The case is updated
DNO today reported operating results for the first quarter of 2024 of 61 million dollars. The company itself compares with the previous quarter and points to an increase of 61 percent, supported by revenues totaling 183 million dollars.
Last year, however, shows a decline in operating profit of more than 60 per cent, from 155.3 million dollars. Revenues also fell markedly from NOK 268.9 million.
On the bottom line, however, the development is even more startling. Last year, profit after tax ended at 71 million dollars. This year, the same record ended at 2.1 million. This is a drop of 97 per cent.
Free cash flow of $44 million increased by 31 percent from the fourth quarter of 2023.
Maintains dividends
The balance sheet remains strong with an equity ratio of 49 percent, and the company ended the quarter with $606 million in deposits and $171 million in net cash. The company fully serviced its DNO03 bond by repaying the remaining $131 million in the quarter.
Given the strength of the balance sheet, the board has authorized a dividend payment of NOK 0.25 per share. share to be made on or about 28 May 2024.
Production increased
Net production increased by 14 per cent quarterly and averaged 74,800 barrels of oil equivalent per year. day (boepd) in the first quarter. This was divided into: the Kurdistan region in Iraq contributed 57,200 boepd, the North Sea with 14,200 boepd and West Africa with 3,300 boepd.
Production from its flagship Tawke license in Kurdistan has now largely recovered following the March 2023 shutdown of the Iraq-Türkiye pipeline, as the company continues to use road tankers to sell its oil to local trading companies.
