
Highlights and key figures Financial review Operational review Financial statements Notes
Highlights and key figures
(Figures in brackets refer to previous quarter)
Production | Sold volumes | Operating income | ||
kboepd | kboepd | USD million | ||
29.1 | 33.4 | 332 | ||
(27.0) | (34.4) | (334) | ||
EBITDA | Cash from operations | Capital expenditure | ||
USD million | USD million | USD million | ||
192 | 182 | 80 | ||
(207) | (179) | (81) |
2 OKEA ASA Q3 2026
Highlights and key figures Financial review Operational review Financial statements Notes
Operational performance
Financial performance
Portfolio development
Strong production despite Draugen maintenance
Production of 29.1 (27.0) and production efficiency of 89% (83%)
Garn West South at Draugen on stream and performing according to plan
Preventive actions ongoing following two serious incidents
Strong cash generation and strengthened financial position
Petroleum revenues of USD 316 (313) million and EBITDA of USD 192 (207) million
Impairment of USD 33 (94) million at Statfjord due to reduced volume estimates and increased capex
Net profit of USD 29 (14) million
Total cash balance of USD 476 (355) million
Quarterly dividend to resume with a payment of NOK 2.00 per share in December 2026
Continued portfolio delivery and near-term production growth
Mistral divestment completed with a USD 28 million gain
Bestla ahead of plan; first production expected before year-end
Springmus East sanctioned; expected production in H2 2027
Alpehumle classified as non-commercial
3 OKEA ASA Q3 2026
Highlights and key figures Financial review Operational review Financial statements Notes
Message from the CEOI am very pleased with the strong operational execution during the third quarter. With Garn West South now on stream and the planned maintenance campaign at Draugen successfully completed, we are well positioned to deliver 2026 production towards the high end of our guidance range. We also expect Bestla to come on stream before year-end, ahead of schedule and at lower expected cost than previously estimated.
These achievements bring OKEA closer to an important inflection point. Investments made over the past years are translating into higher production, while our investment profile is reducing and becoming increasingly focused on flexible, shorter-cycle opportunities. As we enter 2027, this combination strengthens our cash flow outlook and increases our flexibility to balance shareholder distributions with value-accretive investments.
Reflecting this outlook and a strong current market, the company has decided to resume quarterly dividends with the first payment of NOK 2.00 per share already in December 2026. The intention is also to distribute at least NOK 1.00 per share quarterly in 2027, underlining our commitment to sustainable shareholder distributions.
At the same time, we are progressing the next phase of OKEA's growth. Springmus East at Draugen was sanctioned during the quarter and is expected on stream in the second half of 2027. Talisker West at Brage is also progressing towards drilling and production in 2027, while we continue to mature and high-grade our exploration portfolio, with an ambition to increase activity from up to four wells per year currently to up to six wells per year by 2030.
Our priorities remain clear: safe, reliable and cost efficient operations, disciplined capital allocation and a strong balance sheet, while delivering attractive shareholder returns and investing selectively in future growth. This remains at the core of OKEA's strategy.
Svein J. Liknes
Chief Executive Officer
Highlights and key figures Financial review Operational review Financial statements Notes
Financial review Statement of comprehensive incomeAmounts in USD million | Q3 2026 | Q2 2026 | Q3 2025 | YTD 2026 | 2025 |
Total operating income | 332 | 334 | 224 | 904 | 808 |
Total operating expenses | -228 | -267 | -321 | -511 | -843 |
Profit/loss (-) before income tax | 106 | 65 | -100 | 401 | -33 |
Net profit / loss (-) | 29 | 14 | -37 | 80 | -55 |
EBITDA 1 | 192 | 207 | 117 | 528 | 447 |
EBITDAX | 220 | 212 | 124 | 568 | 491 |
NOK/USD period average exchange rate | 9.41 | 9.41 | 10.10 | 9.55 | 10.39 |
Total operating income of USD 332 (334) million comprises:
Revenues from sales of petroleum products of USD 316 (313) million. The increase was due to higher realised gas and NGL prices, partly offset by lower volumes sold and lower realised crude prices. Sold volumes amounted to 33,449 (34,413) boepd. The realised liquids price was USD 94.6 (104.2) per boe, comprising USD 96.6 (116.9) per boe for crude and USD 58.4 (55.3) per boe for NGL. The average realised price for natural gas amounted to USD 121.3 (88.1) per boe.
Other operating income of USD 16 (21) million was mainly due to a gain of USD 28 million relating to the sale of Mistral. This was partly offset by a hedging loss of USD 20 (gain of 15) million following an increase (reduction) in forward prices. Tariff income at Gjøa and Statfjord amounted to USD 7 (6) million.
Total operating expenses of USD 228 (267) million comprises:
Production expenses of USD 87 (89) million, corresponding to USD 29.5 (34.0) per boe. The decrease in cost per boe was due to less maintenance shutdowns compared to previous quarter. However, the cost remains higher than average due to the planned maintenance at Draugen.
Changes in over-/underlift positions and production inventory resulting in an expense of USD 20 (28) million as sold volumes exceeded produced volumes.
Depreciation of oil and gas properties amounting to USD 56 (47) million. The increase was mainly due to higher production.
Impairments of USD 33 (94) million relate to a fixed asset impairment on Statfjord as a result of reduced volume estimates and increased capex, partly offset by increased forward prices. The related post-tax expense amounted to USD 7 ( 27) million.
Exploration and evaluation expenses of USD 28 (5) million. The increase was due to expensing of previously capitalised cost on Alpehumle and Prince of USD 23 million.
