Aker BP — Investor Presentation 2022

Oct 26, 2022

Third quarter 2022

26 October 2022

Third quarter 2022

Today's speakers

Karl Johnny Hersvik CEO

David Tønne CFO

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.

The E&P company of the future

Created by combining two leading independents

World-class assets with high efficiency and low cost

• Low emissions and clear pathway to net zero
• Driving transformation through digital and alliances
• Profitable growth from unique resource base
• Financial strength & growing dividends

Highlights

Third quarter 2022

Excellent operational performance

• Higher production efficiency
• Improved safety and lower CO ² intensity
• Organisational integration completed 1 Oct

Progressing the growth portfolio

• Johan Sverdrup phase 2 on track for first oil in Q4
• Preparing for investment decisions on PDO portfolio
• New discoveries in the Skarv area

Strong financial results

• Record-high FCF of USD 1.9 billion
• Deleveraging continues net debt USD 2.2 billion
• Quarterly dividend USD 0.525 per share

Photo from the installation of gas lift pipeline at Kobra East Gekko in July 2022

Safety – priority number one

Injury frequency (TRIF) 1)

1) Total recordable injuries per million exp. hours, rolling 12 months average

Production review

Oil and gas production

mboepd

Production efficiency Capacity utilisation

162

90% 87% 88% 80% 96% Q3-21 Q4-21 Q1-22 Q2-22 Q3-22

6

Reducing the maintenance backlog

An example of how Aker BP works to improve production efficiency

Maintenance hours overdue 1)

• Systematic improvement work targeting maintenance backlog
• Reduced backlog reduces risk of unplanned downtime
• Reduction by over 40% in total maintenance hours overdue since first quarter 2021

1) Includes all Aker BP operated assets, excluding Edvard Grieg.

A leader in low-emissions oil and gas production

CO2 emissions intensity further reduced

Kg CO2 per boe produced

Emission intensity 12m avg.

Plan to reach net zero across operations by 2030 1)

Johan Sverdrup Phase 2

First oil expected in December

Q4 2022 755 <\$2 <1 kg 31.6

First oil Production

Phase 2 mboepd in total USD/boe1) CO2/boe Percent

Industry-leading low production cost

Industry-leading low carbon emissions

Aker BP working interest

1) Full field production cost/boe with normalised power cost Photo © Equinor

9

Project portfolio progressing according to plan

Alvheim

• Frosk on track for first oil in H1 2023
• Kobra East Gekko in execution first oil 2024
• Trell & Trine PDO submitted first oil 2025

Skarv

• PDO for Skarv Satellites in December
• Laying foundations for next wave of tie-backs with new discoveries and farm-ins

Edvard Grieg & Ivar Aasen

• Hanz in execution first oil 2024
• PDO for Utsira High Projects in December (Lille Prinsen, Rolvsnes and Solveig)

Valhall PWP / Fenris

• Renamed from Valhall NCP / King Lear
• PDO in December
• First oil 2027

NOAKA

• PDO in December
• Operatorship for Krafla to be transferred to Aker BP following PDO submission

Wisting

The operator Equinor is preparing for final investment decision and PDO in December

PDO projects

Process towards final investment decisions

Technical work completed

• All FEEDs finalised in Q3
• Readiness reviews ongoing

Economic evaluations ongoing

• Price risk on input factors
• Assess impact of proposed tax change

Final investment decisions in December

• Project economics and risks
• Supply chain capacity
• Corporate priorities

Status and plan for Aker BP-operated PDO projects

2022 exploration program

Discoveries adding growth opportunities

Preliminary estimates of YTD discoveries1)

2 4 38 19 3 66 Øst Frigg Overly Storjo East Newt Ophelia Total mmboe (Aker BP net share)

Remaining exploration program 2022

Licences	Prospect	Operator	Aker BP share	Pre-drill P90-P10	Status
PL261	Storjo East	Aker BP	70%	14 - 46	30-80 mmboe
PL782S	Busta (Lamba)	CoP	20%	8 - 114	Dry
PL1104	Poseidon	Equinor	40%	50 - 300	Dry
PL941	Newt	Aker BP	80%	13 - 33	11-36 mmboe
PL941	Barlindåsen	Aker BP	80%	18 - 86	Dry
PL929	Ophelia	Neptune	10%	10 - 40	16-39 mmboe
PL943	Uer	Equinor	10%	7 - 93	Dry
PL867	Gjegnalunden	Aker BP	80%	3 - 124	Q4
PL1141	Styggehøe	Aker BP	70%	10 - 41	Q4
PL554	Angulata	Equinor	30%	8 - 64	Q4
PL265	P-Graben (Sverdrup)	Equinor	20%	5 - 19	Q4
PL229G	Lupa	Vår	50%	24 - 143	Q4

