liabilities	12,420	12,495	12,227

Superior financial flexibility further improved Q4-2020 | FINANCIAL REVIEW

Net debt and leverage ratio USD billion (bars), Net debt/EBITDAX1 (line)

1) Leverage ratio: Net interest-bearing debt divided by EBITDAX last 12 months, excluding effects of IFRS16 Leasing

2) Available liquidity: Undrawn bank facilities and Cash and cash equivalents. (RCF: Revolving Credit Facility) 14

Cash flow Q4-2020 | FINANCIAL REVIEW

Cash tax sensitivity analysis Q4-2020 | FINANCIAL REVIEW

USD million

1) Estimated current tax on income for fiscal year 2021 for Aker BP at various oil price scenarios, assuming USDNOK 8.5. Excluding potential payments related to uncertain tax cases.

Q4-2020 | FINANCIAL REVIEW 2020 performance vs. guidance

.

1) Approx. split: Capex USD 1.6 billion, Expex USD 0.4-0.5 billion, Abex USD 0.2 billion

Our priorities

Safe and efficient operations with flawless project execution through our alliances

EXECUTE IMPROVE GROW

New operating model for increased efficiency and reduced emissions

Mature NOAKA and other prioritized projects for FID by end of 2022 and significantly lift production towards 2028

Q4-2020 | APPENDIX 2020 exploration results

License	Prospect		Operator	Aker BP	Pre-drill	Status
				share	mmboe
PL1008	Nidhogg	1	Aker BP	60 %	37 96 -	Discovery 6-15 mmboe
PL719	Sandia	2	Spirit	20 %	23 527 -	Dry
PL533	Bask	3	Lundin	35 %	14 585 -	Dry (completed 2021)
PL127C	Alve NE	4	Aker BP	88 %	8 25 -	Discovery 9-23 mmboe
PL780	Sørvesten	5	Spirit	40 %	15 35 -	Dry
PL981	Mercx Ty	6	Lundin	40 %	22 92 -	Postponed to 2021
PL858	Stangnestind		Aker BP	40 %	13 108 -	Postponed to 2021
PL722	Shenzhou		Equinor	20 %	191 505 -	Postponed to 2021
PL554	Garantiana W		Equinor	30 %	7 28 -	Postponed to 2021
PL442	Liatårnet app.		Aker BP	90 %		Postponed to 2021

Q4-2020 | APPENDIX 2021 exploration programme

Licence	Prospect		Operator	Aker BP share	Pre-drill mmboe	Status
PL 533	Bask		Lundin	35 %	14 - 585	Dry
PL 981	Merckx Ty	1	Lundin	40 %	43 - 304
PL 544	Garantiana W	2	Equinor	30 %	7 - 28
PL 858	Stangnestind	3	Aker BP	40 %	13 - 108
PL 722	Shenzhou	4	Equinor	20 %	191 - 505
PL 006C	Gomez	5	DNO	15 %	17 - 57
PL 1041	Lyderhorn	6	Aker BP	40 %	6 - 14
PL 167	Lille Prinsen	7	Equinor	10 %	Appraisal
PL 442	Liatårnet	8	Aker BP	90 %	Appraisal