Aker BP (AKRBP) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with record-high operating cash flow, robust balance sheet flexibility, and production efficiency at 96%.

• Major development projects (Yggdrasil, PWP-Fenris, Johan Sverdrup Phase 3, Skarv Satellites) progressed on schedule for 2027 startup, with Solveig Phase 2 starting production in January 2026.

• Achieved outstanding exploration results, adding over 100 million barrels net through major discoveries (Omega Alfa, Kjøttkake, Lofn-Langemann).

• Maintained industry-leading low unit costs and emissions intensity (as low as 2.6 kg CO₂e/boe), reinforcing competitive advantage.

• Increased dividends by 5% year-over-year, reflecting strong shareholder returns.

Financial highlights

• Full-year production averaged 420,000 boepd, at the top end of guidance, with Q4 at 411,000 boepd.

• Record high operating cash flow of around $7 billion for 2025, with cash flow from operations after tax at $11.0/share.

• Earnings per share ended at $2.8 (excluding impairments), with net profit (excluding impairments) at $1,794 million.

• Paid $2.52 per share in dividends, with a leverage ratio of 0.6x net debt to EBITDAX at year-end.

• Operating costs for 2025 were $7.3 per barrel, slightly above guidance due to currency effects.

• CapEx for 2025 was close to $7 billion, about 8% above the July estimate, mainly due to project progress and currency effects.

• Recognized $944 million in non-cash impairment charges in Q4, mainly due to lower forward oil and gas prices.

• Total available liquidity at year-end was $5.9 billion, with net interest-bearing debt increasing to $7.1 billion.

Outlook and guidance

• 2026 production guidance: 370,000–400,000 boepd, with production cost expected to rise to ~$8/boe.

• CapEx for 2026 guided at $6.2–$6.7 billion, with exploration spend around $400 million.

• 2026 dividend proposed at $2.65 per share, a 5% increase, with ambition to grow dividend by at least 5% per year through the investment cycle.

• Expect to sustain production above 500,000 boepd from 2028, with ambitions for further growth.

• Cumulative free cash flow of up to $12 billion expected by end of 2028.