Fourth quarter 2022 results

10 Feb 2023 07:00 CET

Fourth quarter 2022 marked the end of a transformational year for Aker BP.
Following the successful Lundin integration, the company has doubled its
production, reduced its unit costs, and consolidated its position as a global
leader within low carbon oil and gas production.

Highlights for the quarter

(Numbers in brackets represent the previous quarter)

· Johan Sverdrup Phase 2 started production - contributing to new record
production for Aker BP of 432 (412) mboepd
· Electrification of Edvard Grieg & Ivar Aasen completed - contributing to
further reduction of the company's CO2 emissions to 3.1 kg CO2 per boe
· Plans for Development and Operations (PDOs) for projects with 730 mmboe in
net resources submitted to Norwegian authorities
· Operating profit of USD 2,214 (3,887) million and Net profit of USD 112
(763) million, impacted by lower oil and gas prices
· Dividend per share increased to USD 2.2 (2.0) per share for 2023, equivalent
to USD 0.55 per quarter

Comment from Karl Johnny Hersvik, CEO of Aker BP:

- Fourth quarter marked the end of another remarkable year for Aker BP. Through
the Lundin acquisition, we have doubled in size and created a stronger and more
financially robust platform for future growth.

- Our operations have been safer and more efficient than ever, and we are a
global leader when it comes to low CO2 intensity in our industry.

- And we have prepared and submitted PDOs for a large investment program which
will contribute to new profitable growth and value creation both for Aker BP and
its stakeholders.

- In sum, I am very pleased with these achievements, and I believe we are well
on our way to building the E&P company of the future.

Guidance for 2023

Aker BP today also provides guidance for 2023, based on the company's business
plan, consisting of the following key parameters:

· Production of 430-460 mboepd
· Capex of USD 3.0-3.5 billion
· Exploration spend of USD 400-500 million
· Abandonment spend of USD 100-200 million
· Production cost of USD 7-8 per boe
· Dividend of USD 2.2 per share (USD 0.55 per quarter)

Webcast presentation

Today at 08:30 CET, the management will present the results on a webcast
available on www.akerbp.com/en. The presentation will be followed by an online
Q&A session.

Attachments

Aker BP 2022-Q4
Report.pdf (https://mb.cision.com/Public/1629/3712353/8d66ae252d0a69f9.pdf)
Aker BP 2022-Q4
Presentation.pdf (https://mb.cision.com/Public/1629/3712353/9a3482be576762d4.pdf
)


Contacts:
Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:
Aker BP is a company engaged in exploration, field development and production of
oil and gas on the Norwegian continental shelf. The company operates six field
centres: Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a
partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu,
Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at
www.akerbp.com.

This information is considered to be inside information pursuant to the
EU Market Abuse Regulation and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Kjetil Bakken, VP Investor
Relations, Aker BP ASA, on 10 February 2023 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

581955_Aker_BP_2022_Q4_Report.pdf
581955_Aker_BP_2022_Q4_Presentation.pdf
581955_Release.pdf