Slide 1: OKEA ASA Q4 2024
OKEA ASA Q4 2024 30 January 2025
Slide 2: Cautionary statement
Cautionary statement > This presentation contains forward looking information > Forward looking information is based on management assumptions and analysis > Actual outcomes may differ, and those differences may be material > Forward looking information is subject to significant uncertainties and ri
Slide 3: Highlights Fourth quarter 2024
Highlights Fourth quarter 2024 Continued strong operational performance > High production efficiency and production on operated assets > Partner-operated assets delivering in line with expectations > Production of 37.8 (37.3) kboepd Financial performance > Petroleum revenues of NOK 2,183 (2,944) mil
Slide 4: Key operational figures - Q4 2024
Key operational figures - Q4 2024* The leading mid- and late-life operator on the Norwegian continental shelf Safety Production 1.1(0.6) 37.8 (37.3) SIF** kboepd Production efficiency Production expense 93 217 (87) (233) % NOK/boe * Previous quarter in parenthesis ** Serious injury frequency 12 mont
Slide 5: Production volume and efficiency
Production volume and efficiency Production (kboepd)* 42.1 38.4 37.3 37.8 30.1 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Draugen Brage Gjøa/Nova Ivar Aasen Yme Statfjord area Production efficiency (%) – Q4 2023 to Q4 2024 96 97 94 99 98 99 93 90 92 93 93 91 94 95 95 93 91 90 89 88 89 86 85 86 85 80 75
Slide 6: Operational update
Operational update Assets Working interest Operator Key updates > Strong production performance supported by high production efficiency Draugen 44.56% OKEA > Production optimisation initiatives resulting in a significant ramp-up of gas export; 1.3 kboped increase from early October and more than a d
Slide 7: Portfolio development
Portfolio development Recent portfolio adjustments positioning OKEA to increase value creation in core areas November 2024 December 2024 January 2025 Yme sale completed Licence swap APA round 15% WI in Yme sold 10% WI attained in PL1109 Eight new licences awarded > Non-core Yme asset sold for a fixe
Slide 8: Development projects
Development projects Draugen Power from Shore Bestla Key figures Key figures Brage platform ~95% CO2e reduction* 24 mboe recoverable Njord Draugen reserves (gross) ~200,000 Sm3/day available cal bili ~USD 40/boe Um for gas exports (gross) breakeven Improved production Subsea ~6 bnNOK CAPEX (gross) e
Slide 9: Exploration activities
Exploration activities Long-term exploration ambition: Drill up to four exploration wells per year Upcoming drilling targets*: Arkenstone (20% WI) Key priority: Operator: Equinor Pre-drill est.: 23-312 mmboe Building a portfolio of prospects in the Norwegian Sea and North Sea basins Mistral (20% WI)
Slide 10: Financials
Financials Oc =)
Slide 11: Production and sales
Production and sales Production (kboepd)* Sold volumes (kboepd) Q4 2024 46.6 Q4 2024 42.1 40.8 38.4 37.3 37.8 33.3 30.1 28% 29.2 25.6 35% 48% 60% 12% 18% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Oil Oil Statfjord area Yme Gjøa / Nova NGL Statfjord area Yme Ivar
Slide 12: Market prices for crude, realised liquids price and lifted volumes
Market prices for crude, realised liquids price and lifted volumes Lifted volumes last five quarters + Q1 2025E Lifted volumes vs Dated Brent 100 3,500 100 3,007 80 2,800 80 1.8 76.7 74.7 0.3 2,522 -0.1 69.2 -7.6 60 1,985 2,100 60 USD/boe kbbl 1,434 40 1,279 1,400 40 20 700 20 0 0 0 Q4 2023 Q1 2024
Slide 13: Gas market price and sold volumes
Gas market price and sold volumes Sold volumes and average NBP gas market prices – last five quarters 100 1,200 1,000 943 935 80 781 777 800 734 60 USD/boe kboe 600 40 400 20 200 0 0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Draugen Brage Gjøa / Nova Ivar Aasen Statfjord area Avg. Q price - USD/boe 13
Slide 14: Income statement
Income statement Q4 2024 figures Q4 2024 comments Amounts in NOK million Q4 2024 Q3 2024 Q4 2023 2024 2023 > Operating income of NOK 2,262 million; NOK 2,183 Total operating income 2,262 2,926 2,118 11,246 8,885 million from sale of petroleum products > Production expenses of NOK 805 million; Produc
Slide 15: Statement of financial position
Statement of financial position Q4 2024 figures Q4 2024 comments Amounts in NOK million 31.12.2024 30.09.2024 31.12.2023 ASSETS > Goodwill of NOK 1,613 million; of which technical goodwill of NOK 1,450 million and ordinary goodwill Goodwill 1,613 1,613 2,295 of NOK 163 million Oil and gas properties
Slide 16: Cash development Q4 2024
Cash development Q4 2024 6,000 1,531 5,000 -674 4,000 3,865 -905 3,533 -207 3,279 -69 -9 -254 3,000 2,000 1,000 0 Total liquidity Operating Taxes Capital Business Interest Other Total liquidity Placement in Cash and cash 01.10. activities expenditures & development 31.12. money-market equivalents 31
Slide 17: Outlook / Guidance
Outlook / Guidance Production for 2024 ended at 39.1* kboepd (36.0 ex. Yme); slightly above the guidance of 37 – 39 kboepd Production > Production guidance for 2025 of 28 – 32 kboepd > Production guidance for 2026 of 26 – 30 kboepd Capex for 2024 of NOK 3.1* billion (3.0 ex. Yme); slightly below gui
Slide 18: Summary
Summary
Slide 19: Summary
Summary Continued strong Realising value from Net cash position of NOK production performance sale of non-core Yme 735 million asset Development projects Ambition to drill up to Build and mature progressing well four exploration wells portfolio of investment per year opportunities
Slide 20: Q&A
Q&A Growth Value Capital creation discipline
Slide 21: General and disclaimer
General and disclaimer This presentation is prepared solely for information purposes, and does not constitute or Such risks include but are not limited to operational risks (including exploration and form part of, and is not prepared or made in connection with, an offer or invitation to sell, or dev