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Aker BP (AKRBP) USD

At a glance: strengths & risks
✓Revenue growing (+42% y/y, Q2 2026)✓Margins improving (55%→92%, Q2 2026)✓Low leverage (0.9x EBITDA)✗Pricier than own history (EV/EBITDA 2.8 vs avg 2.1)

Sector: Oil & gas

COMM_AKRBP

Price chart

338.5 NOKDay -0.53%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
338.6 NOK · -0.50%
Market cap
22.2 bn USD

Growth

Δ revenue y/y
42.0%
Δ EBITDA y/y
92.6%

Multiples

P/E (LTM)
22.8x
3y avg: 54.0x
P/B (FY)
2.0x
P/E (ann.)
10.7x
EV/EBITDA (LTM)
2.8x
3y avg: 2.1x
EV/EBITDA (ann.)
2.6x

Cash return

Dividend yield
7.4%
FCF yield (LTM)
4.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-38.1%
↓ details

Liquidity

Daily turnover (listing)
118.9 mln NOK

Shares: connector/market_inputs

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK3.6
y/y 42.0%
2.2
y/y 150.5%
0.5
y/y -1.6%
2.7
y/y 92.6%
0.5
y/y —
3.1-1.847.7
y/y 11.2%
11.7
y/y -1.5%
17.9%6.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK3.0
y/y -4.9%
2.1
y/y 1.9%
0.5
y/y -21.7%
2.6
y/y -4.0%
0.8
y/y 139.7%
2.0-1.846.4
y/y 7.3%
11.6
y/y -8.3%
26.6%6.7Yahoo Finance
2025-12-31Q4 2025 (3M)OK2.5
y/y —
0.4
y/y —
0.7
y/y —
1.1
y/y —
-0.1
y/y —
1.6-2.044.8
y/y 6.2%
11.2
y/y -11.5%
1.1%6.4Yahoo Finance
2025-06-30Q2 2025 (3M)OK2.5
y/y —
0.9
y/y —
0.5
y/y —
1.4
y/y —
-0.3
y/y —
2.0-1.842.9
y/y —
11.9
y/y —
-10.6%4.9Yahoo Finance
2025-03-31Q1 2025 (3M)OK3.1
y/y —
2.0
y/y —
0.7
y/y —
2.7
y/y —
0.3
y/y —
1.6-2.043.3
y/y —
12.6
y/y —
10.0%3.3Yahoo Finance
2024-12-31FY 2024 (12M)OK12.2
y/y -9.8%
8.4
y/y -13.1%
2.4
y/y -0.4%
10.8
y/y -10.5%
1.8
y/y 36.8%
6.4-5.142.2
y/y 8.1%
12.7
y/y 2.7%
14.6%3.4Yahoo Finance
2023-12-31FY 2023 (12M)OK13.6
y/y —
9.6
y/y —
2.4
y/y —
12.0
y/y —
1.3
y/y —
5.4-3.439.0
y/y —
12.4
y/y —
—2.4Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)189
Long-term debt (incl. LT leases)8 318
− Cash & equivalents2 479
Net debt6 027

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-50005001 0001 5002 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 3.57x of reported net profit; after capex, 1.11x.
year2022202320242025
cash flow / profit3.57x4.05x3.51x—
accruals, % of assets-11.0%-10.4%-10.9%-15.2%
Last twelve months (to - Q2 2025): 8.26x of profit came back as operating cash flow.
net debt / EBITDA 0.9x · capex 1.9x of depreciation · dividends 79% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Realized price
USD/boe		Operating cost
USD/boe
Q2 2026-06383 600
−7.6%		107.90
+61.3%		8.80
+20.5%
H1 2026-06391 000
−8.7%		94.50
+32.9%		8.20
+18.8%
Q1 2026-03398 40082.207.70
Q4 2025-12411 000—7.90
FY 2025-12420 273.97
−4.5%		—16.80
+12.8%
Q3 2025-09414 000—7.60
Q2 2025-06415 00066.907.30
H1 2025-06428 10071.106.90
FY 2024-12440 273.97—14.90

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://akerbp.com/wp-content/uploads/2026/03/akerbp-annual-report-2025.pdf; https://akerbp.com/wp-content/uploads/2026/03/akerbp-annual-statement-of-reserves-2025.pdf; https://akerbp.com/wp-content/uploads/2026/07/aker-bp-2026-q2-presentation.pdf; https://akerbp.com/wp-content/uploads/2026/07/aker-bp-2026-q2-report.pdf

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
1 526 mln boe (2P)
2025
Reserve life (R/P)
9.9 yrs
reserves ÷ annual output
Annual production
153.40 mln boe
2025

Production, mln boe

160.702024153.402025

Proved reserves

YearReserves, mln boe (2P)
20251 526
20241 568

Production

YearProduction, mln boeper day, mln boe
2025153.40
−4.5%		0.42
2024160.700.44

Company reports: https://akerbp.com/wp-content/uploads/2026/03/akerbp-annual-report-2025.pdf; https://akerbp.com/wp-content/uploads/2026/03/akerbp-annual-statement-of-reserves-2025.pdf; https://akerbp.com/wp-content/uploads/2026/07/aker-bp-2026-q2-presentation.pdf; https://akerbp.com/wp-content/uploads/2026/07/aker-bp-2026-q2-report.pdf

Key-commodity price — Brent

Current 100spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -38.1% ▲ +3.1 pp 1d

