(Amounts in parentheses refer to previous quarter)
Fourth quarter 2022 production and sales
| Unit | Q4 2022 | Q3 2022 | |
| Total operating income | MNOK | 1,664 | 2,143 |
| Realised liquids price | USD/boe* | 95.2 | 106.6 |
| Realised gas price | USD/boe* | 112.6 | 194.8 |
| Net production | Boepd | 19,887 | 16,064 |
| Net production – liquids | Boepd | 14,420 | 11,206 |
| Net production – gas | Boepd | 5,467 | 4,859 |
| Third-party volumes available for sale | Boepd | 633 | 431 |
| Over/underlift/inventory adjustments | Boepd | -4,198 | 769 |
| Net sold volume** | Boepd | 16,322 | 17,264 |
| Net sold volumes – liquids | Boepd | 10,518 | 11,978 |
| Net sold volumes – gas** | Boepd | 5,804 | 5,286 |
| Unit | Q4 2022 | Q3 2022 | |
| Cash and cash equivalents end of quarter | MNOK | 1,104 | 2,668 |
| Financial investments | MNOK | 0 | 9 |
| Net interest-bearing debt end of quarter | MNOK | 583 | -799 |
* Boe – barrels of oil equivalents
** Includes compensation volumes from Duva and Nova received (tie-in to Gjøa)
Financial position
In December, OKEA distributed cash dividends of NOK 104 million to its shareholders (NOK 1.00 per share). Cash and cash equivalents amounted to NOK 1,104 (2,668) million and net interest-bearing debt ended at NOK 583 (-799) million at the end of the quarter. The reduction in cash balance was mainly due to settlement of the Wintershall Dea transaction in October as well as two tax instalments paid for 2022 in the quarter. The settlement for the assets acquired by Wintershall Dea included payment for oil inventory which will be lifted in the first quarter of 2023.
Impairment of the Yme asset
Estimated impairment charges are NOK 200 – 300 million before tax (NOK 45 – 65 million after tax). The impairment charges are non-cash and relate to revised phasing of production from the Yme asset caused by reduced expectations for plant availability in 2023. No further changes to recoverable reserves are expected.
2022 guiding
Production for the full year ended at 15,822 boepd. Capex, excluding capitalized interest, for 2022 amounted to NOK 1,089 million. Both exclude effects relating to the Wintershall Dea transaction, and both are in line with the latest guiding.
Disclaimer
The information contained in this statement is based on a preliminary assessment of the company’s fourth quarter 2022 financial and operational results and may be subject to change.
Fourth quarter 2022 financial report to be published on 31 January
OKEA ASA will release its fourth quarter 2022 results on Tuesday 31 January at 06:00 CEST. A presentation of the results will be held on the same day through a webcast and audioconference starting 08:00 CEST (Link to webcast). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).