OKEA first quarter 2024 trading update - OKEA

OKEA first quarter 2024 trading update

(Trondheim, 18 April 2024) OKEA ASA (OSE: OKEA) will publish its financial report for the first quarter of 2024 on Thursday 25 April at 06:00 (CET). This trading update is provided to summarise production and sales volumes and related topics and updates for the quarter.


Attached files:

(Amounts in parentheses refer to previous quarter)

First quarter 2024 production and sales

Unit Q1 2024** Q4 2023***
Total operating income MNOK 3,422 2,118
Realised liquids price USD/boe* 82.0 83.4
Realised gas price USD/boe* 55.1 74.6
Net production Boepd 42,107 30,082
Net production – liquids Boepd 31,286 22,742
Net production – gas Boepd 10,821 7,340
Third-party volumes available for sale Boepd 0 292
Over/underlift/inventory adjustments Boepd 4,477 -4,739
Net sold volume** Boepd 46,583 25,635
Net sold volumes – liquids Boepd 36,219 17,656
Net sold volumes – gas** Boepd 10,365 7,979
Unit Q1 2024 Q4 2023
Cash and cash equivalents MNOK 2,130 2,301
Interest bearing bond MNOK 1,327 1,246

*            Boe – barrels of oil equivalents

**          Includes received compensation volumes from Duva and Nova (tie-in to Gjøa)

***        Volumes and key figures relating to the income statement do not include contributions from Statfjord prior to closing on 29 December 2023

Goodwill impairment on Statfjord and reversal of previous impairment on the Yme asset

A goodwill impairment on the Statfjord assets in the range of NOK 220 – 280 million was recognised in the quarter. The goodwill impairment was mainly a result of lower expected production in 2024 due to dry wells drilled in late 2023. Goodwill impairments are not tax deductible.

Partly offsetting the goodwill impairment, was NOK 90-110 million in reversal of previous impairments at the Yme asset following positive market price developments of crude during the quarter combined with a decrease in expected discount for Yme crude.

The information contained in this statement is based on a preliminary assessment of the company’s first quarter 2024 financial and operational results and may be subject to change. 

First quarter 2024 financial report to be published on 25 April
OKEA will release its first quarter 2024 results on Thursday 25 April at 06:00 CET. A presentation of the results will be held on the same day through a webcast and audioconference starting 10:00 CET (Link to webcast). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).