Aker BP ASA (AKRBF)
NEUTRALFundamental
48
Price
$348.40
Market Cap
$222.76B
Part 1 · What the company is worth
Overview
Aker BP explores for, develops and produces oil and gas exclusively on the Norwegian Continental Shelf. Rather than building fields from scratch everywhere, much of its strategy has been buying stakes in mature North Sea fields and modernising them with subsea technology and tied-back platforms to extract more oil at lower cost. It operates several field centres directly — Alvheim, Valhall, Skarv and Ula — and holds a large minority stake in Johan Sverdrup, one of Western Europe's largest oil fields, operated by Equinor.
How it makes money
Revenue comes from selling the oil and gas it extracts at prevailing market prices, plus smaller tariff income for letting other operators use its pipelines and platforms. Because prices are set by global commodity markets, Aker BP cannot control what it is paid; it instead competes on cost. The company has driven its production cost down to roughly $7-8 per barrel, well below the $10-12 many rivals report, and estimates its projects remain profitable even if oil prices fall to $35-40 a barrel.
Competitive moat
Cost advantage · NarrowAker BP reports a production cost of roughly $7-8 per barrel against $10-12 for many peers, and a portfolio breakeven around $35-40 a barrel, achieved by concentrating on mature, already-developed North Sea infrastructure rather than costlier frontier exploration. The advantage is real but not permanent: it depends on continued access to Norwegian licenses and on fields that will eventually deplete.
What drives demand
CyclicalAs a pure commodity producer, revenue rises and falls with global oil and gas prices, which move with worldwide economic growth, OPEC+ supply decisions and geopolitical events far outside the company's control. Low production costs cushion profitability in a downturn, but do not insulate revenue itself from the swings in the price the company is paid.
The case for
Buyers argue that Aker BP's production cost of roughly $7-8 per barrel, far below the industry average, lets it stay profitable at oil prices where many competitors would struggle, and that its stake in the still-growing Johan Sverdrup field gives it years of low-cost production ahead.
The case against
Sellers worry that revenue still depends entirely on a commodity price the company cannot control, that its assets are concentrated on a single continental shelf subject to Norwegian tax and regulatory policy, and that today's low-cost fields will eventually deplete and need replacing with costlier ones.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on August 23, 2026 with claude-opus-5 — shared with all users
The dominant operator on the Norwegian continental shelf, competing with Aker BP for the same exploration acreage and operatorships in every licensing round and selling the same Norwegian crude and pipeline gas to European buyers.
The closest listed peer in profile: an independent producer focused almost entirely on the Norwegian continental shelf, chasing the same subsea tie-back projects, the same licence awards and the same oil and gas customers.
After the Sval Energi acquisition it holds well over a hundred Norwegian offshore licences and was the third-largest winner in the latest APA round, directly behind Aker BP in the race for North Sea and Norwegian Sea acreage.
Through its Norwegian arm it is both a licence partner and a rival bidder for Norwegian offshore acreage and producing-asset acquisitions, and it sells gas into the same European market.
A smaller Norwegian operator specialised in extending the life of mature offshore fields, competing with Aker BP for the same late-life assets, licence shares and offshore contractor capacity.
Balance Sheet & Liquidity
Revenue
$11.86B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$1.42B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$-353M
Total Equity
$108.33B
Total Liabilities
$9.73B
Current Ratio
1.20
Interest Coverage
-
Debt/EBITDA
0.96
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$307.15
Current Price
$348.40
Margin of Safety
-13.4%
Fair Value Range
$199.65 - $414.66
Estimation Methods
Valuation Metrics
P/E Ratio
156.23
ROE
12.1%
P/B Ratio
19.75
P/FCF
-
Gross Margin
90.1%
ROIC
6.0%
Profitability Radar
Value Creation (Economic Moat)
ROIC
6.0%
WACC
10.9%
ROIC − WACC
-4.9 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (10)
- Price CAGR 9.01%
- ROIC 6.0%
- Gross Margin 90.1%
- Debt/Equity ratio
- Operating Margin 57.1%
- Current Ratio
- Debt/EBITDA
- Revenue Growth 5Y 29.7%
- PEG Ratio 1.46
- Earnings Quality (OCF/NI) 6.94
Failed (9)
- P/B Ratio 19.75
- Positive Free Cash Flow
- Price below Graham Number
- DCF valuation (Unknown)
- ROE 1.1%
- Analyst Consensus 46% Buy
- Earnings Surprise avg -22.8%
- Net Margin Trend 1.2% vs 14.8%
- Piotroski F-Score 2/9
Unavailable (8)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Karl Johnny Hersvik | Chief Executive Officer | 53 |
| Mr. David Torvik Tonne | Chief Financial Officer | 40 |
| Mr. Per Harald Kongelf | Chief Operating Officer | 66 |
| Mr. Thomas Ditlev Hoff-Hansen | Chief Information Officer | 53 |
| Ms. Marit Blaasmo | Senior Vice President of People and Safety | 50 |
| Mr. Arne Tommy Sigmundstad | Senior Vice President of Drilling & Wells | 55 |
| Mr. Ole-Johan Molvig | Senior Vice President of Valhall | 53 |
| Mr. Knut Arne Kristian Sandvik | Senior Vice President of Projects | 63 |
| Ms. Ine Dolve | Senior Vice President of Alvheim | 50 |
| Mr. Lars Hoeier | Senior Vice President- NOAKA | 58 |
Audit Risk
2
Board Risk
9
Compensation Risk
6
Shareholder Rights Risk
1
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for AKRBF, sourced from Markets Gazette.