Slides
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Third quarter 2026 29 October 2026 Aker BP ASA
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▪ Strong performance and cash flow ▪ Major projects on track for start-up next summer ▪ Skarv Satellites on stream ▪ Portfolio high-grading ▪ Preparing next phase of value creation 2 Highlights The Valhall PWP topside installed on site in September
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414 411 398 384 374 96% 96% 97% 94% 94% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 100 200 300 400 500 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 3 Strong operational performance High efficiency in a quarter with planned maintenance Production mboepd / production efficiency (%) Production cost USD/boe Emissions kg CO2e/boe 7.6 7.9 7.7 8.8 9.0 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 2.9 2.7 3.0 3.1 3.8 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
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- 100 200 300 400 500 600 700 800 900 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 4 Delivering growth – shaping the next wave ~35% production growth from 2026 to 2028 Production above 500 mboepd into the 2030s Base production and ongoing/planned named projects1 mboepd IOR/discoveries/ILX M&A and exploration~525 380-400 1) Includes producing fields, ongoing projects, and mature non-sanctioned projects, as well as ordinary IOR/infill activities. Shaping the next wave of growth Increased recovery Discovery maturation Targeted exploration Active portfolio management
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▪ Yggdrasil ▪ Hugin B and Munin installed offshore ▪ Subsea programme completed ▪ On track for summer 2027 start-up ▪ Valhall PWP-Fenris ▪ PWP topside installed offshore ▪ Hook-up and drilling progressing well ▪ On track for summer 2027 start-up ▪ Skarv Satellites ▪ On stream in August, around one year ahead of plan ▪ Completed Aker BP’s portfolio of nine subsea tie-backs ▪ Johan Sverdrup Phase 3 progressing towards 2027 start-up 5 Development projects Key milestones delivered The Skarv Satellite Projects on stream (Alve North, Idun North and Ørn)
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Exploration ▪ Successful appraisal at Symra ▪ Small discoveries at Alpehumle and Linga ▪ Frigg area exploration programme maturing for 2027 Business Development ▪ Increased stake in Froskelår/Losgann ▪ Operatorship and 51% in Slagugle ▪ Ringvei Vest & Wisting transactions completed Exploration & Business Development Recent key updates Symra Appr Alpehumle Linga Slagugle Froskelår Wisting Ringvei Vest 6
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2026 exploration programme 7 Licence Prospect Operator Aker BP share Gross volume (mmboe) JSU Tonjer / Geitungen Equinor 32% 20 - 30 Discovery PL1148 Carmen appraisal Wellesley 10% 21 - 107 PL782S Linga Equinor 40% 1 - 13 Small discovery PL1153 Alpehumle Aker BP 40% 1 - 15 Small discovery PL979 Svarteknippa Aker BP 60% Dry PL167 Symra Ph2 appraisal Aker BP 50% 8 - 15 PL1139 Freke North Aker BP 70% 25 - 90 Ongoing PL1042 MG Equinor 40% 10 - 110 Q4-26 PL1102 Sjørøver1 Equinor 20% 15 - 50 Q4-26 PL984 Norma appraisal DNO 10% Q4-26 PL929 Anabelle Vår Energi 10% 15 -75 Q4-26 Alpehumle Sjørøver MG Norma Appr Linga Svarteknippa TonjerFreke N Carmen Appr 1) PL1102 previously named Lindesnes East Symra Appr Anabelle
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Aker BP’s next phase of value creation Find Unlock Execute 8…. • Near-field exploration • High-impact exploration • Unlock challenging resources • Standardisation & scale • Leverage infrastructure • Extend field potential • AI & agentic workflows • Integrated operating model GROW THE PORTFOLIO DELIVER NEXT GENERATION FIELD DEVELOPMENTS MAXIMISE VALUE FROM PRODUCTION TRANSFORMATION 2 3 41
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Q3 2026 financial performance 9 Produced and sold volume (1,000 boepd) Production cost (USD per boe) Cash flow from investments (USD bn)Net cash flow from operations (USD bn) 414 411 398 384 374 396 431 406 376 396 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Production Sales 7.6 7.9 7.7 8.8 9.0 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 1.9 2.0 1.8 1.8 1.9 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 2.0 1.6 2.0 3.1 2.4 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 $104 per boe (105) Net realised price $0.9 (2.1) FCF per share $0.66 (0.66) Dividend per share $5.8 bn (6.0) Total available liquidity
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10 Brent dated vs front month contract USD/barrel Aker BP Q3 achieved oil price USD/barrel $91 $97 $102 $1 $101 Front month contract Brent Dated Premiums & timing Achieved oil price NGL price effect Achieved liquids price High realised prices - 25 50 75 100 125 150 Front month contract Brent dated Q1 Q2 Q3
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Sales of oil and gas Volume sold mboepd Total income USD million Realised prices USD/boe 340 372 352 322 343 56 59 53 54 52 396 431 406 376 396 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Liquids Natural gas 2 199 2 163 2 605 3 164 3 176 327 321 387 431 594 2 599 2 560 3 026 3 682 3 872 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Liquids Natural gas Other 70 63 82 108 101 63 59 80 88 123 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Liquids Natural gas 11