General and administrative expenses of USD 4 (4) million.
Net profit of USD 29 (14) million comprises:
Profit from operating activities of USD 103 (67) million.
Net financial income of USD 3 (loss of 2) million.
Tax expense of USD 77 (51) million, which translates into an effective tax rate of 73% (78%). The effective tax rate was below the marginal tax rate mainly due to the gain on the Mistral sale which is not taxable.
Earnings per share amounted to USD 0.28 (0.14).
Amounts in USD million | 30.09.2026 | 30.06.2026 | 31.12.2025 | 30.09.2025 |
Goodwill | 88 | 85 | 91 | 97 |
Oil and gas properties | 838 | 812 | 677 | 643 |
Other non-current assets | 523 | 485 | 487 | 490 |
Cash and cash equivalents | 414 | 296 | 252 | 377 |
Other current assets | 357 | 287 | 309 | 302 |
Assets classified as held for sale | 0 | 19 | 0 | 0 |
TOTAL ASSETS | 2,220 | 1,984 | 1,816 | 1,909 |
Equity | 140 | 107 | 57 | 75 |
Interest bearing bond loans | 296 | 296 | 295 | 295 |
Other long-term liabilities | 1,223 | 1,172 | 1,086 | 1,058 |
Income tax payable | 179 | 138 | 26 | 92 |
Other current liabilities | 383 | 256 | 352 | 388 |
Liabilities directly associated with assets classified as held for sale | 0 | 15 | 0 | 0 |
TOTAL EQUITY AND LIABILITIES | 2,220 | 1,984 | 1,816 | 1,909 |
NOK/USD exchange rate at the reporting date | 9.38 | 9.93 | 10.08 | 9.99 |
Goodwill of USD 88 (85) million comprises USD 71 (68) million of technical goodwill and USD 17 (16) million of ordinary goodwill.
Oil and gas properties amounted to USD 838 (812) million. The increase was largely driven by investments of USD 80 (81) million relating to production drilling at Draugen and Statfjord as well as progress on the Bestla and Power from Shore development projects. This was partly offset by impairment of the Statfjord asset of USD 33 (86) million and depreciation of USD 55 (47) million.
Other non-current assets of USD 523 (485) million mainly comprise asset retirement reimbursement rights of USD 428 (450) million relating to the obligation of Equinor, Shell and Harbour Energy to cover future decommissioning costs for Statfjord, Draugen, Gjøa and Brage respectively. Capitalised exploration and evaluation assets amounted to USD 12 (17) million, and right-of-use assets amounted to USD 78 (13) million. The increase in right-of-use assets was due to a new vessel lease replacing an expired contract.
Cash and cash equivalents amounted to USD 414 (296) million.
Other current assets of USD 357 (287) million mainly comprise trade and other receivables of USD 192 (136) million, spare parts, equipment and inventory of USD 67 (61) million, placements in money-market funds of USD 62 (59) million, and current portion of asset retirement reimbursement rights of USD 36 (31) million.
Interest bearing bond loans of USD 296 (296) million comprise the OKEA05 and OKEA06 bonds.
Other long-term liabilities of USD 1,223 (1,172) million mainly comprise asset retirement obligations of USD 974 (977) million which are partly offset by the asset retirement reimbursement rights outlined above. In addition, deferred tax liabilities amounted to USD 177
(175) million.
Income tax payable amounted to USD 179 (138) million.
Other current liabilities of USD 383 (256) million comprise trade and other payables of USD 324
(216) million and current asset retirement obligations of USD 38 (31) million.
Asset classified as held for sale of USD 0 (19) million and liabilities directly associated with assets classified as held for sale of USD 0 (15) million relate to the Mistral transaction which closed in September. Reference is made to note 29 for further details.
Statement of cash flowsAmounts in USD million | Q3 2026 | Q2 2026 | Q3 2025 | 2025 |
(restated)2 | ||||
Cash and equivalents at the start of the period | 296 | 210 | 423 | 289 |
Net cash flow from / used in (-) operations | 182 | 179 | 169 | 325 |
Net cash flow from / used in (-) investments | -67 | -77 | -89 | -409 |
Net cash flow from / used in (-) financing activities | -2 | -15 | -132 | 9 |
Effect of exchange rate fluctuation on cash held | 5 | -2 | 5 | 37 |
Cash and equivalents at the end of the period | 414 | 296 | 377 | 252 |
Net cash flows from operating activities amounted to USD 182 (179) million.
Net cash flows from investment activities amounted to USD -67 (-77) million. The decrease was mainly due to USD 32 (0) million in proceeds received from sale of the Mistral licence. This was partly offset by increased investments in oil and gas properties of USD 81 (74) million mainly comprising of production drilling at Draugen and Statfjord as well as progress in the Bestla and Power from Shore development projects.
Net cash flows from financing activities amounted to USD -2 (-15) million. The decrease was due to semi-annual interest on both outstanding bonds paid in the previous quarter.
Cash and cash equivalents ended at USD 414 (296) million. Reference is made to note 18 for further details. In addition to the cash balance, USD 62 (59) million was placed in money-market funds classified as other current assets.
Financial risk managementOKEA addresses financial risk by use of derivatives and fixed price contracts to manage exposures to fluctuations in commodity prices and foreign exchange rates.
Financial hedging arrangements on foreign exchange exposure, CO2 quotas and oil and gas options are recognised at market value on each balance sheet date.
