Aker BP Logs $3.1 Billion Operating Cash Flow in Second Quarter as BP's North Sea Stake Advances Yggdrasil and Valhall

Aker BP produced 383.6 thousand barrels of oil equivalent per day in the second quarter of 2026, generating $3.1 billion in operating cash flow and $521 million in net profit. The company held $6.0 billion in available liquidity at quarter-end. Aker BP also declared a quarterly cash dividend of $0.6615 per share, with an ex-date of July 20, 2026.

BP Holds 31 Percent, Aker Capital Holds 34 Percent

Aker BP operates under dual strategic ownership. BP plc holds approximately 30.59 percent of Aker BP's shares. Aker Capital AS, a wholly owned subsidiary of Aker ASA, holds approximately 34.26 percent. Kjell Inge Rokke controls Aker ASA through The Resource Group TRG AS and its subsidiaries, per Aker BP's corporate governance filings. The remaining shares trade freely on the Oslo Stock Exchange.

For BP, the Aker BP position provides concentrated Norwegian Continental Shelf exposure. That insulates a meaningful share of BP's production base from the Strait of Hormuz routing that affects its Rumaila field in Iraq. Norway's Continental Shelf faces no equivalent transit constraint.

Operating Cash Flow Works Out to Roughly $89 per Barrel Equivalent

At 383,600 barrels of oil equivalent per day over 91 days, second-quarter production totalled approximately 34.9 million barrels of oil equivalent. Dividing $3.1 billion in operating cash flow by that volume yields roughly $89 per barrel equivalent. Brent crude was trading at $84.77 per barrel as of late morning on Wednesday, July 15, 2026, per OilPrice.com spot price data. Aker BP's per-barrel cash generation exceeded the Brent benchmark partly because Norwegian gas realizations tie to the European TTF price rather than the lower North American Henry Hub index.

Yggdrasil Topside Installed, Valhall Moving to Offshore Hook-Up

Aker BP installed Yggdrasil's Hugin B topside at the offshore location in early July 2026. Power-from-shore systems at Yggdrasil were commissioned in June 2026. Yggdrasil ranks among the largest new field developments on the Norwegian Continental Shelf and remains on schedule for first production ahead of 2027 targets.

Valhall PWP-Fenris commenced offshore hook-up operations during the second quarter. The Valhall PWP topside is scheduled for sailaway in August 2026. Skarv Satellites remains on track for an August 2026 start-up. On Johan Sverdrup Phase 3, two subsea templates are now installed ahead of the 2027 production start date.

Equinor Collaboration Covers Ringvei Vest, Yggdrasil, and Wisting

Aker BP and Equinor announced a collaboration involving asset transactions across the Ringvei Vest, Yggdrasil, and Wisting areas. Wisting is located in the Barents Sea and ranks among the most northerly hydrocarbon discoveries on the Norwegian shelf. CEO Karl Johnny Hersvik said the quarter "demonstrated the quality, resilience and efficiency of our portfolio."

Full-Year Guidance Narrowed, Lower End Raised to 380 Mboe/d

Aker BP raised the lower end of its full-year 2026 production guidance, narrowing the range to 380,000 to 400,000 barrels of oil equivalent per day. Project deliveries at Yggdrasil, Valhall PWP-Fenris, and Skarv Satellites underpin the raised floor. A share buyback program will acquire up to 1.5 million shares at a maximum investment of NOK 750 million.