Aker BP — Investor Presentation 2022

Jul 20, 2022

Strategy update

20 July 2022

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

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

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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

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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

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Strong and resilient cash flow generation

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

Free cash flow scenarios USD billion, accumulated

1) Investments after tax deductions. BE: break-even oil price using 10% discount rate

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

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
Edvard Grieg	Trell & Trine Hanz Lille Prinsen
& Ivar Aasen	Rolvsnes Full Field Solveig Phase II
NOAKA	NOA Fulla
	Krafla Ærfugl phase 2
Skarv	Skarv satellites (Ørn, Shrek, Alve Nord, Idun	Nord)
Valhall	Hod Valhall NCP /King Lear
Johan Sverdrup	Johan Sverdrup phase 2 (Equinor operated)
Wisting	Wisting field development (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

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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

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www.akerbp.com