Hedging positions on crude oil and gas production as per the date of this report:
Crude oil
Price [USD/bbl] (ceilings) Price [USD/bbl] (floors) Hedged share (net p/tax)
Q4 2026
75 - 80
60
67%
Q1 2027
N/A N/A N/A
Q2 2027
N/A N/A N/A
Q3 2027
N/A N/A N/A
Q4 2027
N/A N/A N/A
Q1 2028
N/A N/A N/A
Gas | Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 | Q4 2027 | Q1 2028 |
Price [USD/boe] (ceilings) | 128 - 315 | 128 - 315 | 170 - 243 | 170 - 243 | 231 - 302 | 231 - 302 |
Price [USD/boe] (floors) | 64 - 96 | 64 - 96 | 64 - 88 | 64 - 88 | 64 | 64 |
Hedged share (net p/tax) | 47% | 45% | 35% | 33% | 19% | 20% |
The current hedging programme provides downside protection for future revenues while limiting exposure to prices above the ceiling levels.
Global energy markets have been highly volatile in recent months. At the balance sheet date, the company's collar based hedging portfolio resulted in a loss of USD -20 (gain of 15) million, which was recognised in other income in the statement of comprehensive income. The loss reflects an increase (reduction) in crude oil forward prices during the quarter. There are currently no hedging positions for crude in place beyond Q4 2026.
2 Please see note 30 for more information.
Highlights and key figures Financial review Operational review Financial statements Notes
Operational review Key operational figuresProduced volumes amounted to 29.1 (27.0) boepd. Production efficiency was 89 (83)%. The increase in volumes and production efficiency was mainly the result of strong performance despite the planned maintenance shutdown at Draugen in September
Production expenses amounted to USD 29.5 (34.0) per boe. The lower unit cost was mainly driven by the higher production in combination with reduced cost. The unit cost remain higher than average mainly due to the maintenance shutdown at Draugen.
Unit | Q3 2026 | Q2 2026 | Q3 2025 | 2025 | |
Total net production | Boepd | 29,117 | 26,979 | 31,651 | 32,098 |
3rd party volumes available for sale 3 | Boepd | -524 | -179 | -94 | -86 |
Change in O/U lift | Boepd | 4,856 | 7,612 | 4,724 | 133 |
Total net sold volume | Boepd | 33,449 | 34,413 | 36,280 | 32,146 |
Production expense per boe4 | USD | 29.5 | 34.0 | 24.5 | 23.7 |
Realised crude oil price | USD/boe | 96.6 | 116.9 | 70.6 | 71.7 |
Realised NGL price | USD/boe | 58.4 | 55.3 | 40.6 | 42.3 |
Realised liquids price | USD/boe | 94.6 | 104.2 | 65.3 | 65.5 |
Realised gas price | USD/boe | 121.3 | 88.1 | 65.7 | 69.9 |
Production efficiency is calculated as actual production of main product divided by the total of actual production of main product, scheduled deferment and unscheduled deferment.
Deferment is the reduction in production caused by a reduction in available production capacity.
QHSSE and ESGPreventing harm to people's health and the environment is a key priority, and work to ensure safe working conditions is a continuous focus in OKEA.
An oil leak on Draugen was detected and has been preliminary categorised as a serious incident due to uncertainty related to volume. The source was located and the leak stopped. Investigation of the incident is ongoing and will include a final assessment of classification.
With two serious incidents recorded in the quarter, SIF increased to 0.9 (0.4). One incident was a potential for personnel injury and the other was the oil leak described above. In addition, two incidents with medical treatment resulted in an increase in TRIF to 7.8 (7.7). The increase is taken seriously and work to implement preventive measures across operations is ongoing.
GHG emissions intensity was 31 (33) kg CO2e per boe produced.
The share of females recruited over the last 12 months was 25 (42)%.
Key QHSSE indicators | Unit | Q3 2026 | Q2 2026 | 2025 |
Total recordable injury frequency 12 M rolling avg | Per mill. work hours | 7.8 | 7.7 | 6.0 |
Serious incident frequency 12 M rolling avg | Per mill. work hours | 0.9 | 0.4 | 0.5 |
Serious acute spills to sea (A-B) | Count | 1 | 0 | 0 |
Hydrocarbon leakages (>0.1 kg/s) | Count | 0 | 0 | 0 |
Equity share GHG emissions intensity | Kg CO2 / boe | 31 | 33 | 29 |
Share of female recruitment last 12 months | Percent | 25 | 42 | 34 |
3 Net compensation volumes from Duva and Nova received and sold (tie-in to Gjøa)
4 Definitions of alternative performance measures are available on page 42 of this report
OKEA operated assets Draugen (operator, 44.56%)Unit | Q3 2026 | Q2 2026 | Q3 2025 | 2025 | |
Production | Boepd | 5,790 | 8,864 | 8,673 | 8,923 |
Change in O/U lift | Boepd | 3,549 | 2,478 | 3,292 | 659 |
Total net sold volume | Boepd | 9,338 | 11,342 | 11,964 | 9,582 |
Production efficiency % | 65% | 95% | 94% | 90% | |
Production volumes and production efficiency were impacted by the planned three-week maintenance shutdown which was completed in September.
Production from the Garn West South well commenced in the third quarter and is expected to contribute ~5,000 boepd in the fourth quarter.
Brage (operator, 35.2%)Unit | Q3 2026 | Q2 2026 | Q3 2025 | 2025 | |
Production | Boepd | 8,182 | 4,590 | 8,299 | 6,482 |
Change in O/U lift | Boepd | -112 | -251 | 2,228 | 413 |
Total net sold volume | Boepd | 8,070 | 4,339 | 10,526 | 6,895 |
Production efficiency % | 99% | 56% | 97% | 94% | |
Higher production volumes and production efficiency reflect strong well performance and exceptional operational uptime.
