Quarterly and annual reports

Second quarter results - 2020

First quarter results - 2020

The first quarter of 2020 was an extraordinary quarter. Aker BP delivered strong operational performance and set a new production record. This was however overshadowed by the COVID-19 pandemic and the sharp drop in global oil prices. The company’s key priorities in this challenging situation are to safeguard its people, its production and its financial capacity.

Annual Report 2019 - 2019

In 2019, Aker BP achieved outstanding operational results. Production efficiency was 92 percent. In the fourth quarter of 2019, net production was 191.1 mboepd.

Fourth quarter results - 2019

Fourth quarter 2019 marked the end of a year of strong progress and value creation for Aker BP. For the first time, the company’s quarterly total income exceeded one billion dollars, driven by record high production following the successful start-up of the Johan Sverdrup field, combined with continued strong performance from other fields. The company paid a dividend of USD 187.5 million (USD 0.52 per share) in the quarter.

Third quarter results - 2019

Aker BP delivered strong operational performance and exploration success during the third quarter. The company’s field developments progressed as planned, paving the way for a significant increase in production in the coming months. Johan Sverdrup was brought on stream early October, and Valhall Flank West remains on track for first oil later this year. The company paid a dividend of USD 187.5 million (USD 0.52 per share) in the quarter.

Second quarter - 2019

Aker BP reported total income of USD 785 million and operating profit of USD 354 million for the second quarter 2019. Net profit was 62 million USD. All field developments are progressing as planned, and the company’s exploration program has been highly successful so far this year. The company paid a dividend of USD 187.5 (USD 0.52 per share) in the quarter.

First quarter - 2019

Aker BP delivered strong operational performance and exploration success in the first quarter. The company’s field develop­ments progressed as planned and remain on track for first oil from Johan Sverdrup and Valhall Flank West later this year. The company paid a dividend of USD 187.5 million (USD 0.52 per share) in the quarter.

Annual Report - 2018

2018 was a fantastic year. We are very pleased with the year’s financial results, which show a net profit of USD 476 million – an increase of 73 per cent.

Fourth quarter - 2018

Aker BP continued its positive development and strong growth in 2018. Total income increased by 46 percent from 2017 and all major field development projects progressed as planned.

Aker BP third quarter 2018 results - 2018

Second quarter and first half year - 2018

Aker BP reports total income of USD 1,000 mimillion and operating profit of USD 552 million for the second quarter 2018

First quarter - 2018

Aker BP reported total income of USD 890 million and operating profit of USD 472 million for the first quarter 2018. Net profit was USD 161 million and earnings per share were USD 0.45. The company paid a dividend of USD 0.3124 (NOK 2.40) per share in the quarter.

Annual Report - 2017

Fourth quarter - 2017

Aker BP ASA reported total income of USD 726 million in the fourth quarter of 2017. Production in the period was 135.6 thousand barrels of oil equivalent per day, realising an average oil price of USD 65 per barrel, while gas revenues were recognised at market value of USD 0.26 per standard cubic metre. Production cost per barrel of oil equivalents was USD 11.8.

Third quarter - 2017

Aker BP ASA reported total income of USD 596 (248) million in the third quarter of 2017. Production in the period was 131.9 (59.8) thousand barrels of oil equivalent per day (“mboepd”), realising an average oil price of USD 55 (47) per barrel, while gas revenues were recognized at market value of USD 0.20 (0.15) per standard cubic metre (scm). Production cost per barrel of oil equivalents (“boe”) was USD 11.1 (5.8).

Second quarter - 2017

Aker BP ASA reported total income of USD 595 (256) million in the second quarter of 2017. Production in the period was 142.7 (62.4) thousand barrels of oil equivalent per day (“mboepd”), realising an average oil price of USD 51 (49) per barrel, while gas revenues were recognized at market value of USD 0.18 (0.17) per standard cubic metre (scm). Production cost per barrel of oil equivalents (“boe”) was USD 9.3 (6.9)

First quarter - 2017

Aker BP ASA reported total income of USD 646 (205) million in the first quarter of 2017. Production in the period was 145.3 (60.6) thousand barrels of oil equivalent per day (“mboepd”), realising an average oil price of USD 54 (37) per barrel, while gas revenues were recognized at market value of USD 0.21 (0.18) per standard cubic metre (scm)

Annual Report - 2016

2016 was a transformational year for Aker BP ASA. Through the merger of Det norske oljeselskap ASA (Det norske) and BP Norge AS (BP Norge), the company more than doubled both production and the number of employees, and created a forceful company that was able to pay dividend to its shareholders for the first time. I parallel the company’s installations operated safely and efficiently throughout the year, and the Ivar Aasen field came on stream on time and within budget.

Fourth quarter - 2016

Aker BP ASA (“the company” or “Aker BP”) reported total income of USD 656 (255) million in the fourth quarter of 2016. Production in the period was 126.5 (54.0) thousand barrels of oil equivalent per day (“mboepd”), realising an average oil price of USD 52 (45) per barrel and a gas price of USD 0.19 (0.22) per standard cubic metre (scm).

