Aker BP: Better operational delivery offsets capex inflation

Research evidence excerpt

Aker BP: Better operational delivery offsets capex inflation

Equity Research

European Integrated Energy

15 July 2026

Aker BP

Better operational delivery offsets

capex inflation

We expect a neutral reaction to Aker BP's Q2 results. While AKERBP.OL/AKERBP NO EQUAL WEIGHT

the c.$0.5bn increase in 2026 capex guidance is not ideal, we European Integrated Energy POSITIVE

think this is largely offset by improved production guidance, Price Target NOK 295.00

Price (14-Jul-26) NOK 324.40

better cash generation, and continued de-risking of the Potential Upside/Downside -9.1%

company's key growth projects ahead of their 2027 start-ups. Source: Bloomberg, Barclays Research

European Integrated EnergyKey points:

Naisheng Cui, CFA

• FY 2026 production guidance is improved to 380-400kboe/d, vs. 370-400kboe/d +44 (0)20 7773 0486

naisheng.cui@barclays.com

previously, reflecting better visibility and increased confidence.

Barclays, UK

• However, FY2026 capex guidance is also raised by c.$0.5bn or 7%, to $6.8-7.2bn from Lydia Rainforth, CFA

$6.2-6.7bn before as the company decides to increase staffing and resources in order to keep +44 (0)20 3134 6669

its planned project schedules. lydia.rainforth@barclays.com

• 2Q EBITDA came at $3,351m, 3% above company collected consensus of $3,248m. Thea Lacroix

+44 (0)20 3555 3088

• Operating profit for Q2 came at $2,205m, 16% below the consensus of $2,633m. Net income thea.lacroix@barclays.com

was below expectation too. The miss in the bottom line was mainly due to a larger than Barclays, UK

anticipated $625m impairment charge, which compared to a net reversal of $522m in the

Ramachandra Kamath

previous quarter. The impairment charge relates to other intangible assets at Valhall and was +91 (0)22 61752308