Aker BP delivered strong operational and financial performance in the second quarter of 2026, supported by higher oil prices, steady production and continued progress across its major development projects. The company also advanced its long-term growth strategy through project milestones and a strategic collaboration aimed at strengthening its portfolio on the Norwegian Continental Shelf.
Average net production during the quarter was 383,600 barrels of oil equivalent per day (mboepd), prompting Aker BP to raise the lower end of its full-year production guidance to 380–400 mboepd. Operating cash flow reached a record USD 3.1 billion, while net profit stood at USD 521 million, reflecting improved market conditions and operational efficiency.
The company’s flagship development projects remained on schedule for first production in 2027. At the Yggdrasil development, the Hugin B topside was successfully installed offshore in early July following the commissioning of the power-from-shore system in June. At the Valhall PWP–Fenris project, offshore hook-up activities for the Fenris topside have begun, while the Valhall PWP topside is expected to sail away in August. Updated investment estimates reflect higher activity levels and measures to support execution during the final stages of development.
Additional projects also achieved significant progress during the quarter. The Skarv Satellites development remains on track for an accelerated start-up in August, while two subsea templates for Johan Sverdrup Phase 3 have been installed ahead of planned production in 2027.
Aker BP also entered into a strategic collaboration with Equinor, including transactions in the Ringvei Vest, Yggdrasil and Wisting areas. The agreement is intended to improve portfolio alignment, enhance resource recovery and support long-term value creation across the Norwegian Continental Shelf.
Commenting on the results, Chief Executive Officer Karl Johnny Hersvik said the company had delivered another quarter of strong operational performance, with record operating cash flow demonstrating the strength and resilience of its portfolio. He added that Aker BP remains focused on safe operations, high efficiency, disciplined cost management and continuous improvement while advancing its major development projects toward production. The company ended the quarter with available liquidity of USD 6 billion and declared a quarterly dividend of USD 0.6615 per share, reinforcing its commitment to delivering value to shareholders while maintaining financial flexibility.
Aker BP is an independent oil and gas company focused on exploration, field development and production on the Norwegian Continental Shelf. The company operates the Alvheim, Edvard Grieg, Skarv, Ula and Valhall field centres, leads the Yggdrasil development project and is a partner in the Johan Sverdrup field. Headquartered in Fornebu, Norway, Aker BP is listed on the Oslo Stock Exchange under the ticker symbol AKRBP.
