Aker BP — Investor Presentation 2020

Jun 15, 2020

Aker BP investor presentation Regulatory changes support profitable growth

15 June 2020

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.

AKER BP WELL POSITIONED TO TACKLE THE CURRENT CRISIS Strong performance in challenging times

Regulatory changes supportive for further value creation

Temporary tax changes incentivize profitable investments

• Lower break-evens
• Improved liquidity

Aker BP very well positioned with flexible growth portfolio

• Immediately sanctioned and mobilized the Hod project adds roughly USD 150 million to 2020 capex program
• Significant progress for NOAKA with commercial agreement in place

Production curtailments mitigated – 2020 guidance remain unchanged

• Production curtailments represent ~8 mboepd on 2020 production
• Mitigated by strong operated performance and Johan Sverdrup upgrade

TEMPORARY TAX CHANGES INCENTIVIZE PROFITABLE INVESTMENTS LOWER BREAK-EVENS Temporary changes in petroleum tax system

Summary of changes

• CAPEX with immediate deduction in Special tax (56%)
• Uplift raised to 24% and with immediate deduction in Special tax
• Applies for all capex in 2020 and 2021, and until year of first oil for projects with PDO delivered by end 2022
• Refund of tax value of all loss carry forward incurred in 2020-2021
• Negative tax instalments

Old tax system Temporary new tax system ~25%

Illustrative company cumulative cash flow profile

• Old tax system
• Temporary new tax system

Avg. break-even of projects with CAPEX in 2020-22*

TEMPORARY TAX CHANGES INCENTIVIZE PROFITABLE INVESTMENTS Summary of temporary changes to petroleum taxation LOWER BREAK-EVENS

	Elements	Current system	Temporary tax system
s t n e m e el x a T	Corporate tax	Tax rate: 22% 6 years straight line depreciation	Tax rate: 22% 6 years straight line depreciation
	Special tax	Special tax rate: 56% 6 years straight line depreciation	Tax rate: 56% Immediate deduction in year 1
	Uplift	20.8% uplift over 4 years (5.2% each year)	24% uplift deductible in year 1
	Interest deduction	Interest cost fully deductible against corporate tax (22%) and partly deductible against special tax (56%) based on remaining tax balances	No additional bases for interest deductions against special tax (56%) as investment is immediately deducted in year 1 for special tax
s s t t n mi e m e li e el m r ti e d h n t	Time limit		Applicable for all investments in 2020 and 2021
	PDO limit		In addition, applicable for all investments according to PDO/PIO under the following limitations; • PDO/PIO has to be delivered within 31.12.2022 • Application for exception of PDO/PIO delivered within 31.12.2022 • Application for major deviation from previously submitted and approved PDO/PIO delivered within 31.12.2022 • Application has to be approved by the Ministry of Petroleum and Energy after 12 May 2020 and within 31.12.2023 • Applicable for investments made up to and including year of production start for the development as defined in PDO/PIO
O a	Loss carry forward	Loss carry forward can be brought forward with an interest compensation (risk free interest) Refund of tax value for exploration costs if company in a tax loss position	Refund of tax value of all loss carry forward incurred in the period 2020-2021 – not only related to exploration costs Negative tax instalments is implemented

Hod development sanctioned WELL POSITIONED WITH FLEXIBLE GROWTH PORTFOLIO

The next flank development in the Valhall area

⁷ The Hod project has been sanctioned internally by Aker BP. The Plan for Development and Operations has not yet been submitted to Norwegian authorities. All numbers are preliminary estimates and may be subject to adjustments. Aker BP holds 90% interest in Valhall and Hod.

WELL POSITIONED WITH FLEXIBLE GROWTH PORTFOLIO Commercial agreement paves way for NOAKA area development

NOAKA: Krafla, Fulla and North of Alvheim 8

WELL POSITIONED WITH FLEXIBLE GROWTH PORTFOLIO Significant resources in the NOAKA area

Coordinated development is key to unlocking the full potential

Resources	Licence	Resources mmboe	Aker BP interest	Operator
Askja/Krafla	035/072	249	50%	Equinor
Frigg Gamma/Delta	442	83	90%	Aker BP
Frøy	364	41	90%	Aker BP
Fulla	873	66	40%	Aker BP
Langfjellet	442	36	90%	Aker BP
Rind	026	32	92%	Aker BP
Total		506

INDUSTRY PRODUCTION CURTAILMENTS MITIGATED Curtailments mitigated – production guidance unchanged

Production outlook1) per quarter (mboepd)

• 2020 production guidance unchanged at 205-220 mboepd
• Strong operational performance and Johan Sverdrup upgrade mitigate estimated impact of curtailments of ~8 mboepd

Positioning Aker BP to be the leading E&P company