Aker BP (AKRBP) Q3 2025 earnings summary

Executive summary

• Achieved stable Q3 2025 production at 414,000 bbls/day (414 mboepd) with 96% efficiency, supported by robust operational performance and safe project execution.

• Major discoveries at Omega Alfa (96–134 million bbls recoverable) and Kjøttkake significantly enhanced the resource base, with Omega Alfa among Norway's largest in a decade.

• Full-year 2025 production guidance raised to 410,000–425,000 bbls/day, reflecting strong year-to-date performance.

• Field developments and major projects (Yggdrasil, Valhall PWP-Fenris) progressing on schedule, with key milestones achieved.

• Strong financial position and resilient cash flow underpin continued investment and commitment to shareholder returns.

Financial highlights

• Q3 2025 production: 414,000 bbls/day; sold volumes: 396,000 bbls/day due to underlift.

• Net profit for Q3 2025 was $458 million before impairment and $285 million after impairment; EPS $0.73 before and $0.45 after impairment.

• Total income for Q3 2025 was $2.6 billion; cash flow from operations reached $2 billion; free cash flow $0.24/share.

• Operating costs increased to $7.6/bbl (one-off infrastructure costs); YTD unit cost $7.1/bbl, on track for $7/bbl full-year guidance.

• Dividend of $0.63/share paid in Q3; annualized at $2.52/share.

Outlook and guidance

• Full-year 2025 production guidance raised to 410,000–425,000 bbls/day; production cost guidance remains at ~$7/boe.

• CapEx for 2025 to peak at ~$6.5 billion, with exploration spend at ~$500 million and 18 wells expected.

• Ambition to sustain production above 500,000 bbls/day beyond 2030 and grow dividends by at least 5% per year.

• Significant production increase expected from 2027 as major projects come online.

• Board remains confident in long-term value creation, leveraging high efficiency, low costs, and strong safety and emissions record.