Q3 2024 Dno ASA Earnings Call Transcript
Key Points
- DNO ASA (DTNOF) reported increased revenues in Q3 2024, driven by strong production in Kurdistan and higher local sales prices.
- The company maintained a strong net cash position, allowing it to reduce projected total operational spend by nearly 10% for the year.
- DNO ASA (DTNOF) is maintaining its dividend at an annualized rate of 1.25 per share, reflecting a 25% increase from the previous level.
- The company successfully completed the Heisenberg appraisal well, confirming the resources in that discovery.
- DNO ASA (DTNOF) has made strategic acquisitions in the North Sea, enhancing its production trajectory and long-term value creation.
- North Sea production was down due to planned maintenance, impacting overall production levels.
- Local sales disruptions in Kurdistan, attributed to political issues, have created uncertainty in revenue streams.
- The Bashiqa development well in Kurdistan did not meet expectations, prompting a reassessment of next steps.
- DNO ASA (DTNOF) faces challenges in securing payment for past oil sales from the Kurdistan Regional Government, with $300 million still outstanding.
- The company has expressed readiness to cut costs and activities in Kurdistan if disruptions continue, indicating potential operational instability.
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Good afternoon and welcome to Dno's third quarter, 2024 Earning's call.
My name is Jostein Løvås and I'm the communication manager here at Dino.
Today. We will start with a short results presentation which will be given to you by Dino's managing director, Chris Spencer and CFO Haakon Sandborg.
After the presentation, we will open up for questions in a Q&A session. (Operator instructions).
And with that, let's start the presentation.
I hand over to Chris.
Thank you and good afternoon, everybody. Welcome to Dno's Q3 2024. Interim results presentation being broadcast from our head office in Oslo Norway first line, please.
So Q3 was a solid or another solid quarter for the company, I should say increased revenues on the back of a strong production in Kurdistan. North Sea production was somewhat down but liftings were up, and the North Sea
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