Aker BP’s capital markets update was reassuring. Key highlights included a stronger 2026 production outlook than feared, development projects progressing on schedule, and lower-than-expected decline rates for 2028–30 driven by a range of organic initiatives. The latter effect lifts YE’26 NAV by ~5–10% versus our previous update. While Valhall Fenris capex increased by USD 1.1bn, the post-tax impact is a modest ~USD 140m. This underscores that avoiding schedule delays is economically more importa ....
