OKEA fourth quarter 2024 trading update
(Trondheim, 23 January 2025) OKEA ASA (OSE: OKEA) will publish its financial report for the fourth quarter of 2024 on Thursday 30 January at 06:00 (CEST). This trading update is provided to summarise production and sales volumes and related updates for the quarter.
Fourth quarter 2024 production and sales
|
|
Unit |
Q4 2024 |
Q3 2024 |
2024 |
|
Total operating income |
MNOK |
2,262 |
2,926 |
11,246 |
|
Capital expenditure |
MNOK |
767 |
646 |
3,092 |
|
Realised crude oil price |
USD/boe |
76.7 |
79.9 |
82.5 |
|
Realised NGL price |
USD/boe |
48.6 |
46.8 |
46.0 |
|
Realised liquids price |
USD/boe |
69.2 |
74.9 |
77.2 |
|
Realised gas price |
USD/boe |
80.0 |
68.9 |
67.4 |
|
Net production* |
Kboepd |
37.8 |
37.3 |
38.9 |
|
Third-party volumes available for sale |
Kboepd |
-0.2 |
0.0 |
-0.1 |
|
Over/underlift/Inventory adjustments |
Kboepd |
-8.4 |
3.6 |
-1.3 |
|
Net sold volume** |
Kboepd |
29.2 |
40.8 |
37.5 |
|
Net sold volumes - crude oil |
Kboepd |
13.9 |
27.4 |
24.0 |
|
Net sold volumes - NGL |
Kboepd |
5.1 |
4.9 |
4.0 |
|
Net sold volumes - gas* |
Kboepd |
10.2 |
8.4 |
9.4 |
|
|
|
|
|
|
|
|
Unit |
31.12.2024 |
30.09.2024 |
|
|
Total liquidity |
MNOK |
3,533 |
3,865 |
|
|
Interest bearing bonds |
MNOK |
2,798 |
2,583 |
|
|
|
|
|
|
|
* Yme production volumes in Q4 2024 include October and November volumes divided by 92 days. By including 12 months of Yme production full year 2024 net production ended at 39.1 kboepd
**Includes delivered compensation volumes to Duva and Nova (tie-in to Gjøa)
The realised crude oil price was USD 76.7 (79.9) per boe and the realised NGL price was USD 48.6 (46.8) per boe. This resulted in an average realised liquids price of USD 69.2 (74.9) per boe. Realised gas price was USD 80.0 (68.9) per boe of which USD -0.2 (10.4) per boe was attributable to gain on fixed price contracts.
NOK weakened from 10.5 to 11.4 (8%) against the USD during the quarter, which resulted in an unrealised currency exchange loss on the USD 250 million in outstanding bond loans.
Production for 2024 ended at 39.1 kboepd, slightly above the guidance of 37-39 kboepd. Production excluding Yme ended at 36.0 kboepd.
Capex for 2024 ended at NOK 3.1 billion, slightly below the guidance of NOK 3.2- 3.5 billion. Capex excluding Yme ended at NOK 3.0 billion.
The information contained in this statement is based on a preliminary assessment of the company’s financial and operational results for the fourth quarter 2024 and may be subject to change.
Fourth quarter 2024 financial report to be published on 30 January
OKEA will release its fourth quarter 2024 results on Thursday 30 January 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 Q4 2024 (royalcast.com)). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).
For further information, please contact:
Birte Norheim, CFO
birte.norheim@okea.no
+47 952 933 21
About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental shelf (NCS). OKEA finds value where others divest and has an ambitious strategy built on growth, value creation and capital discipline.
OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)
More information at www.okea.no