Aker BP — Investor Presentation 2022

Jul 20, 2022

Second quarter 2022 & strategy update

20 July 2022

Today's agenda

• 1. Introduction
• 1. Second quarter 2022 review
• 1. Strategy update
• 1. Q&A

Who will be speaking today…

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.

Second quarter 2022

20 July 2022

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

Second quarter 2022

Lundin integration

• Transaction completed 30 June
• Leadership appointed and synergies progressing
• New decarbonisation plan established

Operations

• Summer maintenance progressing as planned
• Projects on track for PDO submission by year-end
• Exploration success in Skarv area

Financials

• Strong price realisation and cash generation
• Credit ratings upgraded by S&P, Moody's and Fitch
• Quarterly dividend up ~11% to 52.5 cents/share

• Lundin Energy Norway is now a subsidiary of Aker BP ASA and renamed to ABP Norway
• Consideration shares as SDRs, convertible to ordinary shares (free conversion first 30 days)

Organizational integration on track

• New organisational structure defined and leaders appointed
• Combining Edvard Grieg and Ivar Aasen into one hub with one management team
• Effective from 1 October

Decarbonisation plan established

• Decarbonization targets and plan defined
• Clear path to net zero by 2030

Progressing synergies outtake

• Latest estimate USD ~250m in run-rate and USD ~150m in one-off synergies pre-tax
• Key areas are SG&A, exploration high-grading, logistics and drilling performance
• Further upside in increased output from Edvard Grieg/Ivar Aasen hub being explored

7

Production review

Oil and gas production mboepd

Production efficiency Capacity utilisation

Q2 comments

• One-month planned maintenance shutdowns at Valhall and Ula
• Shorter maintenance shutdowns at Skarv and Johan Sverdrup
• Shutdown due to power issues at Edvard Grieg/Ivar Aasen, planned maintenance was accelerated to minimise the production impact

HSSE performance

Injury frequency (TRIF) 1) CO² emissions intensity 2)

• Safety is always the top priority in Aker BP
• Zero recorded injuries in Q2 2022
• Ambition to be the preferred employer in the industry

• CO² emission of 4.7 kg/boe in line with plan
• Launched decarbonisation plan to achieve net zero by 2030
• Clear ambition to be industry leader on ESG

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

²⁾ Kg CO² emissions per barrel of oil equivalents produced, rolling 12 months average

Project portfolio progressing according to plan

Valhall

• ✓ First oil on Hod achieved in Q2 2022
• ✓ Valhall NCP & King Lear PDO by end 2022

Skarv

✓ Ærfugl Phase II started production in Q4 2021 ✓ Skarv Satellites PDO scheduled in Q4 2022, first oil scheduled from 2024

Johan Sverdrup phase II

• ✓ Expanding capacity to 755,000 bbl/day
• ✓ First oil expected in Q4 2022

Edvard Grieg & Ivar Aasen

• ✓ Hanz PDO approved in Q1 2022
• ✓ DG2 passed on Lille Prinsen, Rolvsnes Full Field and Solveig Phase II

Alvheim

• ✓ Frosk PDO approved in July 2022
• ✓ Kobra East Gekko PDO submitted in Q2 2021
• ✓ Trell & Trine PDO scheduled in Q3 2022

NOAKA

• ✓ On track for PDO submission in Q4 2022
• ✓ Operatorship on Krafla to be transferred to Aker BP following PDO submission

Gas discovery in Skarv Area

Storjo East – Gas discovery 25-80 mmboe

• Significantly larger than pre-drill estimate of 16-45 mmboe
• Aker BP 70 percent working interest
• Further delineation planned in 2023

Large campaign in prospective Skarv area

• Targeting net unrisked volumes of ~90 mmboe in 2022
• 3 more wells to be drilled in H2 2022

Ambition to build next wave of tie-backs

• Skarv Satellites approaching development
• Continued focus on exploration and business development

