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Aker BP (AKRBP) investor relations material

Aker BP Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary15 Jul, 2025

Executive summary

  • Strong operational performance in Q2 2025 with high production efficiency, low costs, and industry-leading low emissions intensity; production declined sequentially due to planned maintenance, but field development projects remain on track for growth from 2027.

  • Exploration success at Yggdrasil, including new oil discoveries in the Omega Alpha well, supports long-term growth ambitions and ongoing project execution.

  • Maintained a strong financial position and robust operating cash flow, supporting continued and growing dividends.

  • The company remains on track to sustain production above 500,000 barrels per day beyond 2030, with visible growth drivers and additional upside from exploration and M&A.

  • Field developments and major projects, including Johan Sverdrup Phase III and East Frigg, remain on schedule for 2026–2027 startups.

Financial highlights

  • Total income for Q2 2025 was $2.6 billion, down from $3.2 billion in Q1 2025, with EBITDA of $2.2 billion.

  • Net result for Q2 2025 was a loss of $324 million, with EPS of $0.62 (adjusted) and effective tax rate at 75%.

  • Cash flow from operations was $1.2 billion, with free cash flow at -$1.0 billion, and net cash outflow from investing activities at $2.2 billion.

  • Production cost per barrel increased to $7.3 in Q2, with net realised price at $67 per boe.

  • Impairments totaled $717 million in Q2, mainly due to lower forward oil and gas prices, impacting reported tax rate.

Outlook and guidance

  • Full-year 2025 production guidance revised upwards to 400,000–420,000 barrels per day, with unit cost guidance maintained at ~$7 per barrel.

  • 2025 capex guidance increased to ~$6.5 billion, reflecting a 6% rise from original estimates.

  • Dividend growth ambition of at least 5% annually remains firm, with $2.52 per share planned for 2025.

  • Abandonment spend guidance reduced to ~$100 million; exploration spend guidance unchanged at ~$450 million.

  • Most after-tax FX impact is hedged, limiting exposure.

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Frequently asked questions

Aker BP ASA engages in the exploration, development, and production of oil and gas on the Norwegian Continental Shelf. It operates through the Oil Development and Production Norway; Oil Development and Production UK; Gas Exploration and Production Norway; Field Development Norway Environmental Technology; and Other segments. it also offers EPC solutions for offshore oil, gas and wind projects and is a supplier of proprietary technology for CO2 capture. Aker BP ASA was founded in 2001 and is headquartered in Fornebu, Norway.

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