OKEA, a Norwegian Continental Shelf operator, has reported net profit of $36m (Nkr334.87m) in the first quarter of 2026 (Q1 2026), up by 71% from $21m in Q1 2025 and a reversal from a net loss of $18m in Q4 2025.
The result was supported by a $154m non-cash reversal of prior impairments at the Statfjord project in the North Sea, driven by increased forward prices.
Earnings per share for the Norwegian oil and gas operator rose to $0.35 in the reported quarter from $0.21 in Q1 2025.
Petroleum revenues reached $264m in Q1 2026, broadly flat compared to $266m in Q1 2025, but up 156% from $103m in Q4 2025.
Total operating income was $239m, down 12% year on year (YoY) from $271m, reflecting an unrealised hedging loss of $29m on crude oil collar positions.
OKEA’s sold volumes for the reported three months were 39,100 barrels of oil equivalent per day (boepd), in line with the 39,100boepd recorded in Q1 2025.
Earnings before interest, taxes, depreciation and amortisation came in at $129m in Q1 2026, a 30% decline from $183m in Q1 2025, although a recovery from $50m in Q4 2025.
Production reached 34,900boepd, up 2% YoY from 34,200boepd in Q1 2025, driven largely by the Talisker East well coming on stream at Brage in January.
Total net operating expenses were $15m in Q1 2026, compared to $158m in Q1 2025, with the reduction primarily attributable to the $154m non-cash impairment reversal.
Excluding this effect, production expenses rose 47% YoY to $91m from $62m. This was driven by an intervention campaign at Draugen and maintenance preparations at Brage and Statfjord B. Production costs per barrel of oil equivalent increased to $26.7 from $18.6 in Q1 2025.
OKEA CEO Svein Liknes said: “I am pleased to report a strong start to 2026 with production in the first quarter of 34,900boepd. Sold volumes were 39,100boepd during a period with increasing oil and gas prices.
“The high activity level is continuing and was managed without any serious incidents recorded in the quarter.
“We continue to optimise our exploration portfolio. In April, we entered into an agreement with Japex Norge to sell our 20% WI [working interest] in Mistral (PL1119) for a fixed consideration of $30m. The divestment strengthens OKEA’s balance sheet and maintains focus on our core assets.
“We have delivered a strong quarter operationally and have realised the highest prices since early last year. With a war ongoing in the Middle East, the global energy market has been highly volatile.
“We keep our focus on the key tasks ahead and on what we can control to continue to create value for our shareholders.”
OKEA maintained its 2026 production guidance of 31,000–35,000boepd and its 2027 guidance of 37,000–41,000boepd. Capital expenditure guidance remains at $300m–360m for 2026 and $230m–290m for 2027.