2022 exploration program

Licences	Prospect	Operator	Aker BP share	Pre-drill P90-P10	Status
PL873	Grefsenkollen & Øst Frigg	Aker BP	40%	17 - 40	1-7 mmboe
PL685	Laushornet	Aker BP	40%	73 - 306	Dry
PL1085	Overly	Aker BP	55%	46 - 135	4-12 mmboe
PL261	Storjo East	Aker BP	70%	16 - 46	25-80 mmboe
PL941	Newt	Aker BP	70%	13 - 33	Ongoing
PL941	Barlindåsen CW	Aker BP	70%	18 - 86	Q3
PL867	Gjegnalunden	Aker BP	80%	3 - 124	Q4
PL1141	Styggehøe	Aker BP	70%	10 - 41	Q4
PL554	Angulata	Equinor	30%	8 - 64	Q4
PL782S	Busta (Lamba)	CoP	20%	8 - 114	Q3
PL1064	Staurheia/Peder	CoP	20%	37 - 110	Non-commercial
PL265	P-Graben (Sverdrup)	Equinor	20%	5 - 19	Q4
PL943	Uer	Equinor	10%	7 - 93	Q3
PL229G	Lupa (Barents Sea)	Vår	50%	24 - 143	Q3
PL935	Bounty	CoP	20%	18 - 665	Dry
PL886	Melstein	Lundin	60%		Dry
PL929	Ophelia	Neptune	10%	10 - 40	Q3
PL1104	Poseidon	Equinor	40%	50 - 300	Ongoing

Exploration map

Lupa

Financial review

Second quarter 2022

Production and sales of oil and gas

Volumes produced & sold mboepd

Total income USD million

Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22

Liquids Natural gas Other

Liquids Natural gas Over/underlift

Capital spend

Capex

• Previous Aker BP 2022 guidance USD 1.6 bn
• Spend year-to-date below budget due to phasing
• Expected to ramp up in second half of the year

Expex

• Previous Aker BP 2022 guidance USD 0.4 bn
• High activity in the quarter
• Spending in accordance with plan

Abex

• Previous Aker BP 2022 guidance USD 0.1 bn
• Removed Valhall DP in the second quarter
• Spending in accordance with plan

Production costs down due to planned maintenance

Increased unit cost in Q2 due to lower production as a result of planned maintenance shutdowns

Production cost

USD million

Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22

Production cost USD/boe

Absolute cost down in the quarter

• Lower tariffs and transport due to lower production
• Base opex stable with high activity during planned shutdowns

Production cost per barrel up

• Direct consequence of lower production
• Will trend down as production ramps-up in the third quarter

Income statement

Second quarter 2022

USD million	Q2 2022	Q1 2022	Change	Comment	Comments
Total income	2 026	2 291	(265)	1
Production costs	190	220	(30)		in Q2
Other operating expenses	20	7	13	2
EBITDAX	1 816	2 064	(248)
Exploration expenses	67	58	9
EBITDA	1 749	2 007	(258)
Depreciation	199	231	(32)
Impairments	422	-	422	3
Operating profit (EBIT)	1 128	1 775	(647)
Net financial items	(62)	61	(123)	4
Profit/loss before taxes	1 066	1 837	(771)
Tax (+) / Tax income (-)	878	1 300	(422)	5
Net profit / loss	188	537	(349)
EPS (USD)	0.52	1.49

• 1. Gas ~31% and liquids ~67% of income in Q2
• 1. Includes transaction related costs
• 1. Mainly related to Ula, driven by change in profiles and accelleration of expected shut-down to 2028
• 1. Q1 was positively impacted by gain on sale of shares in Cognite
• 1. Higher tax rate due to revaluation of tax balances driven by weaker NOK

Cash flow

Second quarter 2022

USD million

1) Net cash flow from operating activities and investment activities excluding payments on lease debt

2) USD 2.22bn cash consideration net of cash & equivalents on account, and currency adjustment

3) Includes interest paid, fees related to RCF, and payments of lease debt

Q1-2022

FCF per share

\$3.0

Dividend per share

\$0.48

Q2-2022

FCF per share

\$2.2

Dividend per share

\$0.48

19

Statement of financial position

Before and after completion of Lundin transaction (USD million)

Assets	31.03.22 before	30.06.22 before	30.06.22 after
PP&E	8 257	8 479	15 988
Goodwill	1 647	1 647	14 246
Other non-current assets	1 877	1 852	3 181
Cash and equivalent	2 817	3 396	2 154
Other current assets	1 228	932	1 581
Total Assets	15 826	16 306	37 149

