OKEA second quarter 2024 trading update
(Trondheim, 10 July 2024) OKEA ASA (OSE: OKEA) will publish its financial report for the second quarter of 2024 on Wednesday 17 July at 06:00 (CEST). This trading update is provided to summarise production and sales volumes and related topics and updates for the quarter.
Second quarter 2024 production and sales
|
|
Unit |
Q2 2024* |
Q1 2024 |
|
Total operating income |
MNOK |
2,584 |
3,474 |
|
Realised liquids price |
USD/boe |
79.7 |
82.0 |
|
Realised gas price |
USD/boe |
65.7 |
55.1 |
|
Net production |
Boepd |
38,357 |
42,107 |
|
Net production – liquids |
Boepd |
29,160 |
31,286 |
|
Net production – gas |
Boepd |
9,197 |
10,821 |
|
Third-party volumes available for sale |
Boepd |
-43 |
0 |
|
Over/underlift/inventory adjustments |
Boepd |
-5,063 |
4,477 |
|
Net sold volume* |
Boepd |
33,294 |
46,583 |
|
Net sold volumes – liquids |
Boepd |
24,711 |
36,219 |
|
Net sold volumes – gas* |
Boepd |
8,583 |
10,365 |
|
|
Unit |
Q2 2024 |
Q1 2024 |
|
Cash and cash equivalents |
MNOK |
3,182 |
2,130 |
|
Interest bearing bonds |
MNOK |
2,614 |
1,327 |
* Includes received compensation volumes from Duva and Nova (tie-in to Gjøa)
Impairments
A technical goodwill impairment on the Statfjord assets in the range of NOK 100 - 140 million is expected to be recognised in the quarter. The technical goodwill impairment is mainly a result of change in risking of future projects. Technical goodwill arises as an offset to the deferred tax recognised in business combinations and is not tax deductible.
In addition, an impairment in the range of NOK 130-160 million is expected to be recognised on the Yme asset following reduced forward prices for crude oil.
Disclaimer
The information contained in this statement is based on a preliminary assessment of the company’s second quarter 2024 financial and operational results and may be subject to change.
Second quarter 2024 financial report to be published on 17 July
OKEA will release its second quarter 2024 results on Wednesday 17 July at 06:00 CEST. A presentation of the results will be held on the same day through a webcast and audioconference starting 10:00 CEST (OKEA Webcast Q2 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 93 321
About OKEA
OKEA ASA is a leading mid- to 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