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Income statement Q3 2026 Q2 2026 Before impairment Impairments Actual Before impairment Impairments Actual Total income 3 872 3 872 3 682 3 682 Production expenses 341 341 267 267 Other operating expenses 21 21 18 18 EBITDAX 3 509 3 509 3 398 3 398 Exploration expenses 107 107 47 47 EBITDA 3 403 3 403 3 351 3 351 Depreciation 495 495 521 521 Impairments (870) (870) 625 625 Operating profit (EBIT) 2 908 3 778 2 830 2 205 Net financial items (73) (73) (55) (55) Profit / loss before taxes 2 834 3 704 2 775 2 150 Tax (+) / Tax income (-) 2 110 608 2 718 2 046 (416) 1 629 Net profit / loss 724 986 729 521 EPS (USD) 1.15 1.56 1.15 0.82 Effective tax rate 74% 73% 74% 76% USD million 396 mboepd (376) Oil and gas sales $104 per boe (105) Net realised price $9.0 per boe (8.8) Production cost 12
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Cash flow statement USD million $0.9 (2.1) FCF per share $0.66 (0.66) Dividend per share $2.4 bn (3.1) Cash flow from operations 13 Q3-26 Q2-26 Q1-26 Q4-25 Op. CF before tax and WC changes 3 455 3 404 2 799 2 175 Net taxes paid (543) (504) (315) (458) Changes in working capital (478) 222 (471) (131) Cash flow from operations 2 433 3 123 2 013 1 586 Cash flow from investments (1 876) (1 790) (1 808) (2 013) Free cash flow 557 1 332 205 (427) Net debt drawn/repaid (105) - (96) 988 Dividends (418) (418) (418) (398) Interest, leasing & misc. (215) (272) (160) (165) Cash flow from financing (737) (690) (674) 426 Net change in cash (181) 643 (469) (1) Cash at end of period 2 307 2 492 1 862 2 344
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Assets 30.09.26 30.06.26 31.12.25 PP&E 29 418 28 254 25 451 Goodwill 11 268 11 268 11 268 Other non-current assets 3 793 2 910 2 943 Cash and cash equivalent 2 307 2 492 2 344 Other current assets 3 499 2 764 2 801 Total Assets 50 284 47 687 44 806 Equity and liabilities 30.09.26 30.06.26 31.12.25 Equity 12 201 11 670 11 226 Financial debt 8 444 8 507 8 666 Deferred taxes 19 514 17 905 16 001 Other long-term liabilities 5 266 5 423 5 289 Tax payable 2 487 1 912 1 053 Other current liabilities 2 373 2 271 2 571 Total Equity and liabilities 50 284 47 687 44 806 Balance sheet USD million $5.8 bn (6.0) Total available liquidity 0.50 (0.55) Leverage ratio 24% (24%) Equity ratio 14
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1. Financial capacity Maintain financial flexibility and an investment grade credit profile 15 2. Profitable growth Allocate capital to high-return, low break-even projects 3. Shareholder returns Resilient and growing dividend in line with long-term value creation Disciplined capital allocation Balancing financial strength, growth and shareholder returns 1) Available liquidity includes cash and cash equivalents, financial investments and undrawn RCF 2) Leverage ratio: Net interest-bearing debt / EBITDAX (LTM), excluding IFRS16 leases Production (mboepd) 2026 2027 2028 380-400 ~525~35% 1.18 1.35 2.00 2.20 2.40 2.52 2.65 2020 2021 2022 2023 2024 2025 2026 1 2 3 0.5x Leverage ratio2 BBB/Baa2 Credit rating USD 5.8 bn Available liquidity1
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- 1 2 3 4 5 6 7 8 2023 2024 2025 2026 2027 2028 Total capex Capex after tax Investments Executed in the supportive Norwegian fiscal regime Aker BP est. capex before and after tax1 USD billion 161) All capex related to “Base production and ongoing/planned named projects” are included. USDNOK 10.0 assumed for 2027-2028 2) Value of FX derivative positions per end-September corresponding to pre-tax capex of around USD 80m and USD 540m for 2026 and 2027, respectively. Hedge-adjusted capex2 ▪ The investment plan remains unchanged and reflects capex included in our current business plan ▪ The majority of these investments are within the 2020 tax system with 86.9% tax deduction ▪ Wisting is approaching concept select, with capex expected to ramp up primarily from 2028
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▪ Low-cost production and cash flow provide resilient dividend capacity ▪ Distributions reflect capacity through the cycle ▪ Ambition to grow the dividend with minimum 5% per year through the current investment cycle ▪ Planned dividend of USD 2.646 per share in 2026 (5% growth) Resilient dividend growth USD 0.6615 paid in the quarter Dividends USD per share 17 1.18 1.35 2.00 2.20 2.40 2.52 2.65 2020 2021 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Planned Paid
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Near-term tax payments Payment sensitivity for H1-2027 USD million - 200 400 600 800 1,000 1,200 1,400 1,600 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 18 $100 Payment schedule ▪ Ten tax instalments per year with no payments in January and July H1-27 sensitivity analysis (price Q4-26) ▪ Oil price: USD 80 and 100 per barrel ▪ Gas price: USD 25 per MMBtu ▪ USDNOK: 9.50 $80 $80 $100
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2026 guidance 19 Previous guidance Actual Jan-Sept New guidance Production mboepd 380-400 385 380-400 Production cost USD/boe ~8.0 8.5 ~8.5 Capex USD billion 6.8-7.2 5.3 6.8-7.2 Exploration USD million ~400 328 ~400 Abandonment USD million ~100 39 ~100 View of the Fenris platform
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This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker BP ASA’s lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as ”expects”, ”believes”, ”estimates” or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker BP ASA’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Document. Although Aker BP ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document. Aker BP ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker BP ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. 20 Disclaimer
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