DNO ASA (DTNOF) Q4 2024 Earnings Call Transcript

2025-02-06 14:39:02 ET

DNO ASA (DTNOF)

Q4 2024 Earnings Conference Call

February 6, 2024 08:00 AM ET

Company Participants

Jostein Lovas - IR

Chris Spencer - MD

Haakon Sandborg - CFO

Conference Call Participants

Christoffer Bachke - Clarksons Securities

Øyvind Hagen - Arctic Securities

Nikolas Stefanou - Renaissance

Tom Erik Kristiansen - Pareto Securities

Presentation

Jostein Lovas

Good afternoon and welcome to DNO’s Fourth Quarter 2024 Earnings Call. My name is Jostein Lovas and I am the Communication Manager here at DNO. We will start with a short results presentation, which will be given to you by DNO’s Managing Director, Chris Spencer, and CFO, Haakon Sandborg.

After the presentation, we will open up for questions in a Q&A session. Please note that the Q&A session is for investors and analysts. Media requests will be dealt with separately.

During the presentation, the microphones of participants will be muted. [Operator Instructions]

With that, let’s start the presentation. I will hand over to Chris.

Chris Spencer

Thank you, Jostein and good afternoon everyone a cold but sunny Oslo in Norway, and welcome to DNO's 2024 interim [ph] results presentation.

I'll start for a moment on the picture slide at the beginning of the pack, which for those who've read our press release or the slides will understand that this is the team behind the tremendous performance that's been achieved in the Tawke PSC production or some of the team members, I should say. There's a much bigger team than this, led by the gentleman in the foreground in the blue shirt. That is our asset manager for the Tawke PSC. And you see them busy working on finding the next few barrels to chase and keep up our production and sales.

Thank you, Jostein. Let's move on. So, the Q4 and indeed 2024, as the slide says, is characterized by robust production in Kurdistan, cash flow generating production and expansion of our North Sea business. We ended the year with total revenues of just shy of $700 million. And importantly, cash from operations jumped from 2023 level by about 50% with the figures shown on the chart....

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