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related topics and updates for the quarter.
(Amounts in parentheses refer to previous quarter)
Fourth quarter 2023 production and sales
Unit Q4 2023*** Q3 2023*** FY 2023***
Total operating MNOK 2,118 2,105 8,885
income
Realised liquids USD/boe* 83.4 89.0 80.1
price
Realised gas price USD/boe* 74.6 61.9 82.2
Net production Boepd 30,082 23,710 24,586
Net production - Boepd 22,742 18,012 18,507
liquids
Net production - Boepd 7,340 5,698 6,078
gas
Third-party volumes Boepd 292 210 567
available for sale
Over/underlift/inven Boepd -4,739 2,769 3,070
tory adjustments
Net sold volume** Boepd 25,635 26,689 28,224
Net sold volumes - Boepd 17,656 20,465 21,701
liquids
Net sold volumes - Boepd 7,979 6,224 6,522
gas**
Unit Q4 2023 Q3 2023 FY 2023
Cash and cash MNOK 2,301 2,346 2,301
equivalents
Interest bearing MNOK 1,246 1,300 1,246
bond
** Includes received compensation volumes from Duva and Nova (tie-in to
Gjøa)
*** Volumes and key figures relating to the income statement do not
include contributions from Statfjord prior to closing on 29 December 2023
Quarterly production highlights
Record high production of 30.1 (23.7) kboepd in the quarter largely due to
strong performance from operated assets. Production at Draugen increased by 50%
compared to previous quarter mainly driven by Hasselmus and high production
availability. Production at Brage increased by 41% due to continued good
performance from the Talisker East well and new wells brought on stream.
Production at Yme also increased following a successful recompletion of a
production well and production at Gjøa, Ivar Aasen and Nova were stable
throughout the quarter.
Production from Statfjord in 2023 was not included in OKEA’s key figures or
income statement prior to closing on 29 December 2023. Statfjord produced 10.8
kboepd net to OKEA in 2023, resulting in a total production for OKEA’s portfolio
of 35.4 kboepd.
Goodwill impairment relating to the Statfjord transaction
As detailed in the press release published on 29 December 2023, updated
projections from the Statfjord license indicated a downward revision of volumes
combined with an increase in cost. The reduction in volumes was mainly due to
production regularity and well performance and most significant in the near
term. An impairment charge for ordinary goodwill in the range of NOK 1,300-1,450
million will be recognised in the financial statements for the quarter. As a
goodwill impairment, the impact will be the same before and after tax.
Impairment of the Yme asset
As Yme is carried at fair value, any adjustments to asset performance and/or
macro assumptions result in impairments or reversal of previous impairments.
Mainly due to reduced forward prices for crude oil during the quarter, estimated
impairment charge on the Yme asset amounts to NOK 450 - 550 million (NOK 100 -
120 million after tax).
Disclaimer
The information contained in this statement is based on a preliminary assessment
of the company’s fourth quarter 2023 financial and operational results and may
be subject to change.
Fourth quarter 2023 financial report to be published on 8 February
OKEA will release its fourth quarter 2023 results on Thursday 8 February at
06:00 CET. A presentation of the results will be held on the same day through a
webcast and audioconference starting 11:00 CET (Link to
webcast (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240208_6)).
The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).
For further information, please contact:
Anca Jalba, VP Investor Relations and Communication
anca.jalba@okea.no
+47 410 87 988
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
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