Equity and liabilities	31.03.22 before	30.06.22 before	30.06.22 after
Equity	2 708	2 724	12 061
Financial debt	3 558	3 508	5 834
Other long-term liabilities	6 406	7 018	13 456
Tax payable	2 257	2 072	4 253
Other current liabilities	898	984	1 545
Total Equity and liabilities	15 826	16 306	37 149

Superior financial flexibility

3.7

0.54

Net interest-bearing debt Excl. leases, USD billion

0.56

0.33

Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22

Leverage ratio

0.85

Cash and cash equivalents

Investment grade credit ratings

1)

0.7

0.12

BBB (upgraded from BBB-) Baa2 (upgraded from Baa3) BBB (upgraded from BBB-)

1) Net interest-bearing debt divided by EBITDAX last 12 months, excluding effects of IFRS16 Leasing 21

2) Liquidity available: Undrawn bank facilities and Cash and cash equivalents. Cash and cash equivalents shown net of USD 0.6 bn in short-term debt repaid on 1 July

Tax guidance

Tax payments - Sensitivity for fiscal year 2022 USD million

New tax system approved

• Key changes are immediate depreciation and refund of tax losses in special petroleum tax (71.8%), combined with the removal of uplift
• Will work in tandem with temporary system for 2022 PDO Projects

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

Sensitivity for payments in H1-23

• Brent price assumptions given for H2 2022
• Gas prices assumed fixed at \$25/mmbtu
• USDNOK fixed at 9.0

Operational guidance for second half 2022

Aker BP 195 Lundin 181 376 410-435 H1 actual H2 guidance Aker BP 0.9 Lundin 0.3 Capex 1.3 Expex 0.3 Abex: 0.1 1.2 1.7 H1 actual H2 guidance ~7 11.8 4.4 H1 Lundin H1 Aker BP H2 guidance Production mboepd Capital spend USD billion Production cost USD/boe

H2 guidance is based on USDNOK 9.5

Returning value

Aker BP dividends USD per share

USD 2.0/share

Updated guidance for full year 2022

~48%

Yearly growth from 2021

~11%

Quarterly growth from Q2 2022

Resilient growth

Ambition to grow by minimum 5% per year at oil prices above 40 \$/bbl

Strategy update

20 July 2022

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

The E&P company of the future

Reserves & Resources

2.8 bn ~400 <\$7 <4 kg \$2.0

barrels oil equivalent Production growth

mboepd in 2022, ~525 mboepd in 2028

Industry-leading low production cost

USD/boe targeted from 2023

Industry-leading low carbon emissions

CO² /boe Net zero by 2030

Sustainable dividend growth

USD/share in 2022

27

Profitable growth from unique resource base

Production outlook excl. 3P and exploration upsides

NPV10 breakeven target supportive tax system Production by 2028

\$30/bbl Capital efficient ~525 mboepd

Aker BP is uniquely positioned to deliver affordable, sustainable and reliable energy

1

Iraq

Driving the transformation of the E&P industry

Strategic alliances to reorganise the value chain

Digital transformation of core processes

Organisation

Alliance

Scope Incentives \$

Production optimisation and energy efficiency

Maintenance

Subsurface interpretation & modelling

Well construction & intervention

Field development

Collaboration

Strong and resilient cash flow generation

Aker BP value creation plan 2022-2028 USD billion, accumulated

Free cash flow scenarios USD billion, accumulated

2) 2022 FCF estimate is based on a fixed oil price assumption of USD 100/bbl

Capital allocation priorities

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

Our strategic priorities next 5 years

Aker BPs strategic framework

Lead the transformation of E&P Digitalisation – Alliances – Future Operations Return maximum value to our shareholders and our society Operate safely and efficiently Decarbonise our business Deliver growth on time, cost and quality Establish the next wave of profitable growth options

One Team – The most attractive place to work

Operate safely and efficiently

World-class assets with high efficiency and low cost

Safe and efficient operations

Production cost forecast USD/boe

84%

2021 NCS avg.

2) 2)

95%

Target

1) Source: RNNP 2021 (Petroleum Safety Authority Norway)

2) Source: Aker BP and McKinsey operations benchmark. 2021 proforma includes all Aker BP operated assets and Edvard Grieg

