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Norway: OKEA announces second quarter 2024 trading update


10 Jul 2024

Photo - see caption

OKEA has provided a trading update ahead of its financial report for the second quarter, which will be published 17 July 2024. The update summarises 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.

Original announcement link

Source: OKEA





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