Q1 2026 Okea ASA Earnings Call Transcript
Key Points
- Okea ASA (STU:3SX) achieved a high production efficiency of 96% during the first quarter of 2026.
- The Talisker East well on Brage increased production by 60%, illustrating the importance of new wells.
- The company increased resources on the Talisker West discovery by 9 million barrels, with a break-even cost of less than $10 per barrel.
- Reversal of impairments on Statfjord due to increased forward prices contributed to a strong financial quarter.
- Okea ASA (STU:3SX) reported a 13% increase in production volumes, reaching 34.9 thousand barrels per day.
- The company faced commissioning challenges on the Christmas tree, delaying production start to Q3 instead of Q2.
- Unrealized losses on hedged positions amounted to $29 million, impacting other operating income negatively.
- Production expenses remained high at $91 million due to intervention campaigns and maintenance preparations.
- The disappointing performance of the oil hunter well at Statfjord did not meet expectations.
- Dividend payments have been temporarily put on hold due to capital-intensive periods and certain restrictions.
Good morning and welcome to the presentation of the first quarter results for OKEA in 2026. My name is Svein Liknes, I'm the CEO of the company and as always, I'm joined by Birte Norheim, our CFO, who will take you through the financing afterwards.
There is a link on our homepage that you can use to actually ask questions because there will be a Q&A session after our presentation and after the summary. What is been the most significant achievements in the first quarter has been very high production efficiency and very strong production in the quarter.
This has been a quarter with high uncertainty, obviously, and chaos in the world and the market. So I'm glad to see that we have been able to keep stable operations throughout the period. Also, very stable performance in our projects. Our production efficiency is actually at 96% during the quarter, which is divided by all our assets, so both operated and partner-operated assets has performed extremely well.
We started a new well, the Talisker East well on Brage in the quarter
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