Decarbonize our business

Low emissions and clear pathway to net zero

The challenge

Affordable, sustainable and reliable energy for all

Oil & gas will remain a crucial part of the energy mix

Sustainable Development scenario (SDS)

Aker BP's contribution as a pure play E&P company

Maximize value creation for shareholders and the society while producing the energy the world needs

Minimize emissions from our operations

Share technology and knowledge to enable new industries

World-class low emissions

Leading the way on low carbon

kg CO² /boe, equity share

Source: Rystad. Selection of independents with 2021e production>100 mboepd and mainly offshore assets Includes APA , BHP, COP, BHR, HES, MUR, Neptune Energy, OXY, Spirit Energy, Vår Energy, Wintershall DEA, WPL

Emissions intensity 2020 Key drivers behind Aker BP's low emissions

Electrification

Power from Shore to Valhall (2012) – Johan Sverdrup (2019)– Edvard Grieg & Ivar Aasen (late 2022)

Efficiency improvements

Portfolio-wide program achieving year-by-year improvements in Energy Efficiency

Production optimisation

Continuous field development through Aker BP's alliance model to keep production high

Decarbonization plan to net zero

Net zero across operations by 2030 1)

Aker BP's targets

• 1. Carbon intensity <4 kg CO2e/boe
• 1. Methane intensity < 0.1 %
• 1. Scope 2 emissions ~0 from 2023
• 1. Absolute CO² emissions reduced with 50% by 2030 and ~100% by 2050
• 1. Net zero across operations by 2030

Aker BP set to further improve emissions performance

Concrete actions taken to reduce emissions

More than 80% of production with ~0 scope 1 emissions Driven by continued electrification and asset retirement

Energy efficiency: Targeting 2% improvement p.a.

Examples of recent achievements1)

2020: 19 000 tonnes (+60 000 tonnes with temporary effect)

• Change Skarv gas export specifications and reduce pressure loss
• Optimised Ula WAG scheme reduced injection pressure

2021: 22 000 tonnes

• Rebundled Alvheim compressors
• Modifications on rig to optimise fuel consumption

2022: 39 000 tonnes (YTD estimate)

• Change two Alvheim water injection pumps
• Optimise Skarv gas injection and rate

Successful decarbonisation strategy results in forecast emissions intensity of < 4 kg CO² /boe until 2035

Clear pathway to reduce absolute emissions close to zero

Aker BP high level CO² emissions forecast of operated assets

1) Current best estimate of hypothetical emissions if no electrification or energy efficiency measures had been implemented

2) Based on current business plan and could change based on economic cut-off

Neutralising residual emissions from 2030

• ✓ Leading low CO² intensity is a competitive advantage for Aker BP to become net zero across operations
• ✓ Main priority is to avoid and reduce our own emissions
• ✓ Residual emissions will be neutralised from 2030
  • For every ton CO² we emit in 2030 onwards1), Aker BP will remove one ton from the atmosphere
• ✓ Neutralisation through high integrity carbon credits

  • 50% of cumulative credits needed to 2040 secured already, mostly through two proprietary reforestation projects2)

• ✓ Evaluating CCS3) as a standalone business opportunity and potential decarbonisation lever longer term
• 1) Aker BP's equity share of Scope 1 and Scope 2 emissions
• 2) VCS or GoldStandard registered reforestation projects
• 3) Carbon Capture and Storage

CO² neutralisation status

Deliver growth on time, cost and quality

Profitable growth from unique resource base

Uniquely positioned for profitable growth

• Large resource base and diversified project portfolio with low break evens
• Supportive and investment friendly fiscal regime
• Alliance model enabling strong execution in volatile supplier market
• Portfolio progressing according to plan on track to deliver PDOs by end 2022
• Set to grow production >525 mboepd by 2028

1.4 bn boe

2C resources

Investing in highly profitable growth

Aiming to sanction ~900 of 1,400 mmboe by end 2022 in new developments1)

Projects targeting FID by end-22

Investment-friendly fiscal regime

Accelerated tax deductions reduce financial risk and improve project economics

Aker BP est. capex before tax USD billion

Aker BP est. capex after tax USD billion

New tax system approved in June

Will work in tandem with temporary system from 2020 in response to the pandemic

Temporary system applicable to projects with final investment decision by end 2022

