Aker BP ASA (AKRBF) Q4 2025 Earnings Call Highlights: Strong Cash Flow and Strategic …

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Thu, February 12, 2026 at 12:01 AM GMT+9 4 min read

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**Full-Year Production:** Averaged 420,000 barrels per day, at the top end of initial guidance.

**Production Efficiency:** Achieved 96% efficiency.

**Production Cost:** $7.3 per barrel, in line with guidance.

**Operating Cash Flow:** Record high of around $7 billion.

**Earnings Per Share:** $2.8, compared to $3.5 in 2024.

**Operating Cash Flow Per Share:** $11, up from $10 the previous year.

**Dividends:** Increased by 5% year-over-year to $2.52 per share.

**Leverage Ratio:** 0.6 times net debt to EBITDAX.

**Realized Hydrocarbon Prices:** Averaged $63 per barrel of oil equivalent.

**Operating Costs:** $7.9 per barrel produced in Q4, up from $7.6 in Q3.

**Impairment Charges:** $944 million in Q4, affecting technical goodwill.

**Effective Tax Rate:** 137% for the quarter, driven by impairment effects.

**Net Interest-Bearing Debt:** Increased to $6 billion by year-end.

**Total Available Liquidity:** $5.9 billion, with $2.6 billion in cash or equivalents.

**CapEx:** Nearly $7 billion, 8% above the July estimate of $6.5 billion.

**Exploration and Abandonment Spend:** Close to $500 million and $100 million, respectively.

**2026 Production Guidance:** 370,000 to 400,000 barrels per day.

**2026 Operating Expenses:** Expected around $8 per barrel produced.

**2026 CapEx Guidance:** $6.2 billion to $6.7 billion.

**2026 Exploration Spend:** Expected around $400 million.

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Aker BP ASA (AKRBF) delivered strong cash flow from operations in 2025, supported by high production efficiency across its portfolio.

The company participated in the three largest discoveries on the Norwegian Continental Shelf, adding around 100 million barrels of resources.

Aker BP ASA (AKRBF) maintained industry-leading cost and emissions performance, with production costs at $7.3 per barrel and emissions intensity at 2.8 kilograms of CO2 per barrel.

The company increased dividends by 5% year-over-year, reflecting a commitment to shareholder returns.

Major development projects are progressing as planned, with start-ups expected in 2027, ensuring future production growth.

Negative Points

Aker BP ASA (AKRBF) reported a decrease in earnings per share from $3.5 in 2024 to $2.8 in 2025.

The company recognized impairment charges of $944 million in the fourth quarter, impacting financial results.

Operating costs increased to $7.9 per barrel in Q4, reflecting maintenance activities and production mix changes.

The expected decline in production from the Johan Sverdrup field due to its maturity phase poses a challenge.

CapEx for 2025 exceeded initial estimates, reaching nearly $7 billion, driven by project expansions and currency effects.

 






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Q & A Highlights

Q: How does Aker BP plan to maintain flat production into the 2030s despite the Norwegian Petroleum Directorate’s projection of a decline? A: Karl Hersvik, CEO, explained that Aker BP is prepared for the challenges on the Norwegian Continental Shelf. The company is focusing on AI and time compression to create more efficient field development. They have a significant backlog of prospects, discoveries, and early-phase projects, which will help manage the decline. Aker BP’s projects starting in 2027 give them a slight advantage over other companies in managing production decline.

Q: What is the outlook for dividends after Yggdrasil’s first oil, and will the dividend policy change? A: David Torvik Tonne, CFO, stated that the current dividend policy aims to grow dividends by a minimum of 5% through the investment period. After 2028, the company will reassess, but the focus remains on returning created value to shareholders.

Q: Can you provide an update on the Listing project and the use of AI in accelerating it? A: Karl Hersvik, CEO, mentioned that studies for the Listing project are starting, with an engineering provider to be chosen by mid-2026. AI’s role in accelerating the project should be directed to the operator. The exploration campaign is focused on the Utsira High area due to rig capacity allocation.

Q: How does digitalization and AI impact Aker BP’s financial performance, particularly production cost per barrel? A: Karl Hersvik, CEO, explained that digitalization and AI are transforming organizational processes, leading to faster decision-making and efficiency. While it’s challenging to quantify savings, the focus is on achieving cutting-edge performance in various operational metrics.

Q: What is the impact of the Skarv satellites’ accelerated production on 2026 guidance? A: David Torvik Tonne, CFO, noted that the acceleration of Skarv satellites into 2026 adds about 1% to 2% to production, equating to approximately 5,000 to 6,000 barrels per day. While not material to the overall portfolio, it’s significant for the Skarv asset.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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