Aker BP

Quarterly Report • Apr 27, 2023

First quarter 2023

27 April 2023 Aker BP ASA

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.

Highlights

• Strong operational performance
• Projects on track
• High earnings and cash flow
• 2023 guidance reiterated

Safety is our priority number one

Injury frequency (TRIF)

Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23

High efficiency and low cost

Production efficiency

Capacity utilisation (operated assets)

Production cost USD per boe

Record high production

1,000 barrels oil equivalent per day (mboepd)

2023 exploration program

Licence	Prospect	Operator	Aker BP share	Pre-drill mmboe	Status
PL867	Gjegnalunden	Aker BP	80%	3 - 124	3-9 mmboe
PL265	P-Graben	Equinor	27%	8 - 33	Dry
PL1141	Styggehøe	Aker BP	70%	10 - 41	Dry
PL554	Angulata	Equinor	30%	8 - 64	Dry
PL919	Ve	Aker BP	80%	6 - 14	3-5 mmboe
PL873/442	Øst Frigg Beta/Epsilon	Aker BP	44%	18 - 45	Drilling
PL1148	Carmen	Wellesley	10%	22 - 172	Drilling
PL1005	Rondeslottet*	Aker BP	40%		Q2
PL442	Frigg Gamma Delta / Ypsilon	Aker BP	88%	9 - 22	Q2
PL211CS	Dvalin N	Wintershall Dea	15%	29 - 66	Q2
PL272B	Krafla Mid Statfjord	Aker BP	50%	10 - 59	Q2
PL929	Ofelia	Neptune	10%	28 - 45	Q3
PL956	Ringhornet Ty	Vår	20%	7 - 39	Q3
PL261	Storjo West	Aker BP	70%	10 - 20	Q4
PL1170	Ferdinand	Aker BP	35%	49 - 117	Q4
PL932	Kaldafjell	Aker BP	40%	19 - 145	Q4
PL917	Magellan	Vår	40%	16 - 54	Q4

7

Continued progress on decarbonisation

Emission intensity Kg CO2e/boe

Main drivers for the reduction

• Increased ownership in low-emission assets following the Lundin transaction from Q3-22
• Edvard Grieg and Ivar Aasen electrified as part of Johan Sverdrup Phase 2 project
• Continuous energy efficiency improvements

Aker BP – a global leader in low CO² emissions

0 20 40 60 80 100 120 140 160 1 9 17 25 33 41 49 57 65 73 81 89 97 105 113 121 129 137 145 153 161 169 177 185 193 201 209 217 225 233 241 249 257 265 273 281 289 300 largest producing upstream companies 50 100 150 200 250 Net emission intensity, kg CO² /boe equity share (2022) 1 1 300 1. Carbon intensity <4 kg CO2e/boe 2. Methane intensity <0.1 % 3. Scope 2 emissions ~0 from 2023 4. Absolute CO² emissions reduced with 50% by 2030 and ~100% by 2050 5. Net zero across operations by 2030 Aker BP's targets

Sales of oil and gas

Volume sold mboepd

Total income USD million

Realised prices USD/boe

Q1-22 Q2-22 Q3-22 Q4-22 Q1-23

Liquids Natural gas

Liquids Natural gas Other

Income statement

USD million

	Q1 2023	Q4 2022
Total income	3 310	3 826
Production costs	263	286
Other operating expenses	16	16
EBITDAX	3 031	3 523
Exploration expenses	98	32
EBITDA	2 933	3 491
Depreciation	599	641
Impairments	373	636
Operating profit (EBIT)	1 961	2 214
Net financial items	(137)	(37)
Profit/loss before taxes	1 824	2 177
Tax (+) / Tax income ( - )	1 637	2 064
Net profit / loss	187	112
EPS (USD)	0.30	0.18

450 mboepd (428)

Oil and gas sales

\$81 per boe (96)

Net realised price

\$7.2 per boe (7.2)

Production cost

90% (95%)

Effective tax rate

Cash flow - First quarter 2023

USD million

\$1.0 bn (0.08)

Free Cash Flow (FCF)

\$1.55(0.13)

FCF per share

\$0.55 (0.525) Dividend per share

Cash tax

Tax payments - Sensitivity for 2023 USD million

3,500

Process for tax payments

• Tax for the year is paid in six bimonthly instalments, starting in August, plus final settlement
• Initial tax estimate for the year is made in Q2, the Aug-Dec instalments are then fixed in NOK
• Option for voluntary additional payment in October normally only relevant if the initial estimate was too low
• At year-end, the upcoming Feb-Jun instalments may be adjusted to reflect latest estimate
• Final settlement in December the following year

Assumptions for H2-23 sensitivity analysis

• Brent price assumption reflects average for 2023
• Gas prices fixed at 15 \$/mmbtu
• USDNOK 9.5