Third quarter - 2016

Second quarter - 2016

Det norske oljeselskap ASA (“Det norske”) reported revenues of USD 256 (Q2 2015: USD 322) million in the second quarter of 2016. Production in the period was 62.440 barrels of oil equivalent per day, realising an average oil price of USD 49 per barrel.

First quarter - 2016

Annual report - 2015

Annual report BP Norge - 2015

The annual report for BP Norway for the year 2015, when the company was still a subsidiary of BP Group.

Fourth quarter - 2015

Det norske oljeselskap ASA (“the company” or “Det norske”) reported total operating income of USD 255 (Q4 2014: USD 346) million in the fourth quarter of 2015. Production in the period was 54.0 thousand barrels of oil equivalent per day, realising an average oil price of USD 45 per barrel.

Third quarter - 2015

Det norske oljeselskap ASA reported revenues of USD 281 million in the third quarter of 2015. Production in the period was 62 806 barrels of oil equivalent per day, realising an average oil price of USD 52 per barrel.

Second quarter - 2015

Det norske oljeselskap ASA (DETNOR) reported revenues of USD 337 (74) million in the second quarter of 2015. Production in the period was 58.4 (2.7) thousand barrels of oil equivalent per day. The company has secured USD 1 billion in additional liquidity during the quarter.

First quarter - 2015

Det norske oljeselskap ASA (DETNOR) reported consolidated revenues of USD 324 (26) million in the first quarter of 2015. Production in the period was 64.9 (2.9) thousand barrels of oil equivalent per day. Additional debt capacity of USD 800 million is expected to be in place by end of May.

Annual Report 2014 - 2014

2014 highlights was the acquisition of Marathon Oil Norge AS, the concept selection and impact assessment of the Johan Sverdrup field, together with the unitization agreement of the Ivar Aasen field.

Fourth quarter - 2014

Det norske oljeselskap ASA (DETNOR) today reports consolidated revenues of USD 346 million in the fourth quarter 2014 compared to USD 43 million in fourth quarter 2013.

Third quarter - 2014

On October 15, 2014, Det norske oljeselskap ASA finalised the acquisition of Marathon Oil Norge AS, and is now among the largest listed independent European E&P companies.

Second quarter - 2014

Following the acquisition of Marathon Oil Norge, Det norske will become one of Europe’s largest listed independent E&P companies in terms of production. In addition, a unitisation agreement for Ivar Aasen has been finalised, and the company’s reserves have increased with 35 per cent.

First quarter - 2014

Det norske oljeselskap ASA announces a good first quarter 2014. The development of the Ivar Aasen field is on schedule. Fabrication of the living quarters, steel jacket and platform deck is ongoing. A development concept has been agreed for the Johan Sverdrup field.

Annual Report - 2013

Fourth Quarter - 2013

Det norske oljeselskap ASA announces a good fourth quarter. The development of the Ivar Aasen field is progressing according to plan. The partners have agreed on a development concept for the Johan Sverdrup field. Det norske participated in the Askja discovery in the North Sea.

Third quarter - 2013

Det norske oljeselskap ASA had a good third quarter. The development of the Ivar Aasen field is on track. The concept selection for Johan Sverdrup is proceeding according to plan. Det norske participated in a promising discovery on the Gohta prospect in the Barents Sea. The company has strengthened its financing by entering into a new USD 1 billion revolving credit facility during the quarter.

Second quarter - 2013

Jette the company’sis first operated field development project came on stream in May. ThePDO for Ivar Aasen and Gina Krog fields were approved by the Norwegian Parliament on 21 May. All major contracts for Ivar Aasen have been firmed up during the quarter. TheJohan Sverdrup reservoir qualityin PL265 has been appraised further in the second quarter, confirming the excellent nature of the western central part of the field. The “Fault Margin” appraisal well 16/2-17S encountered an 82 meters grossoil column, a record for the field so far.

First Quarter - 2013

First quarter 2013 was marked by positive results related to Det norske oljeselskap ASA’s (“Det norske” or “the company”) two key assets, Johan Sverdrup and Ivar Aasen. Johan Sverdrup is progressing well towards concept selection in the second half of this year. During the first quarter an exploration well proved that the southern part of the field extends into PL 502, where Det norske holds a 22.22 percent interest.

First Quarter - 2012

Det norske made significant progress on several field development projects during the first quarter. The Norwegian Authorities approved the plan for development and operation (PDO) of the Jette field. An agreement for a coordinated development of the Draupne and Edvard Grieg fields was signed. Also, the preunit agreement for the Johan Sverdrup field was signed by the field owners in PL 265 and PL 501, regulating the joint work leading up to a PDO.

Second Quarter, and First Halfyear - 2012

Significant activities in the second quarter included drilling of production wells on the Jette field and continued front end engineering work on the Draupne project. As part of Det norske’s continuous work to optimise the license portfolio, three licenses were acquired and five licenses were relinquished. Det norske participated in two exploration wells during the quarter, Clapton and Storebjørn, both of which were dry.

