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.
Source: OKEA
