Q1 2026 Petronor E&P ASA Earnings Call Transcript

May 29, 2026 / 08:00 AM GMT

Release Date Price: kr12.34 (-27.50%)

Transcript

Key Points

Positve

PetroNor E&P ASA (PTEAF) achieved a significant increase in production, reaching an average of 4,700 barrels per day in Q1 2026, with expectations to exceed 5,000 barrels per day in Q2.
The company successfully lifted and sold nearly a million barrels of entitlement oil, generating $112 million in sales, significantly boosting the cash position.
PetroNor E&P ASA (PTEAF) maintains a strong balance sheet with $44 million in cash and no debt, providing financial stability.
The company has approved a shareholder distribution of 3.25 NOC per share, reflecting strong financial performance and commitment to shareholder returns.
PetroNor E&P ASA (PTEAF) achieved a high realized average price of $116 per barrel for its liftings in Q2, indicating favorable market conditions.

Negative

A significant production interruption occurred in February due to maintenance on a separator, impacting Q1 production levels.
The company faces ongoing legal challenges related to the URCA crim investigation, with potential legal costs of $1 million in 2026.
PetroNor E&P ASA (PTEAF) is not in a position to actively engage in new business activities due to the ongoing investigation, limiting growth opportunities.
The company anticipates a lengthy approval process for any potential divestment or commercial arrangements in Nigeria, which could delay strategic decisions.
No additional shareholder distribution is expected in 2026, with the next opportunity for consideration in early 2027, potentially disappointing some investors.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PNOR.OL - Petronor E&P ASA
Q1 2026 Petronor E&P ASA Earnings Call
May 29, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Well, I have to say it's an absolutely stunning morning here in Oslo, so I feel fortunate to be here to discuss the performance of Petronor E&P.

Good morning, my name is Jens Pace. I'm the CEO of the company. And today we put out an interim report covering the first quarter and I'd like to.

I'm here to answer your questions about the company's performance over the first part of this year. I have a few slides as normal to get through to provide a little bit of extra context to the report we put out, but I really want to get to your questions, so please send them in and we'll get to them as soon as I get through these slides.

It's a fairly standardized pack and it starts with the disclaimer, so I'll let

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