Aker BP: Q2 trading statement - model update

Research evidence excerpt

Aker BP: Q2 trading statement - model update

Equity Research

European Integrated Energy

3 July 2026

Aker BP

Q2 trading statement - model

update

We expect a slightly negative share price reaction to Aker BP's AKERBP.OL/AKERBP NO EQUAL WEIGHT

Q2 trading statement. Production numbers came at Unchanged

384kboe/d, in line with BBG consensus, underlift means European Integrated Energy UnchangedPOSITIVE

volumes sold were lower at 376kboe/d. While oil realised Price Target NOK 295.00

prices were in line with our expectation, gas realised prices Unchanged

were softer. Price (01-Jul-26) NOK 298.10 Potential Upside/Downside -1.0%

Source: Bloomberg, Barclays Research

Ahead of its 2Q26 results publication on 15 July, Aker BP has released its trading update,

offering insights into its production levels and realised prices for the quarter. Market Cap (NOK mn) 188405

Shares Outstanding (mn) 632.02

Production: Net production volume came at 383.6kboe/d, in line with Bloomberg consensus, Free Float (%) 65.35

while net volume sold came at 375.7kboe/d. Sold volumes were lower due to underlift in this 52 Wk Avg Daily Volume (mn) 1.2

quarter. Dividend Yield (%) 8.00

Return on Equity TTM (%) 4.75Realisations: Liquids realised price came at $107.9/bl, in line with our estimates, while realised

Current BVPS (NOK) 18.31natural gas price came at $88.4/boe, c.6% below our estimates. Source: Bloomberg

Estimate changes: We decrease our 2Q26 EBITDA estimate by 4% to $3.2bn and net income

forecast by 2% to $434m, reflecting weaker production and weaker gas realisations than what Price Performance Exchange-OL

we initially expected for Q2. 52 Week range NOK 373.80-240.60

Source: IDC

Link to Barclays Live for interactive charting

Naisheng Cui, CFA

+44 (0)20 7773 0486

naisheng.cui@barclays.com