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topics and updates for the quarter.
(Amounts in parentheses refer to previous quarter)
First quarter 2024 production and sales
Unit Q1 2024** Q4 2023***
Total operating income MNOK 3,422 2,118
Realised liquids price USD/boe* 82.0 83.4
Realised gas price USD/boe* 55.1 74.6
Net production Boepd 42,107 30,082
Net production - liquids Boepd 31,286 22,742
Net production - gas Boepd 10,821 7,340
Third-party volumes available for sale Boepd 0 292
Over/underlift/inventory adjustments Boepd 4,477 -4,739
Net sold volume** Boepd 46,583 25,635
Net sold volumes - liquids Boepd 36,219 17,656
Net sold volumes - gas** Boepd 10,365 7,979
Unit Q1 2024 Q4 2023
Cash and cash equivalents MNOK 2,130 2,301
Interest bearing bond MNOK 1,327 1,246
** 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
Goodwill impairment on Statfjord and reversal of previous impairment on the Yme
asset
A goodwill impairment on the Statfjord assets in the range of NOK 220 - 280
million was recognised in the quarter. The goodwill impairment was mainly a
result of lower expected production in 2024 due to dry wells drilled in late
2023. Goodwill impairments are not tax deductible.
Partly offsetting the goodwill impairment, was NOK 90-110 million in reversal of
previous impairments at the Yme asset following positive market price
developments of crude during the quarter combined with a decrease in expected
discount for Yme crude.
Disclaimer
The information contained in this statement is based on a preliminary assessment
of the company’s first quarter 2024 financial and operational results and may be
subject to change.
First quarter 2024 financial report to be published on 25 April
OKEA will release its first quarter 2024 results on Thursday 25 April at 06:00
CET. A presentation of the results will be held on the same day through a
webcast and audioconference starting 10:00 CET (Link to
webcast (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240425_11)).
The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).
For further information, please contact:
Anca Jalba, VP Investor Relations
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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