Aker BP — Interim / Quarterly Report 2026

May 7, 2026

First Quarter 2026 Results

First Quarter 2026 Results

Aker BP delivered strong operational and financial performance in the first

quarter of 2026. Production was stable, significant progress was made across the

major development projects, and Symra achieved first oil nine months ahead of

original schedule - an important contributor to the company's production

outlook.

Highlights

· Stable production: Net production averaged 398 mboepd, with production

efficiency of 97 percent across the portfolio.

· Symra ahead of schedule: First oil was achieved on 3 April, nine months

ahead of the original plan, adding near-term production from the Utsira High

area.

· Project execution: Skarv Satellites start-up has been accelerated to the

third quarter of 2026. The Hugin B jacket and the Fenris topside have been

successfully installed offshore. Johan Sverdrup Phase 3 continued to progress as

planned.

· Financial results: Total income was USD 3.0 billion and operating cash flow

was USD 2.0 billion.

· Capital expenditure: USD 1.6 billion, reflecting high activity across the

development portfolio.

· Dividend: USD 0.6615 per share was paid in the quarter.

Commenting on the results, CEO Karl Johnny Hersvik said:

"We started 2026 with strong operational momentum, and the first quarter

delivered according to plan. Production efficiency was consistently high, costs

remained among the lowest in the sector, and we brought the Symra project on

stream nine months ahead of schedule."

"Our project portfolio continues to progress well. We are converting a pipeline

of low break-even projects into production, while our two major development

projects, Yggdrasil and Valhall PWP-Fenris, remain on track for first oil in

2027."

"The situation in the Middle East remains serious and uncertain. While Aker BP

has no direct exposure to the region, developments have influenced oil markets

towards the end of the quarter. Our focus remains on maintaining safe

operations, disciplined execution and financial resilience in a volatile

environment."

"With strong cash generation, a solid balance sheet and unchanged guidance, we

remain well positioned to execute our investment programme and deliver

attractive and sustainable shareholder returns over time."

Webcast presentation

The presentation will be webcast today at 08:30 CEST on

www.akerbp.com (https://www.akerbp.com/en), hosted by CEO Karl Johnny Hersvik

and CFO David Tønne. The presentation will be followed by an online Q&A session.

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,

Eiga (Edvard Grieg and 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 7 May 2026 at 06:00 CEST.