The Bestla project is progressing well, with production start expected before year-end 2026. At plateau, Bestla is expected to produce 10 kboepd net to OKEA.
Production from the Talisker West discovery at Brage is expected in the second half of 2027. Total recoverable volume estimates from Statfjord, Brent and Cook formations are 23 - 44 mmboe.
Partner operated assets Statfjord area (partner, 28%)Unit | Q3 2026 | Q2 2026 | Q3 2025 | 2025 | |
Production | Boepd | 8,172 | 7,680 | 9,272 | 9,541 |
Change in O/U lift | Boepd | 1,578 | -450 | 451 | -396 |
Total net sold volume | Boepd | 9,750 | 7,231 | 9,723 | 9,146 |
Production efficiency % | 90% | 87% | 92% | 90% | |
Higher production volumes and production efficiency resulted from stable production and improved performance from the satellite fields.
Gas production remained stable in the quarter. To maintain liquids offtake, four new wells and two additional wells equipped with electric submersible pumps (ESPs) are planned for operation by end of 2027.
Based on recent production performance, it is expected that more water production is required to ensure gas release and to recover the reserves. Capex estimates have been increased to allow for drilling of additional water producers to recover the remaining reserves.
Gjøa & Nova (partner, 12% & 6%)Unit | Q3 2026 | Q2 2026 | Q3 2025 | 2025 | |
Production | Boepd | 5,412 | 4,824 | 3,815 | 5,372 |
Change in O/U lift | Boepd | -806 | 530 | -138 | -337 |
Total net sold volume | Boepd | 4,606 | 5,354 | 3,677 | 5,035 |
Production efficiency % | 97% | 94% | 76% | 92% | |
Production volumes and production efficiency remain strong. The Gjøa B-1 BH infill well is expected on stream in the fourth quarter and will increase production by ~500 boepd.
Peon has selected Gjøa as host platform. OKEA has no ownership in Peon, and a tie-in of Peon may improve the value of Gjøa & Nova through reduced unit cost and increased recoverable economical barrels.
Ivar Aasen (partner, 9.2385%)Unit | Q3 2026 | Q2 2026 | Q3 2025 | 2025 | |
Production | Boepd | 1,562 | 1,021 | 1,592 | 1,780 |
Change in O/U lift | Boepd | 123 | 5,125 | -1,202 | -292 |
Total net sold volume | Boepd | 1,685 | 6,147 | 390 | 1,489 |
Production efficiency % | 97% | 67% | 65% | 90% | |
Higher production volumes were a result of high production efficiency and good well performance.
Drilling operations under the IOR26 campaign has commenced with the first well expected in production around year-end.
Development projects Draugen - Power from Shore (operator, 44.56%)During the turnaround at Draugen in September, the planned project scope was successfully completed and offshore construction activities continue at full capacity. Fiber-optic communication from shore to Draugen through the power cable has been put into operation. Testing of the onshore power transmission facilities has started and is expected finalised by year-end.
The project will result in an average annual reduction of CO2 emissions of 200,000 tonnes from Draugen and 130,000 tonnes from Njord as well as an average annual reduction of NOx emissions of 1,250 tonnes from Draugen and 520 tonnes from Njord. The project will also result in reduced production expenses and extend the economic life of the Draugen field. Project completion is expected in 2028.
Bestla (operator, 39.2788%)The Bestla project is progressing ahead of plan, and is only left with commissioning and start-up preparations. Expected production-start is before year-end 2026.
The activity level at Brage has been high during the quarter, with focus shifting from construction to commissioning and start-up preparations. Subsea installations were completed in September.
The Bestla field is developed as a two-well tie-back to the Brage field and contains estimated gross recoverable reserves of 24 mmboe. Plateau production is expected within the first year of production with approximately 10 kboepd net to OKEA.
Exploration Update on key exploration projects:Drilling of the PL 1153 Alpehumle prospect (20% WI) has been completed. The well was classified as a non-commercial gas discovery. The license will continue to process new data and evaluate potential remaining prospectivity.
The PL 1014 Arkenstone well (20% WI) is a high-impact opportunity located in the Northern Norwegian Sea and is operated by Equinor. Drilling of the well is expected in the first quarter of 2027.
The PL 1214 Kyllinglår prospect (28% WI) is scheduled for drilling in the fourth quarter of 2026. The well is operated by Equinor and is planned drilled with a semi-submersible rig from existing infrastructure in the Statfjord Nord field.
The PL 1102/1102 B Tverrdal prospect (35% WI) is an infrastructure led exploration well located 13km north of the Brage platform in the North Sea. Tverrdal is operated by OKEA and is scheduled for drilling the second half of 2027.
The PL 153 Trust prospect (12% WI), has been sanctioned in the license. The well is operated by Vår Energi and is planned drilled from existing infrastructure in the Gjøa field in the first half of 2027.
Updates on other exploration related activitiesThe sale the Mistral South discovery in PL 1119 (20% WI) to Japex Norge AS, was closed in September. The fixed consideration was USD 30 million. In addition, a contingent consideration assures upside given a commercial Mistral Nord discovery.
OKEA continues to focus on maturing and high-grading the exploration portfolio, and the ambition is to increase the activity level from the current up to 4 wells per year to up to 6 wells per year by 2030.
