Okea Asa · OSL:OKEA
Okea Asa — Q3 2026 Earnings Presentation
20 slides from Okea Asa's earnings presentation, Nov 3, 2026
Slide 1: OKEA ASA Q3 2026
OKEA ASA Q3 2026 3 November 2026
Slide 2: Cautionary statement
Cautionary statement > This presentation contains forward looking information > Forward looking information is based on management assumptions and analysis > Actual outcomes may differ, and those differences may be material > Forward looking information is subject to significant uncertainties and ri
Slide 3: Key takeaways
Key takeaways Third quarter 2026 (figures in brackets refer to previous quarter) > 2026 production tracking at the high end of guidance Garn West South well at Draugen commenced production > Bestla ahead of plan and below previous cost estimate Production expected before year-end 2026 > Organic grow
Slide 4: Production volume and efficiency
Production volume and efficiency Production (kboepd) 34.9 31.7 30.8 29.1 27.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Draugen Brage Statfjord Gjøa & Nova Ivar Aasen Sold volumes Production efficiency (%) - Q3 2025 to Q3 2026 97 95 97 98 99 97 98 94 97 97 97 94 92 91 92 92 89 89 90 87 76 65 65 67 56
Slide 5: Operational update
Operational update > Bestla progressing towards production start by year-end 2026 > Garn West South well commenced production at Draugen > Springmus East (SME) production well at Draugen sanctioned > Draugen maintenance shutdown successfully executed 5
Slide 6: Creating value the OKEA way: the Brage story
Creating value the OKEA way The Brage story – Extending field life and unlocking more value from a mature asset 30 > Extending field life through continued drilling 28 26 > Taking an opportunity-led approach to a mature asset 24 22 20 Gross production (kboepd) > Maturing profitable opportunities inc
Slide 7: Creating value the OKEA way: the Draugen story
Creating value the OKEA way The Draugen story - Extending field life through investment, resource growth and lower emissions 30 > Investing in new opportunities 28 26 > Commercially driven resource maturation, including Garn West South 24 22 20 Building long-term resilience through electrification G
Slide 8: Building a high-quality exploration pipeline
OKEA prod. assets 2026+ expl. wells Building a high-quality exploration pipeline Arkenstone > Planned exploration wells Draugen – Kyllinglår: Production-led opportunity in the Statfjord area planned spud in December 2026 – Arkenstone: Frontier high impact exploration opportunity, planned spud in Q1
Slide 9: Financials
Financials Oc =)
Slide 10: Production and sales
Production and sales Production (kboepd) Sold volumes (kboepd) 34.9 Q3 2026 Q3 2026 31.7 30.8 39.1 29.1 36.3 34.4 27.0 33.4 32% 20.4 30% 57% 4% 67% 10% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 est Oil Oil Statfjord area Gjøa / Nova Ivar Aasen NGL Statfj
Slide 11: Income statement
Income statement Third quarter 2026 Amounts in USD million Q3 2026 Q2 2026 Q3 2025 2025 > Total operating income of USD 332 million; Total operating income 332 334 224 808 including USD 28 million gain from the Mistral sale and USD 20 million net hedging loss Production expenses -87 -89 -77 -300 Cha
Slide 12: Statement of financial position
Statement of financial position Third quarter 2026 Amounts in USD million 30.09.2026 30.06.2026 30.09.2025 > Cash and cash equivalents of USD 414 million. In addition, USD 62 million invested in money- Assets Goodwill 88 85 97 market funds classified as other assets Oil and gas properties 838 812 64
Slide 13: Cash generation
Cash generation Third quarter 2026 225 -43 22 476 -81 -1 62* 355 59* Total cash Operating activities Taxes Investments in oil and Interest Other Total cash 30.06.2026 before tax gas assets 30.09.2026 13 *Investments in money-market funds (classified as other assets)
Slide 14: Cash generation
Cash generation Year to date 2026 516 -86 25 476 -273 -16 62* 308 57* Total cash Operating activities Taxes Investments in oil and Interest Other Total cash 01.01.2026 before tax gas assets 30.09.2026 14 *Investments in money-market funds (classified as other assets)
Slide 15: Resuming quarterly dividend payments from Q4 2026
Resuming quarterly dividend payments from Q4 2026 > Strong financial position supports shareholder distributions Solid cash position and robust outlook supports sustainable distributions Higher initial distribution supported by current market conditions > NOK 2.00 per share to be paid in December Ex
Slide 16: Guidance
Guidance 2026 2027 Production Updated 31 - 32 (29 - 32) Unchanged 39 - 43 (kboepd) Capex* Updated 320 - 340 (300-360) Updated 260 - 320 (230 - 290) (USD million) Tax payments Tax instalments due in fourth quarter of 2026 totals USD 64 million The company will resume quarterly dividend payments with
Slide 17: Summary
Summary > Strong operational execution 2026 production tracking at the high end of guidance > Bestla drives the next phase of production growth Organic growth pipeline extending into 2028 and beyond > Strengthened cash flow outlook Higher production and lower investments levels strengthen cash gener
Slide 18: Q&A
Q&A Growth Value Capital creation discipline
Slide 19: General and disclaimer
General and disclaimer This presentation is prepared solely for information purposes, and does not constitute or Such risks include but are not limited to operational risks (including exploration and form part of, and is not prepared or made in connection with, an offer or invitation to sell, or dev
Slide 20: Contact OKEA
Contact OKEA: [email protected] IR contacts: Stig Hognestad, VP Investor Relations [email protected] +47 902 59 040 Birte Norheim, CFO [email protected] +47 952 93 321 Trondheim Oslo Stavanger Kristiansund Bergen Kongens gate 8 Tordenskioldsgate 8-10 Kongsgårdbakken 1-3 Råket 2 Espehaugen 32 701