Declared Dividend • May 10
First quarter dividend of kr6.13 announced Shareholders will receive a dividend of kr6.13. Ex-date: 12th May 2026 Payment date: 21st May 2026 Dividend yield will be 7.6%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (281% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 212% to bring the payout ratio under control. EPS is expected to grow by 62% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: US$1.20 (vs US$0.50 in 1Q 2025) First quarter 2026 results: EPS: US$1.20 (up from US$0.50 in 1Q 2025). Revenue: US$3.03b (down 5.5% from 1Q 2025). Net income: US$757.8m (up 140% from 1Q 2025). Profit margin: 25% (up from 9.9% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Annonce • Apr 21
Aker Bp Asa Announces Changes Aker BP ASA at its AGM held on 21 April 2026 appointed Nils Bastiansen as new member, all for a one year-term. David Latin was elected as new director. Annonce • Apr 08
Aker BP Starts Oil Production from Symra Field in North Sea Aker BP has started oil production from the Symra field in the North Sea. The project has been delivered nine months ahead of original schedule, generating significant value and accelerating production start into 2026. The field is estimated to contribute approximately 63 million barrels of oil equivalent to the Eiga area. Symra is located approximately 7 km north-east of the Ivar Aasen platform and has been developed as the second subsea tie-back to Ivar Aasen. Production will be partially processed at Ivar Aasen before final processing at Edvard Grieg. The development comprises four wells tied back via a subsea template. Modifications have been carried out on both platforms to enable tie-in of the subsea infrastructure to Ivar Aasen and to increase processing capacity at Edvard Grieg. The development has been carried out in close collaboration with several leading suppliers. TechnipFMC has delivered the subsea systems. Moreld Apply has carried out modifications on the Edvard Grieg platform, while Aibel has performed the modifications on the Ivar Aasen platform. Drilling operations have been undertaken by Odfjell Drilling and Halliburton through Aker BP's drilling and wells alliance. Together, these suppliers have contributed to the safe, efficient and high-quality execution of the project. Symra is the sixth Aker BP-operated project sanctioned in 2022 to come on stream. Aker BP is the operator of Symra (PL167/167B/167C) with partners Equinor (30 percent) and DNO Norge (20 percent). Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: US$0.21 (vs US$2.90 in FY 2024) Full year 2025 results: EPS: US$0.21 (down from US$2.90 in FY 2024). Revenue: US$11.0b (down 12% from FY 2024). Net income: US$132.3m (down 93% from FY 2024). Profit margin: 1.2% (down from 15% in FY 2024). Oil reserves Proven reserves: 1035 MMbbls Combined production Oil equivalent production: 153.4 MMboe (160.7 MMboe in FY 2024) Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Recent Insider Transactions • Mar 19
Employee Representative Director recently sold kr1.5m worth of stock On the 17th of March, Tore Vik sold around 5k shares on-market at roughly kr335 per share. This transaction amounted to 55% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr671k more than they bought in the last 12 months. Annonce • Feb 27
Aker BP ASA to Report Fiscal Year 2025 Final Results on Mar 27, 2026 Aker BP ASA announced that they will report fiscal year 2025 final results on Mar 27, 2026 Declared Dividend • Feb 13
Fourth quarter dividend of kr6.29 announced Shareholders will receive a dividend of kr6.29. Ex-date: 16th February 2026 Payment date: 24th February 2026 Dividend yield will be 9.4%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 12x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1,236% to bring the payout ratio under control. EPS is expected to grow by 129% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 12
Full year 2025 earnings released: EPS: US$0.21 (vs US$2.90 in FY 2024) Full year 2025 results: EPS: US$0.21 (down from US$2.90 in FY 2024). Revenue: US$10.9b (down 12% from FY 2024). Net income: US$132.3m (down 93% from FY 2024). Profit margin: 1.2% (down from 15% in FY 2024). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Annonce • Feb 11
Aker BP ASA Announces Cash Dividend for the First Quarter of 2026, Payable on 24 February 2026 Aker BP announced a cash dividend of USD 0.6615 (NOK 6.29417) per share for the first quarter of 2026. The last day of trading including the right to the dividend is set for 13 February 2026. The ex-dividend date is 16 February 2026, and the record date is 17 February 2026. The payment date for the dividend is scheduled for 24 February 2026. The dividend was approved on 10 February 2026. Annonce • Dec 05