Third Quarter - 2012

Contingent resources grew significantly in the third quarter as a result of the Geitungen oil discovery, which is believed to be an extension to the Johan Sverdrup field. The operator’s resource estimate for this new discovery is between 140 and 270 million barrels of recoverable oil. Good progress has been made on the Ivar Aasen project. The Environmental Impact Assessment was published in September and a Plan for Development and Operation (PDO) is scheduled to be submitted in December this year.

Fourth Quarter - 2012

The Plan for Development and Operation (PDO) for the Ivar Aasen field, of which Det norske is operator with a 35 percent interest, was submitted to the Norwegian Ministry of Petroleum and Energy in December. This was a major milestone for Det norske and it represents a significant step in the process of transforming the Company from a pure exploration company into a full cycle exploration and production (E&P) company.

Annual Report - 2012

First Quarter - 2011

Det norske plans to submit a PDO for Draupne this year. On the exploration side, the company will participate in an additional eight wells in 2011.

Second Quarter, and First Halfyear - 2011

Det norske has experienced exploration success in recent months, with discoveries at Aldous Major South, Krafla, Krafla West, Norvarg and Skalle. Aldous Major could potentially be the largest oil discovery in the North Sea for many years. The company will participate in another four exploration wells before the end of 2011. The company has submitted a plan for development and operation (PDO) of the Atla discovery. The Jette field is under consideration for development, and a development concept for the Draupne discovery is being evaluated.

Third Quarter - 2011

Det norske oljeselskap ASA is participating in one of the world’s largest offshore oil discoveries so far this year, with a 20 percent interest in the Aldous Major South discovery. The operator, Statoil, estimates the size of the discovery to be between 900 - 1500 million barrels of oil. There is good progress on several of the development projects and a plan for development and operation for the Jette development was submitted to the Norwegian authorities in the quarter. The company has strengthened the financial position through a MNOK 489 equity issue.

Fourth Quarter - 2011

Many positive events happened for the company in the fourth quarter. Det norske oljeselskap ASA strengthened the financial capacity in the quarter through a four-year MUSD 500 corporate credit facility as well as a MNOK 451 increase in equity through conversion of bonds. The company is financially well prepared for the ongoing field development projects and for an extensive exploration program in 2012. An appraisal well on the Johan Sverdrup field (prev.: Aldous Major South) in PL 265, confirmed the magnitude of the discovery.

Annual Report - 2011

First Quarter - 2010

Det norske is now laying the foundations for rapid growth in production. Our aim is for the Frøy field and the combined development of the Draupne/Hanz/West Cable fields to be in production from 2013 and 2014. The company will maintain a high level of exploration activity concurrently with planning of the development. Det norske plans to participate in about ten exploration wells in 2010.

Second Quarter, and First Halfyear - 2010

This has been an important quarter for the company. Three rigs have been operated in parallell without any accidents. The Draupne and Storklakken discoveries have been appraised with positive results and the appraisal drilling on Grevling has proved potential commercial resources. Det norske will now start to develop the self-operated fields Frøy and Draupne which are expected to boost production considerably.

Third Quarter - 2010

Det norske is currently participating in two exploration wells: Stirby and Dalsnuten. The results of these wells are expected in the near future. The company has an active exploration programme for 2011 with planned participation in 11 exploration wells. Det norske continues its work of preparing for the development of the Frøy and Draupne fields.

Fourth Quarter - 2010

Det norske plans to participate in eight exploration wells during the next six months.

Annual Report - 2010

First Quarter - 2009

Second Quarter, and First Halfyear - 2009

Det norske’s strategy to explore for oil and gas in mature areas, near existing infrastructure, has yielded very good results. The second quarter operating loss reflects the company’s high exploration activity. This activity has added up to 50 million barrels of oil equivalents in new reserves at a low unit cost.

Third Quarter - 2009

Det norske will merge with Aker Exploration in order to generate value for its shareholders and ensure production growth in the long term. The merged company aims to increase production to between 15,000 and 20,000 barrels by 2015. This growth will take place in mature areas of the Norwegian continental shelf. At the same time,the company will increase its exploration activities in new and immature areas.

Fourth Quarter - 2009

The fourth quarter of 2009 saw the merger of Det norske oljeselskap ASA and Aker Exploration ASA. The merger creates a dynamic oil company with a broader and more balanced licence portfolio on the Norwegian continental shelf. The licence portfolio provides a good basis for growth in the years ahead.

Annual Report - 2009

First Quarter - 2008

Second Quarter, and First Halfyear - 2008

Third Quarter - 2008

Fourth Quarter - 2008

Annual Report - 2008

First Quarter - 2007

Second Quarter, and First Halfyear - 2007

Third Quarter - 2007

Fourth Quarter - 2007

Annual Report - 2007

First Quarter - 2006

Second Quarter - 2006

Third Quarter - 2006

Fourth Quarter - 2006

Annual Report - 2006

First and second Quarter - 2005

Third Quarter - 2005

Fourth Quarter - 2005

Annual Report - 2005

Pertra IFRS Transition Report - 2005