Aker BP — Investor Presentation 2024

Apr 24, 2024

First quarter 2024

24 April 2024 Aker BP ASA

Highlights

First quarter 2024

High operational performance

• Increased production
• Low cost and low emissions

Development projects on track

• Hanz in production
• Accelerated start-up for Tyrving

Strong financial position

• Stable underlying cash flow
• Full-year guiding unchanged

Production

1,000 barrels oil equivalent per day (mboepd)

1) Total portfolio (operated and non-operated)

Operating cost

Aker BP production cost USD per boe

USD per boe, 2023e

20

1) Source Wood Mackenzie. Companies included: Aker BP, BP, Chevron, ConocoPhillips, Diamondback Energy, DNO, Eni, EOG Resources, Equinor, ExxonMobil, , Galp Energia, Harbour Energy, Hess Corp., Marathon Oil, OKEA, Pioneer, Shell, TotalEnergies, , Tullow Oil, Vår Energi.

4

A global leader in low GHG emissions

Decarbonising the business

Aker BP emission intensity, kg CO2e/boe

120 Industry net emission intensity Kg CO² /boe, equity share (2023)¹

285 largest producing upstream companies

1

140

Safety

Injury frequency (TRIF)¹ Serious incident frequency (SIF)¹

1) TRIF: Total recordable injuries per million working hours, rolling 12 months average. SIF: Serious incident frequency per million working hours, rolling 12 months average.

Development projects to drive growth and value creation

Net volume 800 mmboe I Net capex USD ~3 billion after tax I Portfolio BE at USD 35-40 per barrel¹

Production outlook

mboepd

Project execution progressing according to plan

Moving from engineering and procurement phase to construction

The Hanz field in production

Subsea development to the Ivar Aasen platform¹

1) Operated by Aker BP (35%). Partners: Equinor (50%) and Sval Energy (15%). Gross reserves of ~20 mmboe, net ~7 mmboe.

2024 exploration program

Licence	Prospect	Operator	Aker BP share	Pre-drill mmboe	Status
PL102G	Trell North*	Aker BP	61%		3-8 mmboe
PL1138	Ametyst	Harbour Energy	30%		6-19 mmboe
PL956	Ringhorne North	Vår Energi	20%		13-23 mmboe
PL211CS	Adriana*	Wintershall Dea	15%		23-45 mmboe
PL442	FGD*/Ypsilon	Aker BP	88%	9 - 20	Drilling
PL1182S	Kjøttkake	DNO	30%	19 - 40	Q2
PL1185	Kvernbit	Equinor	20%	9 - 65	Q2
PL203	Alvheim Deep	Aker BP	80%	24 - 160	Drilling
PL261	Storjo West	Aker BP	70%	4 - 30	Q2
PL1170	Ferdinand	Aker BP	35%	31 - 65	Q2
PL1170	Hassel	Aker BP	35%	27 - 45	Q2
PL554	Garantiana Skrustikke	Equinor	30%	26 - 100	Q2
PL211CS	Sabina*	Wintershall Dea	15%	6 - 15	Q3
PL869	Rumpetroll South	Aker BP	80%	10 - 45	Q3
PL932	Kaldafjell	Aker BP	40%	12 - 140	Q3
PL1110	Njargasas	Aker BP	55%	23 - 120	Q4
PL1131	Elgol	Vår Energi	20%	27 - 180	Q4
PL942	Kongeørn	Aker BP	30%	5 - 40	Q4
PL886	Bounty	Aker BP	60%	50 - 400	Q4
PL212	E-Prospect	Aker BP	30%	5 - 10	Q4

Ferdinand Storjo W Garantiana Skrustikke FGD/Ypsilon Ringhorne North Rumpetroll S. Hassel Trell North Alvheim Deep Ametyst Kvernbit Kjøttkake Njargasas Kaldafjell Elgol Kongeørn Aker BP partner Aker BP operator E-Prospect Bounty Adriana/Sabina

*) Appraisal well

Financial highlights

• High prices and low costs
• Underlift and working capital build in the quarter
• Strong financial flexibility maintained