Aker BP and Equinor Announce New Discovery Aker BP and operator Equinor have made a significant gas and condensate discovery in the Lofn and Langemann wells in the Sleipner area of the North Sea. Gross recoverable volumes are estimated at 30 to 110 million barrels of oil equivalent (mmboe). Lofn and Langem Ann - significant discovery near existing infrastructure. The wells 15/5-8 S (Lofn) and 15/5-8 A (Langemann) were drilled by the Deepsea Atlantic rig in production license PL1140, approx. 40 km northwest of Sleipner A and between the Gudrun and Eirin fields. Both wells encountered gas and condensate in the Hugin formation, which consists of high-quality sandstone reservoirs. The wells are classified as HPHT (high pressure, high temperature) and have been permanently plugged and abandoned after extensive data collection. License PL1140 was awarded in 2022 through the APA (Awards in Predefined Areas) licensing round. Aker BP holds 40% interest in the licence, which is operated by Equinor. The partnership will now evaluate development options that leverage existing infrastructure for efficient and low-emission production. In August, Aker BP successfully completed the Omega Alfa exploration campaign in the Norwegian North Sea, resulting in a large oil discovery with recoverable volumes estimated at 96 to 134 mmboe. Aker BP has between 38 and 48% ownership in the three licenses. Omega Alfa is among the commercial discoveries in Norway in a decade. Building on the momentum from East Frigg in 2023, Omega Alfa underscores how innovative exploration methods deliver results and push boundaries. The discoveries mark a major step toward Aker BP's ambition of producing more than one billion barrels from the Yggdrasil area. In the first quarter, the partnership made an oil and gas discovery at Kjottkake in licence PL1182S in the Northern North Sea. The reservoir shows good quality, with recoverable volumes estimated at 39 to 75 mmboe located near existing infrastructure in the Troll-Gjoa area. Through a transaction with Japex announced in July this year, Aker BP increased its ownership in Kjottkake to 45%. In November, Aker BP and DNO entered into an agreement to transfer the operatorship to Aker BP in the development phase. This will enable the company to leverage on its fast-track development capabilities for efficient project execution. Aker BP and the partnership are already evaluating development solutions with first oil now targeted in 2028. Buy Or Sell Opportunity • Oct 26
Now 20% undervalued Over the last 90 days, the stock has risen 6.1% to kr266. The fair value is estimated to be kr333, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 21%. For the next 3 years, revenue is forecast to grow by 2.0% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Declared Dividend • Oct 24
Third quarter dividend of kr6.33 announced Shareholders will receive a dividend of kr6.33. Ex-date: 27th October 2025 Payment date: 4th November 2025 Dividend yield will be 9.9%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (187% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 108% to bring the payout ratio under control. EPS is expected to grow by 64% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Oct 23
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 187% Paying a dividend despite having no free cash flows. Minor Risks High level of debt (43% net debt to equity). Profit margins are more than 30% lower than last year (7.3% net profit margin). Reported Earnings • Oct 23
Third quarter 2025 earnings released: EPS: US$0.45 (vs US$0.28 in 3Q 2024) Third quarter 2025 results: EPS: US$0.45 (up from US$0.28 in 3Q 2024). Revenue: US$2.61b (down 8.9% from 3Q 2024). Net income: US$285.5m (up 65% from 3Q 2024). Profit margin: 11% (up from 6.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 16
Second quarter 2025 earnings released: US$0.51 loss per share (vs US$0.89 profit in 2Q 2024) Second quarter 2025 results: US$0.51 loss per share (down from US$0.89 profit in 2Q 2024). Revenue: US$2.58b (down 24% from 2Q 2024). Net loss: US$324.0m (down 158% from profit in 2Q 2024). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Declared Dividend • May 09
First quarter dividend of kr6.52 announced Shareholders will receive a dividend of kr6.52. Ex-date: 12th May 2025 Payment date: 21st May 2025 Dividend yield will be 11%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 15% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5.7% to bring the payout ratio under control. EPS is expected to grow by 2.9% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Annonce • May 07
Aker BP ASA Declares Cash Dividends for the Second Quarter of 2025, Payable on 21 May 2025 Aker BP ASA declared cash dividends for the second quarter of 2025 of USD 0.63 per share (NOK 6.51735 per share). The dividend will be payable on 21 May 2025 with record date of 13 May 2025 and ex-date of 12 May 2025. Reported Earnings • Apr 11
