Panoro Energy (PEN) Q4 2023 earnings summary

Executive summary

• Record FY 2023 revenue of $228.9 million and EBITDA of $135.1 million; working-interest production averaged 8,471 bopd.

• 2024 priorities include lifting production to 11,000–13,000 bopd, advancing drilling and development, and distributing NOK 400–500 million to shareholders, subject to operational milestones.

Financial highlights

• FY 2023 reported revenue was $228.9 million versus $188.6 million in FY 2022; EBITDA was $135.1 million versus $127.2 million.

• FY 2023 profit before tax was $74.3 million versus $60.4 million in FY 2022.

• Q4 2023 reported revenue was $55.2 million versus $107.3 million in Q3; EBITDA was $31.4 million versus $64.8 million.

• Q4 2023 profit before tax was $13.2 million versus $46.7 million in Q3.

• Cash at year-end was $27.8 million; gross debt was $69.5 million, and oil revenue advances were $23.8 million to smooth working capital.

Outlook and guidance

• FY 2024 working-interest production guidance is 11,000–13,000 bopd; it recognizes the Equatorial Guinea drilling pause and assumes a mid-year restart.

• Production above 13,000 bopd remains the target once the remaining wells in the current Gabon campaign are online.

• 2024 lifting is forecast at ~3.7 MMbbl, ~40% above 2023; joint lifting arrangements are expected to create a more consistent quarterly pattern.

• FY 2024 capex guidance is $75 million; planned work spans Gabon development and workovers, Equatorial Guinea drilling, and Tunisia projects.

• 2024 shareholder distributions target NOK 400–500 million, weighted to H2 and dependent on production milestones and de-risking; based on an $85/bbl realized oil price assumption and current FX rates.