Aker BP

Quarterly Report • Apr 19, 2023

First quarter 2023 trading update

First quarter 2023 trading update

Aker BP (OSE: AKRBP) (OTCQX: AKRBF; AKRBY) will publish its financial report for

the first quarter 2023 on Thursday 27 April 2023. Today the company provides an

update on production and sales volumes and other relevant items for the quarter.

Oil and gas production and sales

Aker BP produced 452.7 thousand barrels of oil equivalents per day (mboepd) in

the quarter. Net volume sold amounted to 449.6 mboepd.

Volume (mboepd) Q1-23 Q4-22 Q3-22

Net production 452.7 432.0 411.7

Overlift/(underlift) (3.1) (3.7) (5.0)

Net sold volume 449.6 428.3 406.7

Of which liquids 384.1 362.2 342.2

Of which natural gas 65.5 66.0 64.5

Realised prices Q1-23 Q4-22 Q3-22

Liquids (USD/boe) 78.4 86.6 101.1

Natural gas (USD/boe) 98.7 150.4 280.9

Impairments

The company expects non-cash impairment charges of approximately USD 400 million

before tax (approximately USD 300 million after tax) in the first quarter

related to the Edvard Grieg area. This is mainly driven by the previously

announced termination of the Troldhaugen project and by reduced forward prices

leading to an impairment of technical goodwill allocated to the Edvard Grieg &

Ivar Aasen CGU.

Webcast

The company will release the first quarter 2023 results on 27 April 2023 at

07:00 CEST. At 08:30 CEST the same day, the management will present the results

on a webcast available on www.akerbp.com/en. The presentation will be followed

by an online Q&A session.

Disclaimer

The information in this statement is based on a preliminary assessment of the

company's first quarter 2023 financial results. The company has not completed

its financial reporting and related review and control procedures. The estimates

provided may therefore be subject to change and the financial statements finally

approved and released by the company may deviate from the information herein.

Contact

Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889

About Aker BP:

Aker BP is a company engaged in exploration, field development and production of

oil and gas on the Norwegian continental shelf. The company operates the field

centres Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a

partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu,

Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at

www.akerbp.com.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act and requirements under the EU Market

Abuse Regulation.