Applications for APA2026 (Awards in Pre-defined Area) was submitted in the third quarter. Acreage awards are expected announced in January 2027.
x
Guidance
Production
Production guidance for 2026 are narrowed at the upper end of the range:
2026 31 - 32 kboepd (previous: 29 - 32)
2027 39 - 43 kboepd (unchanged)
Capex
Capex guidance for 2026 is narrowed in the middle of the range. Capex guidance for 2027 is increased following acceleration of drilling of the Springmus East production well:
2026 USD 320 - 340 million (previous: 300 - 360)
2027: USD 260 - 320 million (previous: 230 - 290)
Tax
Expected tax payments for the fourth quarter of 2026 is USD 64 million
Dividends
The company will resume quarterly dividend payments with the first payment of NOK 2.00 per share in December 2026. The intention is also to maintain quarterly distributions of at least NOK 1.00 per share throughout 2027.
Outlook
The board of directors annually reviews OKEA's financial position, strategic direction and long-term priorities. OKEA remains committed to its vision of being the leading mid- and late-life operator on the Norwegian Continental Shelf, combining strong operational performance with disciplined growth and value creation to deliver competitive shareholder returns. Core to the strategy is:
Value creation from the existing portfolio: safe, efficient operations and structured opportunity maturation to maximise value from current assets.
Complementary exploration: building and high-grading the exploration portfolio to secure future optionality and long-term growth.
Selective mergers and acquisitions: value-accretive transactions that grow, strengthen and diversify the portfolio.
Capital discipline remains fundamental to the company, with investment decisions guided by robust financial criteria and clear capital-allocation principles. The company maintains a consistent ESG focus, emphasising safe operations, responsible resource management and reduced environmental impact across, in all phases of the company's business activities.
Subsequent events
On 3 November, OKEA announced a dividend payment of NOK 207.8 million (NOK 2.00 per share) to be paid on or about 15 December 2026. The distribution is to be made as repayment of paid-in capital.
Highlights and key figures Financial review Operational review Financial statements Notes
Financial statements with notes Q3 2026 Statement of comprehensive incomeAmounts in USD '000, unaudited | Note | Q3 2026 | Q2 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
(audited) | |||||||
Revenues from crude oil and gas sales | 6 | 315,734 | 313,134 | 218,420 | 892,648 | 680,926 | 783,684 |
Other operating income / loss (-) | 6, 25 | 15,928 | 20,591 | 5,219 | 11,645 | 20,047 | 24,417 |
Total operating income | 331,662 | 333,725 | 223,639 | 904,293 | 700,973 | 808,102 | |
Production expenses | 7 | -87,194 | -89,320 | -77,451 | -267,809 | -212,824 | -300,062 |
Changes in over / underlift positions and production inventory | 7 | -20,401 | -27,872 | -18,843 | -55,049 | -39,560 | -729 |
Exploration and evaluation expenses | 8 | -27,656 | -5,146 | -7,471 | -40,478 | -37,404 | -43,464 |
Depreciation, depletion and amortisation | 10, 11 | -55,742 | -46,730 | -63,638 | -161,395 | -179,193 | -225,422 |
Impairment (-) / reversal of impairment | 10, 11, 12 | -33,041 | -93,891 | -150,693 | 27,138 | -194,718 | -256,235 |
General and administrative expenses | 13 | -4,191 | -4,189 | -3,118 | -12,965 | -13,953 | -16,726 |
Total operating expenses | -228,225 | -267,148 | -321,214 | -510,557 | -677,651 | -842,638 | |
Profit / loss (-) from operating activities | 103,436 | 66,577 | -97,575 | 393,736 | 23,322 | -34,536 | |
Finance income | 14 | 10,810 | 10,188 | 8,391 | 29,294 | 23,946 | 32,845 |
Finance costs | 14 | -12,057 | -12,547 | -10,270 | -36,672 | -41,110 | -51,536 |
Net exchange rate gain / loss (-) | 14 | 4,019 | 447 | -153 | 14,337 | 21,046 | 20,352 |
Net financial items | 2,773 | -1,912 | -2,032 | 6,959 | 3,882 | 1,661 | |
Profit / loss (-) before income tax | 106,209 | 64,665 | -99,607 | 400,696 | 27,204 | -32,874 | |
Taxes (-) / tax income (+) | 9 | -77,052 | -50,619 | 62,280 | -321,102 | -64,192 | -21,793 |
Net profit / loss (-) | 29,157 | 14,046 | -37,326 | 79,594 | -36,989 | -54,668 | |
Table continues on the next page
Statement of comprehensive income - continuesAmounts in USD '000, unaudited Note | Q3 2026 | Q2 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
(audited) | ||||||
Other comprehensive income, net of tax: | ||||||
Items that may be reclassified to profit or loss in subsequent periods - foreign currency translation differences | 3,345 | -2,412 | 818 | 2,746 | 14,622 | 13,899 |