Sales of oil and gas

Volume sold mboepd

Realised prices USD/boe

Total income USD million

Liquids Natural gas

Liquids Natural gas

Liquids Natural gas Other

Income statement

USD million

	Q1 2024	Q4 2023
	Actual	Before impairment	Impairments	Actual
Total income	3 078	3 556		3 556
Production costs	211	298		298
Other operating expenses	11	17		17
EBITDAX	2 855	3 241		3 241
Exploration expenses	68	67		67
EBITDA	2 787	3 174		3 174
Depreciation	592	606		606
Impairments	0		415	415
Operating profit (EBIT)	2 194	2 569	(415)	2 154
Net financial items	(104)	15		15
Profit/loss before taxes	2 090	2 583	(415)	2 168
Tax (+) / Tax income (-)	1 559	2 008	(3)	2 005
Net profit / loss	531	575	(412)	164
EPS (USD)	0.84	0.91	(0.65)	0.26
Effective tax rate	75 %	78 %	1 %	92 %

429 mboepd (467)

Oil and gas sales

\$78 per boe (82) Net realised price

\$6.1 per boe (6.2)

Production cost

75% (92%)

Effective tax rate

Cash flow

USD million

	Q1 -24	Q4 -23	Q3 -23	Q2 -23
Op. CF before tax and WC changes	2 986	3 204	3 235	2 731
Taxes paid	(1 054)	(2 207)	(862)	(2 817)
1 Changes in working capital	(476)	506	(272)	207
Cash flow – operations	1 456	1 503	2 101	121
Cash flow – investments	(1 117)	(1 042)	(944)	(776)
Free cash flow	339	461	1 157	(655)
Net debt drawn/repaid	-	(0)	(2)	488
Dividends	(379)	(348)	(348)	(348)
Interest, leasing & misc.	(110)	(85)	(138)	(75)
Cash flow – financing	(489)	(433)	(488)	66
Net change in cash	(150)	28	669	(589)
Cash at end of period	3 215	3 388	3 375	2 689

\$0.34bn (0.5)

Free cash flow (FCF)

\$0.54(0.73)

FCF per share

\$0.60 (0.55)

Dividend per share

Near-term tax payments

Sensitivity for H2-2024

Q1-24 Q2-24 Q3-24 Q4-24

\$100/bbl

\$60/bbl

\$80/bbl

Tax instalments for fiscal year 2023

• Tax for the year is paid in six bimonthly instalments with six months delay
• Q2-24 instalments now fixed based on full-year 2023 performance

Assumptions for H2-24 sensitivity analysis

• Gas prices assumed at USD 8 per mmbtu
• USDNOK rate assumed at 10.0
• Three oil price scenarios illustrated (average for 2024)

Balance sheet

USD million

Assets	31.03.24	31.12.23	31.03.23
PP&E	17 819	17 450	16 220
Goodwill	13 143	13 143	13 636
Other non-current assets	3 207	3 314	3 122
Cash and equivalent	3 215	3 388	3 280
Other current assets	2 053	1 751	1 671
Total Assets	39 437	39 047	37 928

Total Equity and liabilities	39 437	39 047	37 928
Other current liabilities	1 955	1 833	1 416
Tax payable	3 444	3 600	4 758
Other long-term liabilities	4 674	4 861	4 681
Deferred taxes	11 058	10 592	9 502
Financial debt	5 791	5 798	5 304
Equity	12 514	12 362	12 267
Equity and liabilities

\$6.6bn (\$6.8)

Total available liquidity

32% (32%)

Equity ratio

0.21(0.19)

Leverage ratio¹

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

Maintaining financial flexibility

Net interest-bearing debt Excl. leases, USD billion

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2.0 3.1 2.4 2.4 2.6 0 1 1 2 2 3 3 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24

Leverage ratio¹ Targeting below 1.5 over time

1.2 0.9 0.6 0.3 0.1 0.5 0.2 0.2 0.2 0.2 0.2 0.2 0.2

Q1-21 Q3-21 Q1-22 Q3-22 Q1-23 Q3-23 Q1-24

Liquidity available² USD billion

Investment grade credit ratings

BBB Baa2 BBB

1) Leverage ratio: Net interest-bearing debt divided by EBITDAX last 12 months, excluding effects of IFRS16 Leasing 2) Liquidity available: undrawn bank facilities and cash and cash equivalents

Dividends

Planned quarterly dividends of USD 0.60 per share, equivalent to USD 2.40 per share for 2024

Dividends

USD per share

• Resilient dividend capacity
• Distributions shall reflect the financial capacity through the cycle
• A quarterly dividend of USD 0.60 per share paid in the first quarter 2024
• ~9% dividend growth for full year
• Ambition to grow dividend by minimum 5% per year

2024 guidance unchanged

	Q1-24 actuals	2024 guidance
Production (mboped)	448	410-440
Opex (USD/boe)	6.1	~7.0
Capex (USDbn)	1.0	~5.0
Expex (USDbn)	0.08	~0.50
Abex (USDbn)	0.06	~0.25

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.

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