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OKEA (OKEA) investor relations material
OKEA Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Production averaged 31,700 boe/d, at the high end of guidance, despite declines at some assets and drilling delays at Statfjord.
Refinancing completed, increasing liquidity, extending debt maturities, and enhancing financial robustness.
New wells sanctioned and ongoing development projects, including Sognefjord East and Talisker, expected to boost future production.
Technical goodwill impairment of $32 million due to lower forward petroleum prices, resulting in a net loss of $21 million for the quarter.
No serious incidents occurred; production efficiency remained high at 93%.
Financial highlights
Petroleum revenues were $196 million, down from $266 million in the previous quarter due to lower prices and volumes.
Operating income was $206 million, with EBITDA at $98 million, both down sequentially.
Net loss after tax was $21 million, mainly due to impairments and lower revenues.
Cash and cash equivalents at $423 million, with a positive net cash position of $42 million.
Production expenses increased to $74 million ($23.5/boe), up from $18.6/boe sequentially.
Outlook and guidance
2025 production guidance narrowed to 30,000–32,000 boe/d; 2026 guidance raised to 31,000–35,000 boe/d due to new well sanctions.
2025 capex guidance increased to $350–380 million; 2026 capex unchanged at $300–360 million.
Dividend payments are paused during a period of high investment; board to revisit later.
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