Aker BP (AKRBP) Q1 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in Q1 2025, with production of 441 mboepd, high efficiency, low costs, and low emissions; two new commercial discoveries enhanced the future development pipeline.

• Maintained a resilient balance sheet, high liquidity, and low leverage, supporting continued investment and resilient dividends.

• Major development projects, including Johan Sverdrup Phase 3, Yggdrasil, and Valhall, progressed on schedule and budget, with key milestones and investment decisions approaching.

• Advanced an ambitious exploration program for 2025, with two new discoveries and multiple wells planned.

Financial highlights

• Total income for Q1 2025 was USD 3.2 billion, up 4% quarter-on-quarter; net profit was USD 316 million (USD 0.50 per share), with EBITDA of USD 2.8 billion.

• Cash flow from operations reached USD 2.1 billion; free cash flow totaled USD 685 million.

• Dividend of USD 0.63 per share paid for the quarter, with annualized guidance of USD 2.52 per share for 2025.

• Net interest-bearing debt at USD 3.95 billion; available liquidity at USD 7.7 billion.

• Production cost per barrel was USD 6.5, among the lowest in the industry.

Outlook and guidance

• 2025 guidance unchanged: production 390,000–420,000 boe/d, opex around USD 7/boe, capex USD 5.5–6 billion, exploration spend USD 450 million, abandonment spend USD 150 million.

• Ambition to maintain production above 500 mboepd into the 2030s, supported by ongoing and planned projects.

• Dividend growth ambition of at least 5% annually through 2028, sustainable at oil prices above USD 40.