First Quarter 2026 Results
Aker BP delivered strong operational and financial performance in the first quarter of 2026. Production was stable, significant progress was made across the major development projects, and Symra achieved first oil nine months ahead of original schedule - an important contributor to the company's production outlook.
Highlights
· Stable production: Net production averaged 398 mboepd, with production efficiency of 97 percent across the portfolio. · Symra ahead of schedule: First oil was achieved on 3 April, nine months ahead of the original plan, adding near-term production from the Utsira High area. · Project execution: Skarv Satellites start-up has been accelerated to the third quarter of 2026. The Hugin B jacket and the Fenris topside have been successfully installed offshore. Johan Sverdrup Phase 3 continued to progress as planned. · Financial results: Total income was USD 3.0 billion and operating cash flow was USD 2.0 billion. · Capital expenditure: USD 1.6 billion, reflecting high activity across the development portfolio. · Dividend: USD 0.6615 per share was paid in the quarter.
Commenting on the results, CEO Karl Johnny Hersvik said:
"We started 2026 with strong operational momentum, and the first quarter delivered according to plan. Production efficiency was consistently high, costs remained among the lowest in the sector, and we brought the Symra project on stream nine months ahead of schedule."
"Our project portfolio continues to progress well. We are converting a pipeline of low break-even projects into production, while our two major development projects, Yggdrasil and Valhall PWP-Fenris, remain on track for first oil in 2027."
"The situation in the Middle East remains serious and uncertain. While Aker BP has no direct exposure to the region, developments have influenced oil markets towards the end of the quarter. Our focus remains on maintaining safe operations, disciplined execution and financial resilience in a volatile environment."
"With strong cash generation, a solid balance sheet and unchanged guidance, we remain well positioned to execute our investment programme and deliver attractive and sustainable shareholder returns over time."
Webcast presentation
The presentation will be webcast today at 08:30 CEST 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.
Investor contacts Kjetil Bakken, Head of IR, tel.: +47 918 89 889 Carl Christian Bachke, IR Officer, tel.: +47 909 80 848
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, Eiga (Edvard Grieg and 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 7 May 2026 at 06:00 CEST.