• Effectively lowers full-cycle breakeven oil prices by USD 5-10/bbl (NPV-10)
• ~90% tax deduction for capex until production start (~85% in the first year)

Alliances – the cornerstone of our execution model

Key to secure capacity in the supply chains Aker BP's alliance model

Long-term collaboration model

• One team
• Common goals
• Shared incentives

Key benefits

• Access to capacity and competence
• Improved efficiency
• Drive continuous improvement

Alliances established with leading suppliers

• Covering >90% of capital spend
• Across all major categories

Transforming drilling performance

Enabled by digitalization and world-class alliance partners

Performance Benchmark from Drilling & Wells

Rushmore benchmarking 2021-2022

Source: Rushmore Reviews. All rights reserved. Extracted 06.07.2022. Search Criteria (Rig Type: Semi-Sub & Jack Up, Well Type: Development & Exploration, Year: 2021-2022, Hole Type: New Well & Slot Recovery, Is Multilateral: True & False, Is HPHT: False, Following areas: Norway, Total number of wells: 89)

On track to sanction 900 mmboe by end-2022

Area	2021	2022	2023	2024	2025	2026	2027
Alvheim	Kobra East & Gekko Frosk
	Trell & Trine Hanz
Edvard Grieg & Ivar Aasen	Lille Prinsen Rolvsnes Full Field
	Solveig Phase II
NOAKA	NOA Fulla
	Krafla
Skarv	Ærfugl phase 2 Skarv satellites
	(Ørn, Shrek, Alve Nord, Idun Hod	Nord)
Valhall	Valhall NCP /King Lear
Johan Sverdrup	Johan Sverdrup phase 2 (Equinor operated)
	Wisting field development
Wisting	(Equinor operated)
Timing is indicative		Project planning	Project execution	Concept select	Final investment decision	Production start

Strong production growth with high-return barrels

Production outlook1)

mboepd

~525 mboepd

production by 2028

30 \$/bbl

Targeted NPV-10 breakeven

with supportive tax system

Establish the next wave of profitable growth options

Uniquely positioned on the NCS

Significant upsides to current plans around existing assets

• Skarv: Exploration prospectivity (ILX) and development of tight reservoirs
• Edvard Grieg/Ivar Aasen: Infills, ILX and basement upside enabled by 4D seismic
• Johan Sverdrup: Infill drilling to extend plateau and accelerate production
• Valhall: Infill enabled by lower drilling cost and new completion technology
• Alvheim & NOAKA: Infill and ILX enabled by 4D seismic and lower drilling costs

Exploration strategy

Uniquely positioned on the NCS

• Second largest licence holder with 189 licences
• Operator for ~70%

Targeting 250 mmboe by 2027

• Drill 10-15 exploration wells per year
• 80/20 near-field/new areas

New ways of working

• Combining two strong teams
• Investing in technology and digitalisation

Disciplined approach to M&A

Value creation through a combination of M&A and organic growth

Summary

56

Our strategic priorities next 5 years

Aker BPs strategic framework

Return maximum value to our shareholders and our society
Lead the transformation of E&P Digitalisation – Alliances – Future Operations
Zero serious incidents Production efficiency ex. Planned shut ins > 95% Production cost <7 USD/boe	Equity GHG intensity < 4kg CO e/boe 2 Reduce scope 1+2 CO emissions 2 by 50% by 2030 Net zero across operations by 2030	Grow production to >525 mboepd from projects with BEP < 30 Deliver projects on cost, quality & time	Discover 250 mmboe by 2027 Grow the resource potential with new technology Execute value driven M&A
Operate safely and efficiently	Decarbonise our business	Deliver growth on time, cost and quality	Establish the next wave of profitable growth options

One Team – The most attractive place to work

The E&P company of the future

Reserves & Resources

2.8 bn ~400 <\$7 <4 kg \$2.0

barrels oil equivalent Production growth

mboepd in 2022, ~525 mboepd in 2028

Industry-leading low production cost

USD/boe targeted from 2023

Industry-leading low carbon emissions

CO² /boe Net zero by 2030

Sustainable dividend growth

USD/share in 2022

58

www.akerbp.com