Financial review

Production and sales of oil and gas

Total income

Liquids Natural gas Other

Liquids Natural gas Over/underlift

Record-high prices for natural gas

Capital spend

Capex

• Q3 first time incl. activities acquired from Lundin
• Spend below budget due to phasing and weak NOK
• Ramp up in Q4 with FID on several projects

Expex

• 6 wells drilled in the quarter
• Spending in accordance with plan
• 5 wells remaining in 2022

Abex

• Limited activity in the quarter
• Spending in accordance with plan

Production cost

Lower unit cost in Q3 due to changed production mix and higher production efficiency

Production cost USD/boe

Income statement

Third quarter 2022

USD million	Q3 2022	Q2 2022	Change	Comment	Comments
Total income	4 866	2 026	2 840	1
Production costs	236	190	46
Other operating expenses	9	20	(11)
EBITDAX	4 621	1 816	2 805
Exploration expenses	85	67	18
EBITDA	4 536	1 749	2 787
Depreciation	522	199	323	2
Impairments	55	422	(367)	3
Operating profit (EBIT)	3 959	1 128	2 831
Net financial items	(177)	(62)	(116)	4
Profit/loss before taxes	3 782	1 066	2 716
Tax (+) / Tax income (-)	2 998	878	2 120
Net profit / loss	783	188	596
EPS (USD)	1.24	0.52

• 1. Gas ~34% and liquids ~65% in Q3
• 1. Corresponds to USD 13.8/boe (12.1 in Q2)
• 1. Related to Ula, driven by changes in profiles and decrease in prices
• 1. Mainly currency effects driving increase

In addition, other comprehensive income (OCI) includes a negative forex translation effect of USD 1 013 million

Cash flow

Third quarter 2022

USD million

1) Net cash flow from operating activities and investment activities

• 2) Includes interest and fees paid, payments of lease debt, and purchase of treasury shares
• 3) Changes in inventories, trade creditors and receivables & Changes in other balance sheet items

FCF per share \$2.9 Dividend per share \$0.53 FCF per share Dividend per share \$0.48

Q3-2022

\$2.2

Q2-2022

19

Statement of financial position

Assets	30.09.22	30.06.22
PP&E	14 865	15 988
Goodwill	13 193	14 246
Other non-current assets	3 057	3 181
Cash and equivalent	3 042	2 154
Other current assets	2 015	1 581
Total Assets	36 172	37 149

Equity and liabilities	30.09.22	30.06.22
Equity	11 483	12 061
Financial Debt	5 198	5 834
Other long-term liabilities	12 667	13 456
Tax payable	5 419	4 253
Other current liabilities	1 406	1 545
Total Equity and liabilities	36 172	37 149

Comments

• The legal entities acquired in the Lundin transaction include companies with other functional currencies than USD (mainly NOK)
• The purchase price allocation carried out as of 30 June 2022 was allocated to the respective currencies, meaning that the statement of financial position is fixed in for example NOK and that the equivalent dollar amount will vary depending on the currency rate
• The strengthening of USD against NOK in Q3 generally therefore resulted in decreased balance sheet items
• 20 This accounting technicality will remain until the liquidation of ABP Norway AS (formerly Lundin Energy Norway AS), now expected to occur around year-end

Superior financial flexibility

Net interest-bearing debt

2)

Cash and cash equivalents

Investment grade credit ratings

500 1 500 750 1 000 1 750 23 24 25 26 27 28 29 30 31 Bond maturities USD/EUR million USD EUR

BBB Baa2 BBB

2) Liquidity available: Undrawn bank facilities and Cash and cash equivalents

Tax guidance

Tax payments - Sensitivity for fiscal year 2022 USD million

Tax instalments for fiscal year 2022 set in June

• Q3 and Q4-22 instalments fixed
• Based on forecast full-year 2022 performance for combined company
• Opportunity to adjust in Oct-22 and Jan-23

Adjustment in October 2022

• Full-year tax estimate increased due to high prices
• Voluntary additional payment of NOK 6 bn in October
• Avoiding interest expenses

Sensitivity for payments in H1-23

• Brent price assumptions given for Q4 2022
• Gas prices assumed fixed at ~\$30/mmbtu
• USDNOK 10.0

Proposed change to temporary tax rules

Government proposal to reduce uplift from 17.69% to 12.4% for investments made under temporary tax rules

New ordinary tax system

Temporary rules - 17.69% uplift

Proposed change - 12.4% uplift

Operational guidance for second half 2022

Aker BP 195 Lundin 181 376 410-435 410-420 H1 actual Previous H2 guidance Updated H2 guidance Production mboepd

Production cost USD/boe

Capital allocation priorities stand firm

Aker BP's financial frame – designed to drive value creation and shareholder return

Concluding remarks

Concluding remarks

• Strong financial performance driven by high operational efficiency and high oil and gas prices
• Projects on track production start for Johan Sverdrup phase 2 expected in December
• Preparing for final investment decisions for major new field development projects by year-end

www.akerbp.com