Full year 2024 earnings released: EPS: US$2.90 (vs US$2.12 in FY 2023) Full year 2024 results: EPS: US$2.90 (up from US$2.12 in FY 2023). Revenue: US$12.4b (down 9.4% from FY 2023). Net income: US$1.83b (up 37% from FY 2023). Profit margin: 15% (up from 9.8% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 3.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr207, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 3x in the Oil and Gas industry in the United Kingdom. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr317 per share. Annonce • Apr 02
Aker BP ASA to Report Fiscal Year 2024 Results on Apr 08, 2025 Aker BP ASA announced that they will report fiscal year 2024 results at 9:00 AM, Central European Standard Time on Apr 08, 2025 Buy Or Sell Opportunity • Mar 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to kr217. The fair value is estimated to be kr277, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 9.4%. For the next 3 years, revenue is forecast to decline by 2.4% per annum. Earnings are also forecast to decline by 2.8% per annum over the same time period. Declared Dividend • Feb 16
Fourth quarter dividend of kr7.06 announced Shareholders will receive a dividend of kr7.06. Ex-date: 17th February 2025 Payment date: 25th February 2025 Dividend yield will be 11%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (83% earnings payout ratio) but not covered by cash flows (121% cash payout ratio). The dividend has increased by an average of 17% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 6.8% over the next 3 years. However, it would need to fall by 7.9% to increase the payout ratio to a potentially unsustainable range. Annonce • Feb 14
Aker BP Announces a Base Dividend Growth in 2025 Aker BP announced a base dividend growth of 5% in 2025. Reported Earnings • Feb 13
Full year 2024 earnings released: EPS: US$2.90 (vs US$2.12 in FY 2023) Full year 2024 results: EPS: US$2.90 (up from US$2.12 in FY 2023). Revenue: US$12.4b (down 9.4% from FY 2023). Net income: US$1.83b (up 37% from FY 2023). Profit margin: 15% (up from 9.8% in FY 2023). The increase in margin was driven by lower expenses. Combined production Oil equivalent production: 160.7 MMboe (166.7 MMboe in FY 2023) Revenue is expected to fall by 1.6% p.a. on average during the next 3 years compared to a 1.7% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annonce • Feb 12
Aker BP ASA Declares Cash Dividends for the First Quarter of 2025, Payable on 25 February 2025 Aker BP ASA declared cash dividends for the first quarter of 2025 of USD 0.63 per share (NOK 7.06381 per share). The dividend will be payable on 25 February 2025 with record date of 18 February 2025 and ex-date of 17 February 2025. Date of approval: 11 February 2025. Buy Or Sell Opportunity • Jan 20
Now 20% undervalued Over the last 90 days, the stock has risen 8.7% to kr252. The fair value is estimated to be kr316, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has declined by 5.1%. For the next 3 years, revenue is forecast to decline by 3.5% per annum. Earnings are forecast to grow by 0.8% per annum over the same time period. New Risk • Nov 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (104% payout ratio). Declared Dividend • Nov 01
Third quarter dividend of kr6.59 announced Shareholders will receive a dividend of kr6.59. Ex-date: 4th November 2024 Payment date: 13th November 2024 Dividend yield will be 11%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio). However, it is covered by cash flows (76% cash payout ratio). The dividend has increased by an average of 16% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. However, EPS is expected to decline by 8.1% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: US$0.28 (vs US$0.93 in 3Q 2023) Third quarter 2024 results: EPS: US$0.28 (down from US$0.93 in 3Q 2023). Revenue: US$2.86b (down 19% from 3Q 2023). Net income: US$173.4m (down 71% from 3Q 2023). Profit margin: 6.1% (down from 17% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 8.0% p.a. on average during the next 3 years compared to a 2.3% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Annonce • Oct 30
Aker BP ASA Announces Cash Dividend for the Fourth Quarter of 2024, Payable on 13 November 2024 Aker BP ASA announced the cash dividend of USD 0.60 (NOK 6.5946) per share for the fourth quarter of 2024. Ex-date: 4 November 2024. Record date: 5 November 2024. Payment date: 13 November 2024. Date of approval: 29 October 2024. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: US$0.89 (vs US$0.63 in 2Q 2023) Second quarter 2024 results: EPS: US$0.89 (up from US$0.63 in 2Q 2023). Revenue: US$3.38b (up 2.6% from 2Q 2023). Net income: US$561.3m (up 42% from 2Q 2023). Profit margin: 17% (up from 12% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to decline by 7.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Annonce • Jul 12
