DNO ASA on Thursday reported a internet lack of $98.4 million, or -$0.1 per share, for the fourth quarter of 2024, primarily pushed by an impairment from an Iraqi license and depreciation of North Sea property.
Its inventory closed decrease by a krone at NOK 12.5 ($1.12) on the Oslo inventory trade on outcomes day.
The Norwegian oil and gasoline exploration and manufacturing firm had $20 million in internet revenue for the prior quarter and $4.2 million for the fourth quarter of 2023.
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The loss comes regardless of internet manufacturing rising each year-on-year and quarter-on-quarter to almost 78,000 barrels of oil equal a day (boed), in line with outcomes it printed on-line. The Kurdistan area in Iraq contributed 59,000 boed. The North Sea, the place DNO holds stakes on the Norwegian and United Kingdom sides, accounted for 15,200 boed. West Africa added 3,100 boed.
“Our Kurdistan crew is doing a terrific job”, stated DNO govt chair Bijan Mossavar-Rahmani. “Sustaining, by no means thoughts rising, manufacturing from mature carbonate reservoirs with out new drilling is uncommon, even distinctive”.
“In Norway, we’re making use of an identical ‘can-do’ spirit to get our barrels from a string of latest discoveries out of the bottom and into the market and achieve this quicker than is the norm right here”, Mossavar-Rahmani added.
Gross sales volumes within the October-December 2024 interval totaled over 34,500 boed, down by prior-year comparability however up sequentially.
DNO acknowledged $104.4 million of impairment losses from oil and gasoline property, “primarily pushed by the outcomes of nicely testing applications within the Baeshiqa license, up to date financial profiles on the Vilje subject and a rise within the ARO provision on the Ula space CGU following annual replace in the price estimates for decommissioning”. DNO attributed $89 million of the entire impairment to Kurdistan and the remaining, $15.4 million, to the North Sea.
The testing program for the Baeshiqa subject within the Kurdistan area in Iraq yielded 20 barrels of oil per day gross, after halting manufacturing from mid-2023. “The Firm is at present working to attenuate license operating price whereas reviewing its choices”, stated DNO, which holds a 64 p.c working stake within the license.
In the meantime larger manufacturing within the North Sea drove a sequential enhance in depreciation, depletion and amortization from $39.9 million for the third quarter to $47.3 million for the fourth quarter, DNO stated.
Income for the 2024 fourth quarter totaled $177.6 million, down in comparison with $199.3 million for the 2023 fourth quarter however up from $170.5 for the 2024 third quarter.
EBITDAX landed at $100.4 million, down from $135.1 million for the 2023 fourth quarter and $106.7 million for the 2024 third quarter.
EBITDA settled at $71.4 million, down from $116.8 million for the 2023 fourth quarter however up from $69.3 million for the 2024 third quarter.
DNO logged an working lack of $81.9 million, in comparison with working income of $37.6 million and $30.6 million for the 2023 fourth quarter and the 2024 third quarter respectively.
Free money stream was -$5.4 million, although DNO ended the quarter with $99 million in internet money.
Dividends paid for the 2024 fourth quarter elevated to $27.4 million from $22.7 million for the 2023 fourth quarter.
To contact the creator, e-mail jov.onsat@rigzone.com
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