Aker BP (AKRBP) Q4 2024 & Strategy Update earnings summary

Executive summary

• Delivered outstanding operational and financial performance in Q4 and full year 2024, with production at the high end of guidance, record-high cash flow, and strong project execution across all major assets.

• Development projects remain on track, supporting a production outlook above 500,000 barrels per day into the 2030s, leveraging a 2 billion barrel opportunity around existing assets.

• Increased resource ambition for Yggdrasil to over 1 billion barrels and Johan Sverdrup recovery ambition to 75%.

• Maintained industry-leading cost efficiency and emission intensity, with GHG intensity at 2.5–2.6 kg CO₂e/boe.

• Committed to shareholder value with a 5% dividend increase for 2025, following a 9% increase in 2024.

Financial highlights

• Record high operating cash flow of $6.4 billion in 2024, with free cash flow exceeding $1.1 billion and total available liquidity at $7.5 billion.

• Full-year 2024 net profit of $1,828 million, EPS $2.90, and total income of $13,670 million.

• Dividend per share for 2024 was $2.40, with a plan to increase to $2.52 in 2025.

• Leverage ratio ended below 0.3x net debt to EBITDAX; net interest-bearing debt at $3.3–$3.9 billion.

• Production cost for 2024: $6.2 per barrel, with Q4 cost at $5.7 per barrel, both below guidance.

Outlook and guidance

• 2025 production guidance: 390,000–420,000 barrels per day, with opex expected around $7 per barrel and capex guidance of $5.5–$6 billion.

• Exploration spend in 2025 planned at $450 million, with 15 wells targeted; abandonment spend at $150 million.

• Dividend for 2025 proposed at $2.52 per share, up 5%, paid quarterly.

• Committed to growing dividends by at least 5% per year through 2028.

• Well-positioned for long-term value creation, aiming to sustain production above 500,000 barrels per day beyond 2030.