Aker BP ASA Announces Cash Dividend for the Third Quarter of 2024, Payable on 25 July 2024 Aker BP ASA announced cash dividend to be paid in the third quarter of 2024 of USD 0.60 per share. Ex-date is 17 July 2024. Record date is 18 July 2024. Payment date is 25 July 2024. Date of approval: 11 July 2024. Annonce • Jul 03
Aker BP ASA Revises Production Guidance for the Full Year 2024 Aker BP ASA revised production guidance for the full year 2024. For the year, the full-year production is now forecasted to be 420 mboepd -440 mboepd, revised from the previous guidance of 410 mboepd-440 mboepd. Annonce • Jun 02
Aker BP ASA, Annual General Meeting, May 09, 2025 Aker BP ASA, Annual General Meeting, May 09, 2025. Recent Insider Transactions • May 31
Insider recently sold kr2.5m worth of stock On the 23rd of May, Arne Sigmundstad sold around 9k shares on-market at roughly kr263 per share. This transaction amounted to 90% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr2.4m more than they bought in the last 12 months. Annonce • Apr 30
Aker BP ASA Appoints Doris Reiter as Director of the Board Aker BP ASA announced that at the AGM was held on April 30, 2024, the company approved appointment of Doris Reiter as a director of the board. Declared Dividend • Apr 28
First quarter dividend of kr6.59 announced Shareholders will receive a dividend of kr6.59. Ex-date: 29th April 2024 Payment date: 8th May 2024 Dividend yield will be 8.7%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (85% earnings payout ratio) but not covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 18% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to decline by 4.6% over the next 3 years. However, it would need to fall by 6.1% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: US$0.84 (vs US$0.30 in 1Q 2023) First quarter 2024 results: EPS: US$0.84 (up from US$0.30 in 1Q 2023). Revenue: US$3.08b (down 7.1% from 1Q 2023). Net income: US$531.3m (up 184% from 1Q 2023). Profit margin: 17% (up from 5.6% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to fall by 6.3% p.a. on average during the next 3 years compared to a 1.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 6% per year. Annonce • Apr 24
Aker BP ASA Announces Cash Dividend for the Second Quarter of 2024, Payable on 8 May 2024 Aker BP ASA announced cash dividend to be paid in the second quarter of 2024 of USD 0.60 per share. Ex-date is 29 April 2024. Record date is 30 April 2024. Payment date is 8 May 2024. Date of approval: 23 April 2024. Annonce • Apr 23
Aker BP ASA Announces Production Start from Hanz in the North Sea Aker BP announced that production has started from Hanz in the North Sea. Hanz is operated by Aker BP, with Equinor and Sval Energy as partners. Hanz is a subsea field development tied into the Ivar Aasen platform about fifteen kilometres further south. Total investments are estimated at close to NOK 5 billion and total reserves are around 20 million barrels of oil equivalent (mmboe). Unique re-use of infrastructure and use of a cross-flow well: Hanz was discovered in 1997. After the delivery of the Plan for development and operation (PDO) for the Ivar Aasen area, which included the Hanz development, the project matured an optimised development solution by re-using subsea production systems (SPS) from the Jette field. It is the first time that production equipment has been re-used in a new field development on the NCS. In addition, the strategy for how the oil and gas is to be recovered was changed to include use of a cross-flow well for water injection. This results in a substantial reduction of power consumption, less use of chemicals and less equipment on the seabed. The change in the development solution for Hanz since the original PDO was submitted led the partnership to send a formal statement regarding the investment decision and the selected concept to the authorities in December 2021. Minimised CO2 emissions: The Ivar Aasen field is located on the Utsira High in the northern part of the North Sea, around 175 km west of Karmøy. The field was discovered in 2008, and was joined with other discoveries in the area, including Hanz, which was proven in 1997. The first oil from Ivar Aasen was produced on 24 December 2016. Ivar Aasen receives power from the Edvard Grieg platform ten kilometres to the southeast. From 2022, the field will receive power from shore via the Johan Sverdrup field, thereby minimising CO2 emissions. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: US$2.12 (vs US$3.23 in FY 2022) Full year 2023 results: EPS: US$2.12 (down from US$3.23 in FY 2022). Revenue: US$13.7b (up 5.4% from FY 2022). Net income: US$1.34b (down 17% from FY 2022). Profit margin: 9.8% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Oil reserves Proven reserves: 1888 MMbbls Gas reserves Proven reserves: 2634 Bcf LNG reserves Proven reserves: 106 MMbbls Combined production Oil equivalent production: 166.7 MMboe (112.9 MMboe in FY 2022) Revenue is expected to fall by 5.5% p.a. on average during the next 3 years compared to a 1.5% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annonce • Nov 02
