Aker BP (AKRBP) investor relations material

Executive summary

• Achieved strong operational and financial results in Q2 2026, with record-high operating cash flow and robust balance sheet maintained; production averaged 384,000 boe/d.

• Major growth projects (Yggdrasil, Valhall PWP-Fenris, Skarv Satellites, Johan Sverdrup Phase 3) remain on track for 2027 start-up, with significant milestones delivered.

• Strategic collaboration with Equinor and active portfolio management support future growth and portfolio alignment.

• Portfolio strengthened through exploration, acquisitions, and business development, supporting continued high shareholder returns.

Financial highlights

• Q2 2026 total income reached $3,682 million, up 22% year-over-year; EBITDA was $3,351 million, and net profit was $729 million with EPS of $1.15.

• Operating cash flow hit a record $3.1 billion; free cash flow reached $1.3 billion.

• Realized oil price was $110/bbl, with net realized price at $105/boe; dividend per share for the quarter was $0.6615.

• Available liquidity increased to $6 billion; leverage ratio improved to 0.55x; equity ratio at 24%.

• Production cost per boe produced at $8.8 for Q2 2026.

Outlook and guidance

• 2026 production guidance set at 380,000–400,000 boe/d, with H1 production at 391,000 boe/d.

• Production cost guidance remains at ~$8/boe for the year.

• CapEx for 2026 expected at $6.8–$7.2 billion, reflecting updated project estimates and higher activity.

• Exploration spend expected at ~$400 million; abandonment at ~$100 million.

• Dividend policy targets at least 5% annual growth, with annualized dividend guidance at $2.646/share.