Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Norway
  4. Oslo Bors
  5. OKEA ASA
  6. News
  7. Summary
    OKEA   NO0010816895

OKEA ASA

(OKEA)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

OKEA : delivered net profit of NOK 200 million in the second quarter of 2021

07/14/2021 | 01:01am EDT
Operating income for the second quarter of 2021 amounted to NOK 607 million.
EBITDA was NOK 311 million, and net profit after tax was NOK 200 million.
Reversal of previous impairments relating to the Yme New Development project
amounted to NOK 730 million. Previous impairments on Yme are subsequently fully
reversed due to expected synergies from reorganising operations and ownership of
Maersk Inspirer combined with significantly improved macro conditions.
Production was 13,210 boepd in the quarter. The decrease compared to previous
quarter was mainly due to 31 days of planned maintenance at Gjøa in April/May.
Gjøa will be compensated for the deferred volumes related to tie-in work on Duva
and Nova from initial production from the two fields. Production reliability at
Draugen and Gjøa remained high, and there were no serious safety incidents in
the quarter. Sold volumes were 13,048 boepd and the average realised price for
liquids was USD 63.8 per boe and average realised gas price was USD 0.32 per
scm.
For the first half of 2021 total operating income amounted to NOK 1,131 million,
EBITDA was NOK 551 million and net profit after tax was NOK 223 million. In the
first half of 2021 OKEA's cash position increased by NOK 475 million to NOK
1,346 million. Net interest-bearing debt at the end of H1 2021 was NOK 1,070
million.
Guiding for 2021 remains unchanged. Production guiding for 2021 is 15,500-16,500
boepd and production outlook for 2022 is 17,000-18,000 boepd. Capex guiding for
2021 of NOK 600-700 million includes planned investments on the Hasselmus
project for the year. The Yme New Development project is currently in
the final hook-up and commissioning phase with expected production start in the
second half of 2021.
OKEA CEO, Svein J. Liknes, stated "I am very pleased with the solid operational
and financial results in the second quarter. Production reliability at Draugen
and Gjøa remains high and without any serious safety incidents. Oil and gas
prices have continued to strengthen, and the start-up of Yme in the second half
of the year is expected to further strengthen OKEA's production and cash flow."
There will be a webcast and audioconference starting today 10:00 CET where the
second quarter results will be presented. The presentation will be held by Svein
J. Liknes (CEO) and Birte Norheim (CFO).
The webcast can be followed
at https://channel.royalcast.com/landingpage/hegnarmedia/20210714_1/ (https://eu
r
01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Fl
a
ndingpage%2Fhegnarmedia%2F20210714_1%2F&data=04%7C01%7Ctrond.omdal%40okea.no%7C4
7
cb5b86389f4f2ed18a08d94605e9b6%7Cf4d0f33e32cb4b0caafe6e0cefbc9ea9%7C0%7C0%7C6376
1
7813493499345%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTi
I
6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=kkHIuK3R7jBOMEqDfCVEC2iSf3VyIBDTLCC8a%2BEtD
n
M%3D&reserved=0)
Dial in details for the audioconference:
Norway: + 47 2195 6342
UK: +44 203 769 6819
PIN Code: 681934
Contact persons:
CEO, Svein J. Liknes, +47 917 67 704
CFO, Birte Norheim, +47 952 93 321
VP IR, Trond Omdal, +47 915 32 578
About OKEA
OKEA ASA is an independent Exploration and Production (E&P) company and operator
on the Norwegian Continental Shelf with a current production around 16,000
boepd. OKEA targets profitable production growth within the current portfolio
combined with an opportunistic approach to M&A.
OKEA ASA is listed on Oslo Stock Exchange under the ticker "OKEA".
More information
on www.okea.no (https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2
F
www.okea.no%2F&data=04%7C01%7Ctrond.omdal%40okea.no%7C47cb5b86389f4f2ed18a08d946
0
5e9b6%7Cf4d0f33e32cb4b0caafe6e0cefbc9ea9%7C0%7C0%7C637617813493509304%7CUnknown%
7
CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%
7
C1000&sdata=h4HH3eBtfO1wDnEv5yJ53cRnv8CbeLDTAUtVFb2GXA4%3D&reserved=0).

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

All news about OKEA ASA
09/15OKEA ASA : Initiation of quarterly operational updates – Q3 2021 operational income ..
PU
09/15OKEA ASA : Initiation of quarterly operational updates - Q3 2021 operational income expect..
AQ
09/14OKEA ASA Provides Earnings Guidance for the Third Quarter of 2021; Reiterates Productio..
CI
09/14OKEA : presentation at Pareto Securities 28th Energy Conference 16 September
PU
09/08OKEA : Presentation at Sparebank 1 Markets Gas Market Webinar
PU
09/08OKEA : Presentation at Sparebank 1 Markets gas market webinar
PU
08/05OKEA : Put option period ended
AQ
07/16OKEA : Q2 2021 Presentation
PU
07/14OKEA : delivered net profit of NOK 200 million in the second quarter of 2021
AQ
07/14OKEA ASA Provides Production Guidance for the Year 2021 and 2022
CI
More news
Financials
Sales 2021 2 797 M 326 M 326 M
Net income 2021 229 M 26,7 M 26,7 M
Net Debt 2021 618 M 72,0 M 72,0 M
P/E ratio 2021 8,48x
Yield 2021 -
Capitalization 1 942 M 225 M 226 M
EV / Sales 2021 0,92x
EV / Sales 2022 0,45x
Nbr of Employees 207
Free-Float 13,9%
Chart OKEA ASA
Duration : Period :
OKEA ASA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends OKEA ASA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 18,85 NOK
Average target price 21,00 NOK
Spread / Average Target 11,4%
EPS Revisions
Managers and Directors
Svein Jakob Liknes Chief Executive Officer
Birte Norheim Chief Financial Officer
Chaiwat Kovavisarach Non-Executive Chairman
Knut Gjertsen Senior Vice President-Project & Technology
Tor Bjerkestrand Senior Vice President-Operations
Sector and Competitors
1st jan.Capi. (M$)
OKEA ASA83.01%225
CONOCOPHILLIPS62.59%87 067
NOVATEK56.18%76 631
CNOOC LIMITED12.40%46 282
EOG RESOURCES, INC.56.61%45 599
CANADIAN NATURAL RESOURCES LIMITED45.83%41 687