Aker BP Elects Employee Representatives to the Board Aker BP elected as employee representatives to board of directors. Employee representatives: Ani Isabel Chiang; Marit Hargemark Dørum; Ingard Haugeberg (re-elected); Thomas Husvæg and; Tore Vik (re-elected). Deputy employee representatives: Sarah Berg (re-elected); Hilde Kristin Breivik; Rune Fauskanger (re-elected); Geir Smaaskjær and; Terje Solheim. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: US$0.93 (vs US$1.24 in 3Q 2022) Third quarter 2023 results: EPS: US$0.93 (down from US$1.24 in 3Q 2022). Revenue: US$3.51b (down 28% from 3Q 2022). Net income: US$588.2m (down 25% from 3Q 2022). Profit margin: 17% (in line with 3Q 2022). Revenue is expected to fall by 7.9% p.a. on average during the next 3 years compared to a 2.9% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Annonce • Oct 27
Aker BP ASA Announces Cash Dividend for the Fourth Quarter of 2023, Payable on 9 November 2023 Aker BP ASA announced cash dividend to be paid in the fourth quarter 2023 of USD 0.55 per share. Ex-date is 1 November 2023. Record date is 2 November 2023. Payment date is 9 November 2023. Recent Insider Transactions • Sep 25
Chief Financial Officer recently sold kr755k worth of stock On the 21st of September, David Tonne sold around 3k shares on-market at roughly kr296 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, David has been a net buyer over the last 12 months, purchasing a net total of kr213k worth of shares. Annonce • Jul 14
Aker Bp Asa Announces Production Guidance for 2023 Aker BP ASA announced production guidance for 2023. For the year, full-year guidance increased to 445-470 (430-460) mboepd. Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: US$0.63 (vs US$0.52 in 2Q 2022) Second quarter 2023 results: EPS: US$0.63 (up from US$0.52 in 2Q 2022). Revenue: US$3.29b (up 62% from 2Q 2022). Net income: US$396.7m (up 112% from 2Q 2022). Profit margin: 12% (up from 9.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 5.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annonce • Jul 13
Aker Bp Declares Dividend for the Third Quarter 2023, Payable on 26 July 2023 Aker BP declares dividend of USD 0.55 per share (NOK 5.6578) for the third quarter 2023, payable on 26 July 2023. Record date 19 July 2023 and Ex-date is18 July 2023. Annonce • Jun 08
Aker BP ASA Launches Multi-Tranche Offering Aker BP ASA announced that it has launched a multi-tranche offering of U.S. Dollar-denominated Rule 144A/Regulation S senior unsecured notes. The interest rate, offering price and certain other terms will be determined at the time of pricing of the Notes, subject to market conditions. Concurrently with the Offering, the Company is also making an offer to purchase (a) any and all of its outstanding 3.000% Senior Notes due 2025 and (b) up to $500 million (less the amount validly tendered and accepted for purchase pursuant to the tender offer for the 2025 Notes) (the "Capped Maximum Amount") of its outstanding 2.875% Senior Notes due 2026 and/or its outstanding 2.000% Senior Notes due 2026 (the "Tender Offers" and each, a "Tender Offer"), in each case as validly tendered and accepted For purchase. Consummation of each Tender Offer is subject to the satisfaction of certain conditions, including, without limitation, the pricing of no less than $1,000 million in aggregate principal amount of the Offering. The Company reserves the right, subject to applicable law, to waive any and all conditions to any or all of the Tender Offers, extend or terminate any of the Tender Offers; increase the Capped Maximum Amount or otherwise amend any of the Tender Offering in any respect. The Company intends to use the net proceeds of the Offering for general corporate purposes and to pay the consideration for the Tender Offers. Recent Insider Transactions • Jun 03
Chief Financial Officer recently bought kr968k worth of stock On the 1st of June, David Tonne bought around 4k shares on-market at roughly kr242 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Annonce • May 25
