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prices across the portfolio.
Net production increased 61 percent from the previous quarter to 142,800 barrels
of oil equivalent per day (boepd), of which the North Sea contributed 85,400
boepd, Kurdistan 54,900 boepd and West Africa 2,500 boepd.
Revenues of USD one billion, an all-time high, were up a third quarter-on-
quarter. Operating profit jumped 46 percent to USD 641 million, also a record
figure for the 55-year-old company, while net profit climbed 21 percent to USD
101 million.
Realized North Sea prices rose six percent to an average of USD 106.7 per barrel
of oil equivalent during the quarter. In Kurdistan, DNO received USD 38.5 per
barrel, the highest price realized since local sales commenced in 2023, with all
payments made to the Company’s international bank accounts in advance of
deliveries. Prices for oil sales in Kurdistan were raised this month to USD 45
per barrel, up nearly 50 percent from sales at the start of 2026.
With 2026 maintenance largely completed, DNO expects North Sea production to
average around 86,000 boepd for the full year. In northern Iraq, DNO resumed
production at midyear from its operated Tawke license (75 percent) after a four-
month precautionary shutdown due to escalation of drone and missile attacks in
the Middle East. Gross operated production stood at 73,200 boepd in the third
quarter and is expected to average 50,000 boepd for the full year.
DNO maintained a high level of business development activity during the quarter,
including divesting its Côte d’Ivoire business, realizing an annualized return
of 24 percent on the Company’s investment since entering the country in October
2022.
“DNO remains very much focused on growth but only if it meets our profitability
targets,” said Executive Chairman Bijan Mossavar-Rahmani. “In our business, the
price of oil and gas is the single most important driver of profitability, but
not the only one,” he said. “Obviously, price is outside our control but not so
exploration success, at which we excel, and not so capital discipline, which we
exercise with utmost rigor.”
Overall, five new field developments have been delivered offshore Norway since
2025, another six are under execution and six additional projects are
approaching investment decision, all planned onstream before 2030. DNO continues
to target North Sea production of 100,000 boepd by 2030.
In Kurdistan, drilling activity also stepped up during the third quarter with a
second third-party rig deployed to take part in the eight-well drilling program
initiated shortly before yearend 2025. By far the most active operator in
Kurdistan, DNO plans to increase drilling further in 2027 and is considering
contracting a third large rig, and also drilling beyond the existing production
footprint on the license.
The Board of Directors has approved a quarterly dividend of NOK 0.375 per share,
payable in November 2026, maintaining the same level as in the previous five
quarters.
A videoconference call with executive management will follow today at 10:00
(CET). Please visit www.dno.no to access the call.
Key figures
Q3 2026 Q2 2026 Full-Year 2025
Net production (boepd) 142,768 88,430 110,667
North Sea 85,364 84,912 54,811
Kurdistan 54,914 273 52,569
West Africa 2,488 3,246 3,287
Gross operated production (boepd) 77,621 5,811 79,217
Revenues (USD million) 1,023.0 760.5 1,474.0
Operating profit/loss (USD million) 641.1 439.0 512.8
Net profit/loss (USD million) 101.1 83.4 -25.2
Free cash flow (USD million) 326.5 289.5 -36.6
Net cash/debt (USD million) -231.9 -552.9 -885.9
For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
DNO ASA is a Norwegian oil and gas operator active in the North Sea and the
Middle East. Founded in 1971, DNO is Norway’s oldest oil company and the first
to list on the Oslo Stock Exchange in 1981. The Company holds stakes in onshore
and offshore licenses at various stages of exploration, development and
production in Norway, the Kurdistan region of Iraq, the United Kingdom and
Yemen. More information is available at www.dno.no.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Kilde