Items that will not be reclassified to profit or loss in subsequent periods - remeasurements pensions, actuarial | 0 | 0 | 0 | 0 | 0 | 110 |
Total other comprehensive income, net of tax | 3,345 | -2,412 | 818 | 2,746 | 14,622 | 14,009 |
Total comprehensive income / loss (-) | 32,502 | 11,634 | -36,509 | 82,340 | -22,367 | -40,659 |
Weighted average no. of shares outstanding basic | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 |
Weighted average no. of shares outstanding diluted | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 | 103,910,350 |
Earnings per share (USD per share) - Basic | 0.28 | 0.14 | -0.36 | 0.77 | -0.36 | -0.53 |
Earnings per share (USD per share) - Diluted | 0.28 | 0.14 | -0.36 | 0.77 | -0.36 | -0.53 |
Amounts in USD '000, unaudited | Note | 30.09.2026 | 30.06.2026 | 31.12.2025 | 30.09.2025 |
(audited) | |||||
ASSETS | |||||
Non-current assets | |||||
Goodwill | 11,12 | 87,622 | 84,743 | 91,251 | 96,843 |
Exploration and evaluation assets | 11 | 11,681 | 16,717 | 32,512 | 30,694 |
Other intangible assets | 11 | 1,649 | 1,641 | 1,706 | 1,563 |
Oil and gas properties | 10 | 838,431 | 812,038 | 676,778 | 643,360 |
Furniture, fixtures and office equipment | 10 | 4,068 | 3,922 | 3,979 | 2,855 |
Right-of-use assets | 10 | 77,978 | 12,951 | 13,378 | 14,291 |
Asset retirement reimbursement right | 15 | 427,923 | 449,608 | 435,690 | 440,809 |
Total non-current assets | 1,449,352 | 1,381,619 | 1,255,295 | 1,230,414 | |
Current assets | |||||
Trade and other receivables | 17,25 | 192,130 | 135,556 | 144,243 | 159,603 |
Financial investments | 27 | 61,843 | 59,068 | 56,881 | 41,709 |
Spare parts, equipment and inventory | 20 | 66,924 | 61,218 | 78,707 | 75,712 |
Asset retirement reimbursement right, current | 15 | 36,275 | 31,413 | 28,983 | 24,609 |
Cash and cash equivalents | 18 | 413,904 | 295,855 | 251,509 | 376,519 |
Total current assets | 771,077 | 583,111 | 560,322 | 678,152 | |
Assets classified as held for sale | 29 | 0 | 19,264 | 0 | 0 |
TOTAL ASSETS | 2,220,429 | 1,983,993 | 1,815,617 | 1,908,566 | |
Amounts in USD '000, unaudited | Note | 30.09.2026 | 30.06.2026 | 31.12.2025 | 30.09.2025 |
(audited) | |||||
EQUITY AND LIABILITIES | |||||
Equity | |||||
Share capital | 16 | 1,229 | 1,229 | 1,229 | 1,229 |
Share premium | 180,615 | 180,615 | 180,615 | 180,615 | |
Other paid in capital | 2,166 | 2,166 | 2,166 | 2,166 | |
Retained earnings / loss (-) | 3,138 | -26,020 | -76,456 | -58,887 | |
Foreign currency translation differences | -47,610 | -50,954 | -50,355 | -49,632 | |
Total equity | 139,539 | 107,037 | 57,199 | 75,491 | |
Non-current liabilities | |||||
Asset retirement obligations | 19 | 973,532 | 977,043 | 962,571 | 944,209 |
Pension liabilities | 8,448 | 7,772 | 6,870 | 7,227 | |
Lease liability | 24 | 63,400 | 11,887 | 12,541 | 13,359 |
Deferred tax liabilities | 9 | 177,331 | 175,020 | 103,939 | 93,583 |
Interest bearing bond loans | 22 | 296,114 | 295,867 | 295,224 | 294,839 |
Total non-current liabilities | 1,518,825 | 1,467,589 | 1,381,143 | 1,353,216 | |
Current liabilities | |||||
Trade and other payables | 21,25,26 | 323,740 | 215,658 | 307,819 | 352,097 |
Income tax payable | 9 | 179,415 | 137,936 | 25,548 | 91,913 |
Lease liability, current | 24 | 17,092 | 3,912 | 3,667 | 3,796 |
Asset retirement obligations, current | 19 | 37,611 | 31,465 | 29,042 | 25,125 |
Public dues payable | 4,208 | 5,371 | 11,199 | 6,928 | |
Total current liabilities | 562,065 | 394,342 | 377,274 | 479,858 | |
Liabilities directly associated with assets classified as held for sale | 29 | 0 | 15,026 | 0 | 0 |
Total liabilities | 2,080,890 | 1,876,957 | 1,758,418 | 1,833,074 | |
TOTAL EQUITY AND LIABILITIES | 2,220,429 | 1,983,993 | 1,815,617 | 1,908,566 | |
Amounts in USD `000 | Share capital | Share premium | Other paid in capital | Retained earnings/loss (-) | Translation adjustments | Total equity |
Equity at 1 January 2025 | 1,229 | 180,615 | 2,166 | -21,899 | -64,254 | 97,858 |
Net profit / loss (-) for the period | 0 | 0 | 0 | 338 | 0 | 338 |
Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 0 | 13,804 | 13,804 |
Equity at 30 June 2025 | 1,229 | 180,615 | 2,166 | -21,560 | -50,450 | 112,000 |
Equity at 1 October 2025 | 1,229 | 180,615 | 2,166 | -21,560 | -50,450 | 111,999 |
Net profit / loss (-) for the period | 0 | 0 | 0 | -37,326 | 0 | -37,326 |
Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 0 | 818 | 818 |
Equity at 30 September 2025 | 1,229 | 180,615 | 2,166 | -58,887 | -49,632 | 75,491 |
Equity at 1 October 2025 | 1,229 | 180,615 | 2,166 | -58,887 | -49,632 | 75,491 |
Net profit / loss (-) for the period | 0 | 0 | 0 | -17,679 | -17,679 | |
Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 110 | -723 | -613 |
