Q4 2025 Dno ASA Earnings Call Transcript
Key Points
- DNO ASA (DTNOF) achieved a significant milestone by producing 500 million barrels from the Tawke license, demonstrating the asset's long-term value.
- Net production increased by 43% year-on-year to 110,700 barrels of oil equivalent per day, marking the highest level in the company's history.
- Revenues more than doubled to nearly $1.5 billion in 2025, with cash from operations also doubling to $929 million.
- The company has been consistently paying quarterly dividends since August 2022, with a total of $130 million paid in 2025.
- DNO ASA (DTNOF) successfully integrated the acquisition of Small Energy Group, boosting production and creating operational synergies in the North Sea.
- Despite a strong operating profit of $513 million, the company reported a net loss of $25 million due to high income tax in Norway and net financial expenses.
- Production in Kurdistan was affected by drone strikes, although recovery efforts were successful.
- The company faces uncertainty regarding the tripartite export agreement in Kurdistan, impacting future export plans.
- Increased capital expenditure is expected due to the new drilling program in Kurdistan, which may affect short-term financials.
- The company had to undergo a painful process of downsizing and streamlining its team to realize cost synergies from the Sval acquisition.
Good morning, and welcome to DNO's full-year 2025 interim results earnings call. My name is Jostein Lovas, and I am the Communication Manager here at DNO. As you may understand from the color photo, we've had a landmark year with lots of celebration. Recently, our Board of Directors and senior management were in Kurdistan, marking that 500 million barrels of oil have been produced from our operated Tawke license. This photo shows our two chefs, Executive Chairman, Bijan Mossavar-Rahmani, cutting the cake together with the chef at the Tawke field.
Now back to Oslo and the results. Present with me here today are Managing Director, Chris Spencer; and CFO, Birgitte Wendelbo Johansen. And the Chairman is joining us online from New York, and we will kick off the presentation. Please, Bijan, go ahead.
Jostein, thank you, and good morning to everyone attending this call. We will, of course, be discussing the interim results for the
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