Aker BP ASA Announces Production Capacity at Johan Sverdrup Field Has Been Successfully Test at 755,000 Barrels Oil Per Day Aker BP ASA announced that the production capacity at the Johan Sverdrup field has been successfully tested at 755,000 barrels oil per day. The development of Johan Sverdrup Phase 2 was completed in December, increasing the field's total oil production capacity to 720,000 barrels per day. The partners have an ambition to increase this capacity, and the operator Equinor has now successfully tested the process facilities to 755,000 barrels per day. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: US$3.23 (vs US$2.30 in FY 2021) Full year 2022 results: EPS: US$3.23 (up from US$2.30 in FY 2021). Revenue: US$13.0b (up 128% from FY 2021). Net income: US$1.60b (up 94% from FY 2021). Profit margin: 12% (down from 14% in FY 2021). The decrease in margin was driven by higher expenses. Oil reserves and sales price Proven reserves: 2181 MMbbls Average sales price/bbl (hedged): US$97.90 Gas reserves and sales price Proven reserves: 2862 Bcf Average sales price/mcf (hedged): US$32.23 LNG reserves Proven reserves: 123 MMbbls Combined production and costs Oil equivalent production: 112.853 MMboe (76.439 MMboe in FY 2021) Average production cost/Boe: US$8.70 (US$9.20/Boe in FY 2021) Revenue is expected to fall by 6.6% p.a. on average during the next 3 years compared to a 4.8% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: US$3.23 (vs US$2.37 in FY 2021) Full year 2022 results: EPS: US$3.23 (up from US$2.37 in FY 2021). Revenue: US$12.9b (up 129% from FY 2021). Net income: US$1.60b (up 88% from FY 2021). Profit margin: 12% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Combined production and costs Oil equivalent production: 112.853 MMboe (76.439 MMboe in FY 2021) Average production cost/Boe: US$8.70 (US$9.20/Boe in FY 2021) Revenue is expected to fall by 6.5% p.a. on average during the next 3 years compared to a 5.0% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annonce • Feb 11
Aker BP ASA Provides Production Guidance for the Year 2023 Aker BP ASA provided production guidance for the year 2023. For the year, the company expects production of 430 mboepd - 460 mboepd. Annonce • Jan 13
Aker BP Starts Drilling an Exploration Well in the North Sea Licence PL867 Rex International Holding Limited announced that the operator, Aker BP, has started drilling an exploration well in the North Sea licence PL867 on 11 January 2023. Rex's 91.65% subsidiary Lime Petroleum AS has a 20% interest in the licence. The well targets the Gjegnalunden prospect in the prolific Hugin reservoir. The licence PL867 is located on the Gudrun Terrace in the Central North Sea. Drilling will be conducted in water depths of 116 metres using Saipem's Scarabeo 8 semi-submersible rig and is expected to take 27 days. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 10 non-independent directors. Independent Director Trond Brandsrud was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: US$1.24 (vs US$0.57 in 3Q 2021) Third quarter 2022 results: EPS: US$1.24 (up from US$0.57 in 3Q 2021). Revenue: US$4.85b (up 211% from 3Q 2021). Net income: US$783.3m (up 281% from 3Q 2021). Profit margin: 16% (up from 13% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 6.8% p.a. on average during the next 3 years compared to a 5.5% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 24
Upcoming dividend of US$0.53 per share Eligible shareholders must have bought the stock before 31 October 2022. Payment date: 08 November 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of British dividend payers (6.2%). In line with average of industry peers (7.0%). Recent Insider Transactions • Sep 08
Insider recently sold kr61k worth of stock On the 6th of September, Oerjan Brakstad sold around 168 shares on-market at roughly kr362 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr642k more than they bought in the last 12 months. Upcoming Dividend • Aug 09
Upcoming dividend of kr5.21 per share Eligible shareholders must have bought the stock before 16 August 2022. Payment date: 24 August 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of British dividend payers (5.1%). In line with average of industry peers (6.2%). Reported Earnings • Jul 21
Second quarter 2022 earnings released: EPS: US$0.52 (vs US$0.43 in 2Q 2021) Second quarter 2022 results: EPS: US$0.52 (up from US$0.43 in 2Q 2021). Revenue: US$2.03b (up 80% from 2Q 2021). Net income: US$187.5m (up 22% from 2Q 2021). Profit margin: 9.3% (down from 14% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 95%, compared to a 34% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to kr325, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 3x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr289 per share. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: US$1.49 (vs US$0.35 in 1Q 2021) First quarter 2022 results: EPS: US$1.49 (up from US$0.35 in 1Q 2021). Revenue: US$2.29b (up 102% from 1Q 2021). Net income: US$536.9m (up 323% from 1Q 2021). Profit margin: 23% (up from 11% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 7.2% compared to a 46% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 27
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 03 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of British dividend payers (4.6%). In line with average of industry peers (5.6%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 9 non-independent directors. Independent Director Trond Brandsrud was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
