Q2 2026 Okea ASA Earnings Call Transcript

Jul 16, 2026 / 08:00 AM GMT

Release Date Price: €2.85 (-1.72%)

Transcript

Key Points

Positve

Okea ASA (FRA:3SX) reported a net profit of $40 million after tax and a positive cash development of $59 million.
The company achieved a 40% increase in operating income, marking the highest ever at $334 million.
Realized crude prices were at a premium, with a significant increase to $116.9 per barrel, benefiting from beneficial timing of liftings.
Okea ASA is progressing with strategic projects like Taliska West and Besla, which have low break-even costs, enhancing future profitability.
The company maintains a solid balance sheet with a net cash positive position, indicating strong financial health.

Negative

Production volumes decreased by 23% due to planned maintenance shutdowns, impacting overall output.
The maintenance stop on Brage lasted longer than expected, extending from a planned three weeks to five weeks.
Impairments of $94 million were recorded due to reduced forward prices, affecting the financial results.
High production expenses of $89 million were incurred, mainly due to maintenance shutdowns and well intervention campaigns.
The delay in starting production from Gan West South has shifted the production profile, affecting 2026 guidance.

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

OKEA.OL - Okea ASA
Q2 2026 Okea ASA Earnings Call
Jul 16, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the OKEA second quarter results presentation for 2026. My name is Svein Leknes. I'm the CEO of the company.

And as always, I have my CFO, Bert de Noorim, with me. They will also go through the financial section afterwards.

There is a link on our homepage where you can address questions and also log on to the Q&A that will be after the presentation. So I hope as many as possible will be able to also attend that one.

For the second quarter, obviously have been dominated by a macro picture around us, which has been very volatile, starting with very strong prices, ending with low prices, and now in this quarter, we are seeing prices go up again.

For KEA, the second quarter has also been

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