Aker BP (AKRBP) investor relations material

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with 97% production efficiency and sector-leading low costs, supported by robust cash flow and major projects like Symra delivered nine months ahead of schedule.

• Production averaged 398,000 barrels per day, with cost reduced to $7.7 per barrel and emissions intensity at 3 kg CO2 per barrel.

• Major projects and tiebacks are progressing ahead of schedule, supporting a production growth target of 525,000 barrels per day by 2028 and sustaining around 500,000 barrels per day into the 2030s.

• Exploration activity is integrated into the business, with recent wells confirming pre-drill estimates and supporting future competitiveness.

Financial highlights

• Q1 2026 production: 398 mboepd; total income: $3,026 million; EBITDA: $2,662 million; net profit: $758 million, reversing a Q4 2025 net loss.

• Realized liquids price: $82 per barrel; gas at $80 per barrel of oil equivalent; realized oil price peaked at $83.5 per barrel in Q1.

• Operating cash flow was $2 billion, benefiting from higher income and lower tax payments.

• Dividend of $0.6615 per share paid in Q1 2026.

• Available liquidity: $5.4 billion, including undrawn credit facilities.

Outlook and guidance

• 2026 guidance reconfirmed: production between 370,000–400,000 barrels per day, production cost around $8 per barrel, CapEx of $6.2–$6.7 billion.

• Free cash flow generation is robust across oil price scenarios, with leverage ratio not expected to exceed 1.5x even in a prolonged low price environment.

• Ambition to grow dividend by at least 5% per year through the current investment cycle; planned dividend for 2026: $2.646 per share.

• Exploration spend expected at $400 million, abandonment spend at $100 million.