Aker BP delivered continued strong operational performance in the first quarter
of 2024, with low cost and low emissions, and with all field development
projects progressing according to plan.

Highlights

  · Increased production: Oil and gas production reached 448 mboepd in the first
quarter, one percent higher than in the fourth quarter
  · Low cost: Production cost amounted to USD 6.1 per barrel produced, down from
USD 6.2 in the fourth quarter
  · Low emissions: Greenhouse gas emissions (scope 1&2) averaged 3.0 kg CO2e
per boe, ranking among the lowest in the global oil & gas industry
  · Development projects on track: All field development projects are
progressing as planned and within budget
  · Strong financial performance: EBITDA of USD 2.8 (3.2) billion, operating
profit of USD 2.2 (2.2) billion, net profit of USD 531 (164) million, and free
cash flow of USD 339 (461) million
  · Returning value: Quarterly dividend of USD 0.60 per share

Comment from Karl Johnny Hersvik, CEO of Aker BP

"Aker BP delivered strong operational and financial performance in the first
quarter of 2024. Our oil and gas production increased while we maintained low
costs and kept emissions in check.

Our field development projects are on track, and construction activity is
ramping up at multiple sites in Norway and abroad. The Hanz project has been
completed, and production started a few days ago. Meanwhile, the Tyrving
development is progressing towards an accelerated start-up in the fourth
quarter.

We are pleased to report another quarter marked by robust cash flow and a strong
financial position, which further underpins the ongoing investments in our
profitable projects and attractive dividends to our shareholders."

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 2024-Q1
Report.pdf (https://mb.cision.com/Public/1629/3966058/83d211f6893a5f6a.pdf)

Aker BP 2024-Q1
Presentation.pdf (https://mb.cision.com/Public/1629/3966058/bd371eeb10d44fd4.pdf
)


Investor contacts:
Kjetil Bakken, Head of IR, tel.: +47 918 89 889
Carl Christian Bachke, IR Officer, tel.: +47 909 80 848
Martin Seland Simensen, IR Officer, tel.: +47 416 92 087

Media contacts:
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, Head of Investor
Relations, Aker BP ASA, on 24 April 2024 at 06:00 CEST.