Equity at 31 December 2025 | 1,229 | 180,615 | 2,166 | -76,457 | -50,355 | 57,199 |
Equity at 1 January 2026 | 1,229 | 180,615 | 2,166 | -76,457 | -50,355 | 57,198 |
Net profit / loss (-) for the period | 0 | 0 | 0 | 50,437 | 0 | 50,437 |
Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 0 | -599 | -599 |
Equity at 30 June 2026 | 1,229 | 180,615 | 2,166 | -26,020 | -50,954 | 107,037 |
Equity at 01 July 2026 | 1,229 | 180,615 | 2,166 | -26,020 | -50,954 | 107,037 |
Net profit / loss (-) for the period | 0 | 0 | 0 | 29,157 | 0 | 29,157 |
Total other comprehensive income / loss (-) for the period | 0 | 0 | 0 | 0 | 3,345 | 3,345 |
Equity at 30 September 2026 | 1,229 | 180,615 | 2,166 | 3,138 | -47,610 | 139,539 |
Amounts in USD `000, unaudited | Note | Q3 2026 | Q2 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
(restated) | (restated) | (audited) | |||||
Cash flow from operating activities | |||||||
Profit / loss (-) before income tax | 106,209 | 64,665 | -99,607 | 400,696 | 27,204 | -32,874 | |
Income tax paid/received | 9 | -43,431 | -25,909 | -11,110 | -86,059 | -168,326 | -180,443 |
Depreciation, depletion and amortization | 10, 11 | 55,743 | 46,730 | 63,638 | 161,395 | 179,193 | 225,422 |
Impairment / reversal of impairment | 10, 11, 12 | 33,041 | 93,891 | 150,693 | -27,138 | 194,718 | 256,235 |
Expensed exploration expenditures temporary capitalised | 8, 11 | 22,600 | 140 | 0 | 22,763 | 12,847 | 12,346 |
Accretion asset retirement obligations/reimbursement right - net | 14, 15, 19 | 4,984 | 4,828 | 3,961 | 14,381 | 10,808 | 14,784 |
Asset retirement costs from billing (net after reimbursement) | 15, 19 | -3,124 | 1,579 | 122 | -3,946 | -479 | -497 |
Gain from sales of licences | 6 | -27,811 | 0 | -464 | -27,811 | -546 | -846 |
Interest expense | 14 | 1,273 | 272 | 643 | 1,682 | 6,879 | 7,356 |
Gain / loss on financial investments | 14 | -777 | -754 | 75 | -2,142 | 21 | 17 |
Change in fair value contingent consideration | 6, 26 | 0 | 98 | 991 | 482 | -1,601 | -1,123 |
Change in trade and other receivables, and inventory | -43,336 | 81,467 | -11,985 | -8,958 | 44,997 | 54,729 | |
Change in trade and other payables and other current balance sheet items | 82,522 | -86,244 | 76,374 | -938 | 24,637 | -7,464 | |
Change in foreign exchange interest bearing debt and other non-current items | -6,371 | -1,403 | -4,039 | -14,000 | -23,523 | -22,320 | |
Net cash flow from / used in (-) operating activities | 181,524 | 179,359 | 169,292 | 430,409 | 306,830 | 325,321 | |
Table continues on the next page
Statement of cash flows - continuesAmounts in USD `000, unaudited | Note | Q3 2026 | Q2 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
(restated) | (restated) | (audited) | |||||
Cash flow from investment activities | |||||||
Investment in exploration and evaluation assets | 11 | -17,489 | -1,954 | -3,283 | -20,742 | -31,813 | -33,592 |
Investment in other intangible assets | 11 | 0 | 0 | -1,565 | 0 | -1,565 | -1,756 |
Business combinations, cash paid | 26 | 0 | 0 | 0 | 0 | -6,944 | -6,944 |
Investment in oil and gas properties | 10, 14 | -81,349 | -74,338 | -83,376 | -272,708 | -230,318 | -337,949 |
Investment in furniture, fixtures and office machines | 10 | -230 | -321 | -1,178 | -551 | -1,939 | -3,260 |
Cash used on (-) / received from financial investments | 0 | 0 | 0 | 0 | -14,566 | -29,416 | |
Proceeds from sales of licences | 32,545 | 0 | 0 | 32,545 | 4,037 | 4,037 | |
Net cash flow from / used in (-) investment activities | -66,523 | -76,613 | -89,402 | -261,456 | -283,108 | -408,881 | |
Cash flow from financing activities | |||||||
Net proceeds from borrowings | 22 | 0 | 0 | 0 | 0 | 169,528 | 169,528 |
Repayment/buy-back of bond loans | 22 | 0 | 0 | -127,072 | 0 | -127,072 | -127,072 |
Interest paid | -924 | -14,366 | -3,905 | -15,752 | -16,204 | -30,417 | |
Payments of lease debt | 24 | -1,081 | -665 | -790 | -2,437 | -2,286 | -3,075 |
Net cash flow from / used in (-) financing activities | -2,005 | -15,031 | -131,767 | -18,189 | 23,966 | 8,963 | |
Net increase/ decrease (-) in cash and cash equivalents | 112,996 | 87,714 | -51,876 | 150,764 | 47,688 | -74,597 | |
Cash and cash equivalents at the beginning of the period | 295,856 | 209,765 | 423,098 | 251,509 | 288,807 | 288,807 | |
Effect of exchange rate fluctuation on cash held | 5,052 | -1,624 | 5,297 | 11,632 | 40,026 | 37,300 | |
Cash and equivalents at the end of the period | 413,903 | 295,856 | 376,517 | 413,903 | 376,519 | 251,508 | |
Notes to the interim financial statement
- General and corporate information
These financial statements are the unaudited interim condensed financial statements of OKEA ASA for the third quarter of 2026.