Statement of financial position

USD million

Assets	31.03.23	31.12.22	31.03.22 restated
PP&E	16 220	15 887	10 370
Goodwill	13 636	13 935	1 647
Other non-current assets	3 122	2 984	1 877
Cash and equivalent	3 280	2 756	2 817
Other current assets	1 671	2 000	1 228
Total Assets	37 928	37 562	17 940

Equity and liabilities
Equity	12 267	12 428	2 547
Financial debt	5 304	5 279	3 558
Deferred taxes	9 502	9 359	3 405
Other long-term liabilities	4 681	4 248	5 275
Tax payable	4 758	5 084	2 257
Other current liabilities	1 416	1 164	898
Total Equity and liabilities	37 928	37 562	17 940

\$6.7 bn (\$6.2)

Total available liquidity

32% (33%)

Equity ratio

0.16 (0.21)

Leverage ratio*

*) Net interest-bearing debt divided by twelve months rolling EBITDAX, excluding any impacts from IFRS 16

Bond maturities

USD/EUR billion

Maintaining financial flexibility

Net interest-bearing debt

Excl. leases, USD billion

0

1

2

3

4

5

6

7

Liquidity available2)

USD billion

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 15

Dividends

Planned quarterly dividends of USD 0.55 per share, equivalent to USD 2.2 per share for 2023

Dividends

USD per share

• Resilient dividend capacity
• Distributions shall reflect the financial capacity through the cycle
• A quarterly dividend of USD 0.55 per share paid in the first quarter 2023
• ~10% dividend growth for full year
• Ambition to grow dividend by minimum 5% per year

2023 guidance reiterated

Production (mboped)	430-460
Opex (USD/boe)	7.0-8.0
Capex (USDbn)	3.0-3.5
Exploration (USDbn)	0.4-0.5
Abandonment (USDbn)	0.1-0.2

Aker BP project overview

~770 mmboe

Net oil and gas resources

~20 USD bn

Net investments, before tax

~3 USD bn

Net investments, after tax

Projects adding significantly to growth and value creation

Lifting Aker BP's production by 250-300 mboepd in 2028

Production outlook

mboepd

Robust and profitable project portfolio

\$35-40/bbl

Project portfolio break-even oil price¹

~25%

Project portfolio IRR at \$65/bbl oil price

1-2 years

Project portfolio payback at \$65/bbl oil price

Project execution progressing according to plan

• Progress on track
  • Quality I Schedule I Cost I HSSE
• Reaping the benefits of frontloading
  • Early planning and maturation
  • Supplier involvement
  • Secured yard and rig capacity
• All major contracts placed
  • With alliance partners and strategic suppliers
• Troldhaugen project discontinued

Aker BP project overview

Asset area	Field development	Aker BP ownership	Gross/net volume	Net capex estimate	PDO submission	Production start
	Kobra East & Gekko	80.0%	50/40 mmboe	USD 0.9bn	2021	2024
Alvheim	Frosk	80.0%	10/8 mmboe	USD 0.2bn	2021	2023
	Tyrving	61.3%	25/15 mmboe	USD 0.4bn	2022	2025
	Hanz	35.0%	20/7 mmboe	USD 0.2bn	2021	2024
Edvard Grieg & Ivar Aasen	Symra	50.0%	87/49 mmboe	USD 1.3bn	Dec-22	2027
	Solveig Phase II	65.0%				2026
	Alve North	68.1%	119/51 mmboe	USD 1.0bn	Dec-22	2027
Skarv	Idun North	23.8%				2027
	Ørn	30.0%				2027
	Valhall PWP	90.0%	230/187 mmboe	USD 5.5bn	Dec-22	2027
Valhall	Fenris	77.8%				2027
	Hugin	87.7%	650/413 mmboe	USD 10.7bn	Dec-22	2027
Yggdrasil	Munin	50.0%				2027
	Fulla	47.7%				2027

Alvheim projects

Unlocks new volumes, reduces unit cost and secures life-time extension on Alvheim

Yggdrasil

New North Sea area hub by joining forces across licenses

Gas ~40% of estimated volumes		Aker BP (operator)	Hugin: 87.7% Munin: 50.0% Fulla: 47.7%
Power supply from shore	Munin Unmanned production platform	Partners	Equinor and LOTOS Norge
A new digital standard	Hugin A Production, drilling & quarters Hugin B Normally unmanned installation	Volume estimate	650 mmboe (gross) / 413 mmboe (net)
55 wells		Net capex estimate (nominal)	USD 10.7 bn
Significant additional volume potential		Production start est.	2027

Valhall PWP-Fenris

Unlocks new volumes and secures life-time extension on Valhall

Skarv Satellites

Investments in future flexibility enabling further area development

Alve N

Utsira High projects

Increased capacity utilisation at Ivar Aasen and Edvard Grieg platforms

Summing up

• Strong operational performance
• Projects on track
• High earnings and cash flow
• 2023 guidance reiterated

www.akerbp.com