OKEA (OKEA) Q3 2026 earnings summary

Executive summary

• Production averaged 29.1 kboepd, up from 27.0 kboepd QoQ, with 89% production efficiency; 2026 guidance narrowed to 31–32 kboepd, at the high end.

• Net profit was USD 29 million; cash and equivalents were USD 414 million and total cash including money-market funds was USD 476 million, leaving net cash of USD 180 million.

• Bestla is ahead of plan and below its previous cost estimate, with production expected before year-end 2026; quarterly dividends resume in December.

• Springmus East and Talisker West were sanctioned, with production targeted for 2027.

Financial highlights

• Total operating income was USD 332 million, including a USD 28 million Mistral sale gain and a USD 20 million net hedging loss; petroleum revenue was USD 316 million.

• Net profit was USD 29 million; EBITDA was USD 192 million and operating profit was USD 103 million.

• Realised crude price fell 17% to USD 96.6/bbl, while gas rose 38% to USD 121.3/boe equivalent; higher realised gas and NGL prices partly offset lower sold volumes and crude prices.

• Cash from operations was USD 182 million; capex was USD 80 million and investing cash flow was USD -67 million, including Mistral sale proceeds.

• Exploration expense was USD 28 million; the USD 33 million Statfjord impairment reflected lower reserves and higher planned capex.

Outlook and guidance

• 2026 production guidance narrowed to 31–32 kboepd from 29–32 kboepd; 2027 guidance remains 39–43 kboepd.

• 2026 capex guidance narrowed to USD 320–340 million; 2027 guidance increased to USD 260–320 million, mainly reflecting Springmus East acceleration.

• Bestla is expected to start production before year-end 2026; Springmus East and Talisker West are targeted for H2 2027.

• USD 64 million in tax instalments is due in Q4 2026; 2027 maintenance shutdowns are not planned until Q2.

• 2027 shareholder distributions are intended to be at least NOK 1.00 per share quarterly, subject to quarterly review of market conditions, outlook and investment opportunities.