OKEA ASA has reported $36 million in internet earnings for the primary quarter (Q1), a bounce-back from prior-quarter losses and a rise year-on-year on account of greater gross sales volumes and realized oil costs.
Earnings per share stood at $0.35. Nonetheless, the Trondheim, Norway-based firm stated it continues to place dividends “on maintain” because it stays “in a interval of comparatively excessive spending on value-accretive natural investments”. Dividends haven’t been paid since 2024.
In assurance to shareholders, Oslo-listed OKEA stated, “The upper market costs mixed with good progress on the Bestla challenge, and shutting of the Mistral divestment are positives within the firm’s dividend assessments. The corporate will revert with a dividend plan when it considers to be able to distribute”.
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OKEA, which produces from mid- and late-life fields within the Nordic nation’s continental shelf, produced 34,888 barrels of oil equal a day (boed) within the January-March 2026 quarter. That elevated from the typical of 30,848 boed within the prior three months and 34,233 boed from Q1 2025, in addition to exceeded final yr’s common of 32,098 boed.
“The rise in manufacturing was primarily a results of start-up of the Talisker East properly at Brage in January”, OKEA stated. “As well as, Draugen and Statfjord each delivered elevated manufacturing on account of excessive manufacturing effectivity”.
Internet gross sales averaged 39,138 boed, up each sequentially and by prior-year comparability. 2025 gross sales averaged 32,146.
OKEA’s realized crude costs elevated each quarter-on-quarter and year-on-year to a mean of $79.5 per boe. Realized pure gasoline liquids costs rose quarter-on-quarter however slid year-on-year to $46.4 per boe; realized gasoline costs, which averaged $76.5 per boe, adopted the identical development.
Manufacturing bills dropped quarter-on-quarter however rose year-on-year to $26.7 per boe.
Gross sales income totaled $264 million, contributing to $239 million in working revenue. Working revenue rose quarter-on-quarter however fell year-on-year.
“Different working earnings arrived at a internet lack of $25 million, primarily pushed by an unrealized hedging loss referring to collar hedges on crude, of $29 million”, OKEA stated.
Whereas the elevated value setting led to by the struggle within the Center East resulted within the highest value realizations for OKEA since early final yr, elevated ahead costs resulted within the hedging loss.
OKEA maintained, “The [derivatives] program continues to supply draw back safety for future revenues with sure limits on upsides”.
Pre-income tax revenue totaled $230 million. The corresponding end result for This autumn 2025 was a lack of $60 million, whereas the determine for Q1 2025 was $122 million.
Internet money circulation from operations rose quarter-on-quarter however fell year-on-year to $70 million.
OKEA exited Q1 2026 with $210 million in money and money equivalents. Different present property stood at $369 million.
It owed $70 million in earnings tax payable on the finish of the interval. Different present liabilities totaled $344 million.
To contact the writer, electronic mail jov.onsat@rigzone.com
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