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PetroNor E&P (PNOR) investor relations material
PetroNor E&P Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Q3 2025 production was stable, with efficiency improvements and a completed five-well infill drilling program boosting Q4 output.
Three new wells contributed over 5,000 bbl/day gross, with net production nearing 5,000 bbl/day and a year-end exit rate forecast above this level.
The first oil lifting of 2025 occurred in November, selling 540,000 bbls and generating about $33 million in cash.
The company maintains a strong balance sheet with zero debt and robust cash reserves, supported by significant shareholder distributions.
Shareholder distributions have been prioritized, with NOK 2 and NOK 2.2 per share returned in 2024 and planned for 2025.
Financial highlights
Revenue for the nine months ended 30 September 2025 was $38.6 million, with full year 2024 revenue at $120.9 million.
EBITDA for the nine months ended 30 September 2025 was $43.9 million, down from $72.6 million year-over-year.
Cash at 30 September 2025 was $45.9 million, projected to rise to $79.7 million by year-end after the November lifting.
OpEx for the year was $17.8 million, with administrative costs down to $6.3 million.
Total shareholder return over the last 12 months was about 47%, driven by distributions.
Outlook and guidance
Q4 production is expected to raise the annual average above 4,300 bbl/day, with an exit rate above 5,000 bbl/day.
CapEx for 2026 is projected below $10 million, with minimal drilling planned.
Additional capital repayments to shareholders are planned in January and May 2025.
Production in 2026 is expected to be higher than 2025, starting above 30,000 bbl/day gross.
Future exploration in Gambia depends on ongoing licence extension negotiations.
OML 113 Field Development Plan timeline
Gambia A4 licence extension outcome
Projected year-end cash balance after Q4 costs?
Aje field: How to accelerate FID progress?
Gambia A4: Why avoid 100% drilling commitment?
Økokrim investigation: Why remove H2 2025 clarity?
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Next PetroNor E&P earnings date
Q4 202519 Feb, 2026
Next PetroNor E&P earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
PetroNor E&P ASA operates as an independent oil and gas exploration and production company. PetroNor E&P ASA is engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties located mainly in Norway. It operates through five segments: Drilling, Production and Operations, Corporate, Upstream Development, and Renewables. The Drilling segment entails drilling activities. The Production and Operations segment offers services to support the operations of license areas. The Corporate segment covers corporate activities relating to the Group's corporate functions. The Upstream Development segment covers exploration activities supporting future development of existing discoveries, as well as investment for new discoveries.
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