AKER BP ASA Aker BP will publish its financial report for the fourth quarter 2020 on Thursday4 February 2021 . The company issues this statement to summarize its production and sales volumes and certain accounting-related topics for the quarter. Oil and gas production and salesAker BP produced 223.1 thousand barrels of oil equivalents per day (mboepd) in the fourth quarter. The increase from the previous quarter was driven by new wells on production at Ærfugl and Alvheim, by higher production fromJohan Sverdrup , and by generally lower maintenance activity. Average production for the year 2020 ended at 210.7 mboepd, in line with previous guidance. Volumes (mboepd) Q4-20 Q3-20 2020 2019 Net production 223.1 201.6 210.7 155.9 Overlift/(underlift) (9.3) (13.9) (0.5) 1.8 Net sold volume 213.8 187.7 210.2 157.6 Of which liquids 175.7 157.5 176.4 126.6 Of which natural gas 38.1 30.2 33.8 31.0 Realised prices Liquids (USD/boe) 44.2 42.7 40.0 64.8 Natural gas (USD/scm) 0.20 0.12 0.14 0.18 Status on 2020 guidanceAker BP routinely issues guidance for production and certain financial measures. The following table shows the preliminary 2020 numbers, compared to the guidance which was provided in the third quarter 2020 presentation. For definitions of these financial measures, please see the company's third quarter 2020 report. Preliminary Previous guidance Production 210.7 mboepd 210-215 mboepd CapexUSD 1 306 million USD ~1.3 billion Exploration spendUSD 246 million USD ~300 million Abandonment spendUSD 178 million USD ~200 million Production cost per boe producedUSD 8.3 USD ~8 Average USDNOK in Q4-20 9.0 9.4 Exploration spend ended below guidance as the Bask and Merckx exploration wells were delayed to 2021. Production cost was negatively impacted by a stronger NOK than expected in the fourth quarter. Liquidity and net debt At the end of 2020, net interest-bearing debt amounted toUSD 3.6 billion including lease debt. Available liquidity wasUSD 4.5 billion , consisting ofUSD 0.5 billion in cash equivalents andUSD 4.0 billion in undrawn credit facilities. Impairments Due to updated accounting assumptions, the company expects to make non-cash impairment charges of approximatelyUSD 55 million before tax, mainly related to tangible assets. Conference call and webcastAker BP's fourth quarter report will be released on4 February 2021 at07:00 CET , and will be made available on the company's website: www.akerbp.com/en. The company will host its annual Capital Markets Update from08:30 CET the same day, through a webcast which will be available at the company's website. The presentation will be followed by a conference call with Q&A. The conference call will also be streamed as part of the webcast. Dial-in details will be provided later. Disclaimer The information in this statement is based on a preliminary assessment of the company's fourth quarter 2020 financial results. The company has not completed its financial reporting and related review and control procedures. The estimates provided may therefore be subject to change and the financial statements finally approved and released by the company may deviate from the information herein. Contacts: Kjetil Bakken, VP Investor Relations, tel.: +47 918 89 889 Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217 AboutAker BP :Aker BP is a fully-fledged E&P company with exploration, development and production activities on the Norwegian Continental Shelf.Aker BP is the operator of Alvheim,Ivar Aasen , Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field.Aker BP is headquartered at Fornebu,Norway , and is listed on theOslo Stock Exchange under the ticker 'AKRBP'. More aboutAker BP at www.akerbp.com. This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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