OKEA fourth quarter 2025 trading update
(Trondheim, 27 January 2026) OKEA ASA (OSE: OKEA) will publish its financial report for the fourth quarter of 2025 on Tuesday 3 February at 06:00 (CET). This trading update is provided to summarise production and sales volumes and related updates for the quarter.
Fourth quarter 2025 production and sales:
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| Unit | Q4 2025 | Q3 2025 | 2025 |
| Total operating income | MUSD | 107 | 224 | 808 |
| Realised crude oil price | USD/boe | 62.1 | 70.6 | 71.7 |
| Realised NGL price | USD/boe | 40.9 | 40.6 | 42.3 |
| Realised liquids price | USD/boe | 52.4 | 65.3 | 65.5 |
| Realised gas price | USD/boe | 57.4 | 65.7 | 69.9 |
| Net production | Kboepd | 30.8 | 31.7 | 32.1 |
| Third-party volumes available for sale | Kboepd | -0.1 | -0.1 | -0.1 |
| Over/underlift/Inventory adjustments | Kboepd | -10.4 | 4.7 | 0.1 |
| Net sold volume* | Kboepd | 20.4 | 36.3 | 32.1 |
| Net sold volumes - crude oil | Kboepd | 6.1 | 22.6 | 18.1 |
| Net sold volumes - NGL | Kboepd | 5.0 | 4.8 | 4.8 |
| Net sold volumes - gas* | Kboepd | 9.3 | 8.8 | 9.3 |
| bearing debt: |
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| Unit | 31.12.2025 | 30.09.2025 |
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| Total cash** | MUSD | 308 | 418 |
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| Interest bearing bonds | MUSD | 295 | 295 |
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* Includes delivered compensation volumes to Duva and Nova (tie-in to Gjøa)
** Total cash including money market funds
2025 production and capex
Production for 2025 ended at 32.1 kboepd, within the guidance of 32-33 kboepd.
Capex for 2025 ended at USD 362 million, within the guidance of USD 350-380 million.
Expected impairments
Non-cash impairment charges in the range of USD 50-70 million are expected recognised in the fourth quarter mainly due to reduced forward prices. Related post-tax impact is expected at USD 15-20 million.
The information contained in this statement is based on a preliminary assessment of the company's financial and operational results for the fourth quarter 2025 and may be subject to change.
Fourth quarter 2025 financial report to be published on 3 February.
OKEA will release its fourth quarter 2025 results on Tuesday 3 February at 06:00 CET. A presentation of the results and a Q&A session will be held on the same day through a webcast and audio conference starting 10:00 CET (OKEA Webcast Q4 2025 (royalcast.com). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).