Q4 2024 Okea ASA Earnings Call Transcript
Key Points
- Okea ASA (OSL:OKEA) exceeded its annual production guidance, achieving 39,100 barrels of oil equivalent for the year.
- The company completed the sale of the Yme asset, aligning with its strategy to focus on areas with further development potential.
- Okea ASA was awarded eight licenses in the APA rounds, strengthening its portfolio and position in core areas.
- The Draugen Power From Shore project is progressing well, with successful cable installation and expected emission reductions of 95% by 2028.
- High production efficiency was maintained across assets, with significant optimization at Draugen leading to increased gas exports.
- The serious incident frequency increased from 0.6 to 1.1 due to two incidents, although no harm was caused.
- Financial results were impacted by a significant underlift, which will be recovered in the next quarter.
- A weakened Norwegian Kroner against the Dollar resulted in an unrealized currency loss, affecting net profit.
- Production volumes at Statfjord saw a slight drop due to issues with new wells and a 10-day unplanned shutdown.
- The company is in a capital-intensive period, delaying potential dividend payments despite having dividend capacity.
Good morning and welcome to the Q4 2024 presentation from OKEA. My name is Svvein Liknes, I'm the CEO of OKEA. And as previous quarters, I'm also joined by Birte Norheim, our CFO, that will go through the financial section afterwards. We will both also be part of a Q&A session thereafter. And there should be a link on our home page where you can submit questions or details where you can call into the Q&A just after this presentation.
To sum up the fourth quarter of '24 was a very strong performance when it came to operations in OKEA. The production was so strong that we also exceeded the previously announced guidance and ended up annually for a 39,100 barrels of oil equivalent for the year. And we also came slightly below on our CapEx guidance, and we will get back to that a little bit later on.
Good financial performance. The revenue slightly affected by not having a lifting on Draugen during Q4, not on Brage either. And those liftings obviously will come during this quarter in Q1 2025 so there is just a delay there. And in our portfolio, we
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