Aker BP (AKRBP) Q1 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2025, with 441 mboepd production, high efficiency, low costs and emissions, and two new discoveries enhancing the development pipeline.

• Maintained a robust balance sheet, high liquidity, and low leverage, supporting continued investment and resilient dividends.

• Major development projects remain on track and on budget, with Johan Sverdrup Phase 3 and East Frigg nearing investment decisions.

• Active exploration program with multiple wells planned for 2025, including Yggdrasil and Rondeslottet.

Financial highlights

• Total income of USD 3.2 billion in Q1 2025, up 4% sequentially; net profit was USD 316 million (USD 0.50 per share), down from USD 562 million previous quarter.

• EBITDA reached USD 2.8 billion; EBITDAX at USD 2.908 billion.

• Cash flow from operations was USD 2.1 billion; free cash flow at USD 685 million.

• Dividend of USD 0.63 per share paid; annualized guidance of USD 2.52 per share remains on track.

• Available liquidity at USD 7.7 billion; cash at end of period USD 4.283 billion.

Outlook and guidance

• 2025 guidance unchanged: production 390,000–420,000 boe/d, opex ~$7/boe, capex USD 5.5–6 billion, exploration spend ~USD 450 million, abandonment spend ~USD 150 million.

• Q1 2025 production was 441,000 boe/d; Q1 cost was USD 6.5/boe.

• Dividend policy targets at least 5% annual growth through 2028, with USD 2.52/share planned for 2025.

• Ambition to maintain production above 500 mboepd into the 2030s, supported by ongoing and planned projects.