Slide 1: 2023 Interim Results Presentation
2023 Interim Results Presentation
Slide 2: 2023 production rebound, North Sea exploration success
2023 production rebound, North Sea exploration success • Total DNO 2023 revenues of USD 668 million and operating profit of USD 218 million Net production thousand boepd • Net production picked up as from Q3 2023 and averaged 52,600 barrels of oil 89.4 equivalent per day (boepd) for the full year, o
Slide 3: Ranked among top explorers on Norwegian Continental Shelf
Ranked among top explorers on Norwegian Continental Shelf • DNO third most active exploration driller on Norwegian Continental Shelf 19 companies with discoveries on NCS in 2023 Net million boe discovered ranked by company (NCS) in 2023 and second in discovered volumes 120 • The 2023 discoveries tot
Slide 4: North Sea 2024 exploration program
North Sea 2024 exploration program Pre-drill Chance Post-drill volumes of DNO 2024 volumes License Name Type (MMboe) Success* interest Q1 Q2 Q3 Q4 (MMboe) Hummer/ Exploration/ Norway 1 PL827S 19-34 Medium 49% Heisenberg appraisal P248F/ 2 Cuvette Exploration 7-28 High 20% 248G 7 Angel/ Exploration/
Slide 5: Annual financial results 2019-2023
Annual financial results 2019-2023 Revenues Operating profit Net profit USD million USD million USD million 1,377 971 1,004 668 615 431 385 321 218 204 76 74 19 -315 -286 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 • 2023 figures negatively impacted by March 2023 expor
Slide 6: Financial results – detailed summary by quarter and year
Financial results – detailed summary by quarter and year USD million Q4 2023 Q3 2023 Full-Year 2023 Full-Year 2022 Revenues 199.3 141.0 667.5 1,377.0 Production costs -54.4 -49.1 -224.1 -252.3 Movement in overlift/underlift -0.7 -7.4 5.6 8.1 Depreciation, depletion and amortization -60.6 -31.0 -146.
Slide 7: 2023 cash flow
2023 cash flow • 2023 operational cash flow of USD 295 million (USD 1,123 2023 cash flow million in 2022) USD million • North Sea tax instalments of USD 90 million paid (net) in 2023 (USD 21 million net in 2022) • Investing activities of USD 281 million (USD 415 million in 2022) consist of USD 283 m
Slide 8: Capital structure 2019-2023
Capital structure 2019-2023 Cash deposits Net cash Equity ratio USD million USD million Percent 954 737 719 49 47 486 477 388 36 35 31 153 -513 -473 -153 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 • Exited the year with cash deposits of USD 719 million and net cash of
Slide 9: Lower debt has driven reduction in net interest expense
Lower debt has driven reduction in net interest expense Gross debt Interest expense USD million USD million 89 87 1,085 82 950 80 74 890 73 58 566 566 45 45 Redeemed January 2024 8 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Bank debt Bonds Interest expense Net interest expense* * Interest exp
Slide 10: 2024 outlook
2024 outlook • Planned operational spend of USD 645 million in 2024, up 15 percent from Total operational spend 2023 USD million 741 • Increase in 2024 operational spend reflects higher development activity in Norway on the back of previous discoveries 664 70 645 86 20 561 • Projected North Sea net
Slide 11: Putting investors first
Putting investors first • Continuing to grow a bold and nimble international oil and gas company into our second semi-centennium • With prioritization of shareholders who ultimately rank highest among our stakeholders • Since resumption of dividend distributions in late 2021, returned USD 187 millio
Slide 12: Important notice
Important notice This presentation (the “Presentation”) has been prepared and delivered by DNO ASA (“DNO” or the “Company”). Copyright of all published material including photographs, drawings and images in this document remains vested in DNO and third party contributors as appropriate. Accordingly,
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