First quarter 2025 production and sales
|
|
Unit |
Q1 2025 |
Q4 2024 |
|
Total operating income |
MUSD |
278 |
205 |
|
Realised crude oil price |
USD/boe |
77.7 |
76.7 |
|
Realised NGL price |
USD/boe |
63.1 |
48.6 |
|
Realised liquids price |
USD/boe |
75.4 |
69.2 |
|
Realised gas price |
USD/boe |
84.4 |
80.0 |
|
Net production* |
Kboepd |
34.2 |
37.8 |
|
Third-party volumes available for sale |
Kboepd |
-0.2 |
-0.2 |
|
Over/underlift/Inventory adjustments |
Kboepd |
5.0 |
-8.4 |
|
Net sold volume** |
Kboepd |
39.1 |
29.2 |
|
Net sold volumes – crude oil |
Kboepd |
24.5 |
13.9 |
|
Net sold volumes – NGL |
Kboepd |
4.6 |
5.1 |
|
Net sold volumes – gas* |
Kboepd |
9.9 |
10.2 |
|
|
|
|
|
|
|
Unit |
31.03.2025 |
31.12.2024 |
|
Total liquidity |
MUSD |
367 |
311 |
|
Interest bearing bonds |
MUSD |
247 |
246 |
* In 2024, activities from the 15% WI in the Yme divestment were included in the statement of comprehensive income and key figures until closing date. OKEA's share of volumes excluding Yme was 35.9 kboepd in the fourth quarter. Closing of the sale transaction took place end of November 2024, with effective date 1 January 2024..
** Includes delivered compensation volumes to Duva and Nova (tie-in to Gjøa)
Other items
Technical goodwill impairments in the range of USD 10-15 million are expected recognised in the quarter, mainly as a result of reduced forward prices. Technical goodwill is a non-cash expense that arises as an offset to the deferred taxes recognised in business combinations and is not tax deductible.
OKEA has NOK as functional currency. Starting from Q1 2025, all figures in the financial statements will be presented in USD. Comparative historical financial information previously presented in NOK, has been published in USD to conform with the current year’s presentation.
For presentation purposes, balance sheet items are translated from functional currency to USD using spot rates at the balance sheet date. Items within profit or loss and other comprehensive income are translated from functional currency to USD using average exchange rates for the periods presented, or actual rates at the dates of the transactions if significantly different. For share capital and share premium historical exchange rates are used.
The information contained in this statement is based on a preliminary assessment of the company’s financial and operational results for the first quarter 2025 and may be subject to change.
First quarter 2025 financial report to be published on 29 April
OKEA will release its first quarter 2025 results on Tuesday 29 April at 06:00 CET. A presentation of the results will be held on the same day through a webcast and audio conference starting 10:00 CET (OKEA Webcast Q1 2025 (royalcast.com). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).