Aker BP delivered strong results in the fourth quarter and throughout 2024,
driven by high production efficiency, low costs, and low emissions. With
production at the upper end of guidance, a well-executed project portfolio, and
robust cash flow generation, the company continues to create value and
distribute attractive dividends to its shareholders.

Commenting on Aker BP's strategic direction, Aker BP CEO Karl Johnny Hersvik
said:

"Over the past decade, Aker BP has undergone a transformation to build a future
-fit E&P company. We have developed distinct capabilities that set us apart: a
strong performance culture that drives execution excellence, a well-established
alliance model that fosters collaboration across the value chain, and a leading
position in digitalisation that is transforming the way we work. Combined with
our world-class asset base, these strengths enable us to deliver industry
-leading performance."

Reflecting on the company's recent performance, Hersvik continued:

"In the fourth quarter and throughout 2024, we delivered strong operational
performance across all key metrics. Production reached the upper end of our
guidance, with strong performance across the portfolio - led by Johan Sverdrup,
which delivered a new annual production record. At the same time, we maintained
industry-leading cost efficiency and emission intensity. I am also pleased that
we remain on track to deliver our project portfolio and grow production into the
next decade."

Looking ahead, Hersvik added:

"We have a clear pathway to sustain production above 500,000 barrels per day
beyond 2030, with ambitions for further growth. With our capabilities, assets,
resource base, and technology, we are ideally positioned to drive profitable
growth on the Norwegian continental shelf."

Commenting on Aker BP's financial position, he said:

"With another year of strong value creation and cash flow behind us, we enter
2025 in our strongest financial position yet - providing the flexibility to
advance our development projects while maintaining attractive dividends to our
shareholders. In line with our ambition, we once again increase our dividends in
2025."

Highlights for the fourth quarter 2024

  · Excellent operational performance: Oil and gas production reached 449 (415)
thousand barrels of oil equivalent per day (mboepd) during the quarter and 439
(457) for the full year 2024, close to the high end of the guided range of 430
-440 mboepd.
  · Low cost: Production cost was USD 5.7 (6.6) per barrel. Ending the year at
USD 6.2 (6.2) per barrel, below latest guidance of 6.5 dollars per barrel.
  · Low emissions: Greenhouse gas emission intensity was 2.6 (2.4) kg CO2e per
boe (scope 1 & 2), ranking among the lowest in the global oil and gas sector.
  · Projects on track: Field development projects progressing according to plan,
with overall capex estimates unchanged.
  · Strong financial results: Aker BP reported total income of USD 3.1 (2.9)
billion, an EBITDA of USD 2.7 (2.6) billion and net profit of USD 562 (173)
million for the quarter. On a full-year basis the company generated record-high
cash flow from operations at USD 6.4 (5.4) billion.
  · Returning value: Dividends of USD 2.4 per share paid in 2024, to be
increased by five percent to USD 2.52 per share in 2025.

Guidance for 2025

Aker BP today announced its guidance for 2025, outlining management's
expectations for production, capital spending, production cost, and dividends.
Production is expected to range between 390-420 mboepd, in line with previously
communicated long-term plans.

Capital expenditures are projected at USD 5.5-6.0 billion before tax. Production
cost is expected to remain around USD 7 per barrel oil equivalent. Exploration
expenses are estimated at approximately USD 450 million, while abandonment spend
is projected at around USD 150 million.

In line with the company's commitment to shareholder returns, the Board has
approved a 5 percent increase in dividends to USD 0.63 per share per quarter,
annualising to USD 2.52 per share for 2025.

Webcast presentation

The presentation will be webcasted today at 08:30 CET on
www.akerbp.com (https://www.akerbp.com/en), hosted by CEO Karl Johnny Hersvik
and CFO David Tønne. The presentation will be followed by an online Q&A session.

Attachments

Aker BP 2024-Q4
Report.pdf (https://mb.cision.com/Public/1629/4104062/aa54d5e0d5f084b9.pdf)
Aker BP 2024-Q4
Presentation.pdf (https://mb.cision.com/Public/1629/4104062/8be52f69f33e53f8.pdf
)


Investor contacts:
Kjetil Bakken, Head of Investor Relations, tel.: +47 918 89 889
Carl Christian Bachke, Investor Relations Officer, tel.: +47 909 80 848
Martin Seland Simensen, Investor Relations 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 leading exploration and production company focused on oil and gas
operations on the Norwegian continental shelf. The company operates the Alvheim,
Edvard Grieg, Ivar Aasen, Skarv, Ula, and Valhall field centres and is a key
partner in the Johan Sverdrup field. Headquartered in Fornebu, Norway, Aker BP
is listed on the Oslo Børs under the ticker AKRBP. For more information, visit
www.akerbp.com/en.

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 12 February 2025 at 06:00 CET.