OKEA achieves 71% profit increase in Q1 2026

OKEA, a Norwegian Continental Shelf operator, has reported nett net of $36m (Nkr334.87m) successful the archetypal 4th of 2026 (Q1 2026), up by 71% from $21m successful Q1 2025 and a reversal from a nett nonaccomplishment of $18m successful Q4 2025.

The effect was supported by a $154m non-cash reversal of anterior impairments astatine the Statfjord task successful the North Sea, driven by accrued guardant prices.

Earnings per stock for the Norwegian lipid and state relation roseate to $0.35 successful the reported 4th from $0.21 successful Q1 2025.

Petroleum revenues reached $264m successful Q1 2026, broadly level compared to $266m successful Q1 2025, but up 156% from $103m successful Q4 2025.

Total operating income was $239m, down 12% twelvemonth connected twelvemonth (YoY) from $271m, reflecting an unrealised hedging nonaccomplishment of $29m connected crude lipid collar positions.

OKEA’s sold volumes for the reported 3 months were 39,100 barrels of lipid equivalent per time (boepd), successful enactment with the 39,100boepd recorded successful Q1 2025.

Earnings earlier interest, taxes, depreciation and amortisation came successful astatine $129m successful Q1 2026, a 30% diminution from $183m successful Q1 2025, though a betterment from $50m successful Q4 2025.

Production reached 34,900boepd, up 2% YoY from 34,200boepd successful Q1 2025, driven mostly by the Talisker East good coming connected watercourse astatine Brage successful January.

Total nett operating expenses were $15m successful Q1 2026, compared to $158m successful Q1 2025, with the simplification chiefly attributable to the $154m non-cash impairment reversal.

Excluding this effect, accumulation expenses roseate 47% YoY to $91m from $62m. This was driven by an involution run astatine Draugen and attraction preparations astatine Brage and Statfjord B. Production costs per tube of lipid equivalent accrued to $26.7 from $18.6 successful Q1 2025.

OKEA CEO Svein Liknes said: “I americium pleased to study a beardown commencement to 2026 with accumulation successful the archetypal 4th of 34,900boepd. Sold volumes were 39,100boepd during a play with expanding lipid and state prices.

“The precocious enactment level is continuing and was managed without immoderate superior incidents recorded successful the quarter.

“We proceed to optimise our exploration portfolio. In April, we entered into an statement with Japex Norge to merchantability our 20% WI [working interest] successful Mistral (PL1119) for a fixed information of $30m. The divestment strengthens OKEA’s equilibrium expanse and maintains absorption connected our halfway assets.

“We person delivered a beardown 4th operationally and person realised the highest prices since aboriginal past year. With a warfare ongoing successful the Middle East, the planetary vigor marketplace has been highly volatile.

“We support our absorption connected the cardinal tasks up and connected what we tin power to proceed to make worth for our shareholders.”