Main driver: Brent +30% vs LTM; revenue ×1.36 vs costs ×1.04; EBITDA 8 891→11 224; at 2.3× EV/EBITDA → -38%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+88%99.6976.5180.81+30%+6%
Nat. gas in Europe (Dutch TTF) (rev)+10%871.69443.18476.91+97%+8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue11 612
LTM EBITDA8 891
LTM cash costs (revenue − EBITDA)2 721
2 · Revenue projection
Revenue multiplier — spot×1.363 (+36%)
= Spot revenue15 832
Revenue multiplier — 3y price×1.057 (+6%)
= 3-year-price revenue12 276
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 830
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 830
4 · EBITDA projection (revenue − costs)
= Spot EBITDA13 002
= 3-year-price EBITDA9 446
Conservative EBITDA = min(spot, avg)11 224
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.3x
Target EV = EV/EBITDA × conservative EBITDA26 264
Net debt6 027
Target market cap = EV − net debt20 570
Current market cap22 416

Upside = target market cap ÷ current − 1 = -38.1%

Life of mine: 10 yrs — before haircut -8.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY13 58010 126+34.1%11 2837 778+45.1%
2024 FY12 24313 005-5.9%10 49910 617-1.1%
2025 FY10 69910 783-0.8%7 2118 970-19.6%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -13% vs -10% the year before — a -2.8 pp move. 3-year CAGR -6%.
revenue growth by year: 2023 +5% · 2024 -10% · 2025 -13%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.7x · target 75th pct (3y) 2.3x · LTM avg 3.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
LukoilRussia44.72.2x4.6x
Occidental Petroleumglobal54.55.1x5.1x
GazpromRussia32.42.8x5.8x
Whitecap Resourcesglobal15.16.0x6.0x
ConocoPhillipsglobal156.76.4x6.4x
RosneftRussia51.43.1x6.6x
Chevronglobal378.97.9x7.9x
SantosAustralia19.08.9x8.4x
TatneftRussia20.84.1x8.5x
Gazprom NeftRussia37.04.1x8.6x
Exxon Mobilglobal680.19.6x9.6x
NovatekRussia44.57.8x16.5x
Group median5.5x7.2x
Group average5.7x7.8x
This companyglobal22.22.8x2.8x

Group median 5.5x as traded, 7.2x adjusted; this company 2.8x — a 62% discount.

Group average 5.7x as traded, 7.8x adjusted; against the average this company is at a 65% discount.

At the adjusted group median the market cap would be +207% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-206.4259 NOKEx-dividend: 6.4259 NOK per sharePaidYahoo Finance (ex-div)
2026-05-126.1285 NOKEx-dividend: 6.1285 NOK per sharePaidYahoo Finance (ex-div)
2026-02-166.2942 NOKEx-dividend: 6.2942 NOK per sharePaidYahoo Finance (ex-div)
2025-10-276.3319 NOKEx-dividend: 6.3319 NOK per sharePaidYahoo Finance (ex-div)
2025-07-186.3619 NOKEx-dividend: 6.3619 NOK per sharePaidYahoo Finance (ex-div)
2025-05-126.5174 NOKEx-dividend: 6.5174 NOK per sharePaidYahoo Finance (ex-div)
2025-02-177.0638 NOKEx-dividend: 7.0638 NOK per sharePaidYahoo Finance (ex-div)
2024-11-046.5946 NOKEx-dividend: 6.5946 NOK per sharePaidYahoo Finance (ex-div)
2024-07-176.4562 NOKEx-dividend: 6.4562 NOK per sharePaidYahoo Finance (ex-div)
2024-04-296.592 NOKEx-dividend: 6.592 NOK per sharePaidYahoo Finance (ex-div)
2024-02-136.3355 NOKEx-dividend: 6.3355 NOK per sharePaidYahoo Finance (ex-div)
2023-11-016.1882 NOKEx-dividend: 6.1882 NOK per sharePaidYahoo Finance (ex-div)
2023-07-185.6578 NOKEx-dividend: 5.6578 NOK per sharePaidYahoo Finance (ex-div)
2023-05-035.8351 NOKEx-dividend: 5.8351 NOK per sharePaidYahoo Finance (ex-div)
2023-02-155.5722 NOKEx-dividend: 5.5722 NOK per sharePaidYahoo Finance (ex-div)
2022-10-315.5282 NOKEx-dividend: 5.5282 NOK per sharePaidYahoo Finance (ex-div)
2022-08-165.2056 NOKEx-dividend: 5.2056 NOK per sharePaidYahoo Finance (ex-div)
2022-05-034.3913 NOKEx-dividend: 4.3913 NOK per sharePaidYahoo Finance (ex-div)
2022-02-154.1782 NOKEx-dividend: 4.1782 NOK per sharePaidYahoo Finance (ex-div)
2021-11-023.4912 NOKEx-dividend: 3.4912 NOK per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Aker BP (AKRBP) — from primary filings.

Frequently asked questions

What is Aker BP (AKRBP)'s P/E ratio?
Aker BP (AKRBP) trades at a P/E of 22.8x (price to trailing 12-month earnings).
What is Aker BP (AKRBP)'s EV/EBITDA?
Aker BP (AKRBP) trades at 2.8x EV/EBITDA.
What is Aker BP (AKRBP)'s P/B ratio?
Aker BP (AKRBP) trades at a P/B of 2.0x.
What is Aker BP (AKRBP)'s dividend yield?
Aker BP (AKRBP)'s trailing 12-month dividend yield is 7.4%.
What is Aker BP (AKRBP)'s return on equity (ROE)?
Aker BP (AKRBP)'s ROE is 17.9%.
What is Aker BP (AKRBP)'s market capitalization?
Aker BP (AKRBP)'s market cap is 22.2 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map