Petrolia NOCO (PNO) Q3 2026 earnings summary

Executive summary

• Q3 2026 EBITDA was NOK 115.7 million and net profit was NOK 3.9 million; cash increased NOK 89.5 million to NOK 234.6 million.

• Net production rose to 2,605 boe/day from 1,881 boe/day in Q2, while revenue declined to NOK 186.0 million from NOK 218.0 million.

Financial highlights

• Revenue was NOK 186.0 million in Q3, versus NOK 218.0 million in Q2 and NOK 169.2 million in Q3 2025; YTD 2026 revenue was NOK 648.3 million.

• EBITDA was NOK 115.7 million, versus NOK 100.2 million in Q2 and NOK 122.1 million in Q3 2025; YTD 2026 EBITDA was NOK 383.0 million.

• Operating profit was NOK 67.7 million, versus NOK 66.1 million in Q2; net profit was NOK 3.9 million, versus NOK 8.5 million in Q2 and NOK 7.6 million in Q3 2025.

• Net financial items were negative NOK 18.8 million and tax expense was NOK 45.1 million in Q3.

• Average realised oil price was USD 98.8/bbl, compared with USD 101.9/bbl in Q2; gas averaged USD 123.4/boe and NGL USD 52.3/boe.

Outlook and guidance

• Talisker West production well drilling is scheduled for 2027, with start-up targeted for H2; no Brage wells are planned in 2026 during the Bestla tie-in programme.

• PL 1210, PL 1252 and PL 1256 are progressing toward drill-or-drop decisions in Q1 2027; PL 1258 decision is due December 2026.

• Dugong and Beta partners are assessing co-development via a Snorre facilities tie-back, with production targeted for Q4 2029.