OKEA ASA ("OKEA" or the "company") is a public limited liability company incorporated and domiciled in Norway, with its main office located in Trondheim. The company's shares are listed on the Oslo Stock Exchange under the ticker "OKEA".
OKEA is a leading mid- and late-life operator on the Norwegian continental shelf (NCS).
- Basis of preparation
The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements should be read in conjunction with the annual financial statements for 2025. The annual financial statements for 2025 were prepared in accordance with IFRS® Accounting Standards (IFRS) as adopted by the European Union (EU) and in accordance with the additional requirements following the Norwegian Accounting Act.
All figures in the financial statements are presented in USD. OKEA's functional currency is NOK, however from Q1 2025 the company has presented its financial statements in USD.
For presentation purposes, balance sheet items are translated from functional currency to presentation currency using spot rates at the balance sheet date. Items recognised in profit or loss and other comprehensive income are translated from functional currency to presentation currency using average exchange rates for the periods presented, or exchange rates at transaction dates where these differ significantly. Historical exchange rates are used for share capital and share premium.
The interim financial statements were authorised for issue by the company's board of directors on 2 November 2026.
- Accounting policies
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the annual financial statements for 2025. New standards, amendments and interpretations to existing standards effective from 1 January 2026 did not have significant impact on the financial statements.
- Critical accounting estimates and judgements
Preparation of the interim financial statements entails use of judgements, estimates and assumptions that affect the application of accounting policies and the amounts recognised as assets and liabilities, income and expenses. The estimates, and associated assumptions, are based on historical experience and other factors that are considered as reasonable under the circumstances. The actual results may deviate from these estimates. The material assessments underlying the application of the company's accounting policies, and the main sources of uncertainty, are the same for the interim financial statements as for the annual accounts for 2025.
- Business segments
The company's only business segment is development and production of oil and gas on the Norwegian continental shelf.
- Income
Breakdown of petroleum revenuesOther operating income
Amounts in USD `000
Q3 2026
Q2 2026
Q3 2025
YTD 2026
YTD 2025
2025
Sale of liquids
204,373
241,335
165,183
633,407
493,400
546,950
Sale of gas
111,361
71,799
53,237
259,241
187,526
236,734
Total petroleum revenues
315,734
313,134
218,420
892,648
680,926
783,684
Sale of liquids (boe)
2,159,519
2,316,634
2,527,899
7,004,260
7,325,615
8,346,651
Sale of gas (boe)
917,815
814,906
809,898
2,727,014
2,529,156
3,386,709
Total sale of petroleum in boe5
3,077,335
3,131,540
3,337,797
9,731,274
9,854,772
11,733,360
Amounts in USD `000
Q3 2026
Q2 2026
Q3 2025
YTD 2026
YTD 2025
2025
Gain / loss (-) from put/call options, oil
-13,900
10,027
-546
-31,386
-384
-209
Gain / loss (-) from put/call options, gas
-6,206
3,285
-58
-5,047
1,748
2,210
Gain / loss (-) from forward contracts, CO2 quotas
84
1,443
165
-591
30
478
Change in fair value contingent consideration (see note 26)
0
-98
-991
-482
1,601
1,123
Tariff income
6,848
5,575
5,133
18,396
14,988
19,929
Sale of licences
27,810
0
464
27,810
546
846
Income/expense from commercial agreements
0
44
0
-15
0
-2,017
Joint utilisation of logistics resources
1,290
316
1,052
2,959
1,519
2,058
Total other operating income/loss (-)
15,928
20,591
5,219
11,645
20,047
24,417
5 Barrels of oil equivalents
-
Production expenses & changes in over/underlift positions and production inventory
Production expensesChanges in over-/underlift positions and production inventory
Amounts in USD `000
Q3 2026
Q2 2026
Q3 2025
YTD 2026
YTD 2025
2025
From licence billings - producing assets
75,300
79,157
64,138
232,648
176,827
254,043
Other production expenses (insurance, transport)
10,543
8,790
12,030
30,965
31,907
40,484
G&A expenses allocated to production expenses
1,351
1,373
1,284
4,196
4,090
5,535
Total production expenses
87,194
89,320
77,451
267,809
212,824
300,062
Amounts in USD `000
Q3 2026
Q2 2026
Q3 2025
YTD 2026
YTD 2025
2025
Changes in over/underlift positions
-22,625
-13,197
-24,816
-35,446
-32,682
-2,550
Changes in production inventory
2,224
-14,675
5,973
-19,602
-6,877
1,821
Changes in over-/underlift positions and production inventory
-20,401
-27,872
-18,843
-55,049
-39,560
-729
-
Exploration and evaluation expenses
Amounts in USD `000
Q3 2026
Q2 2026
Q3 2025
YTD 2026
YTD 2025
2025
Share of exploration and evaluation expenses from participation in licences excluding dry well impairment, from billing
2,954
3,150
3,675
7,962
9,400
13,220
Share of exploration expenses from participation in licences, dry well write off, from billing
22,600
140
0
22,763
12,848
12,346
Seismic and other exploration and evaluation expenses, outside billing
432
314
3,522
5,437
14,420
14,762
G&A expenses allocated to exploration expenses
1,669
1,542
273
4,316
737
3,135
Total exploration and evaluation expenses
27,656
5,146
7,471
40,478
37,404
43,464
-
Taxes
Income taxes recognised in the income statementReconciliation of income taxes
Amounts in USD `000
Q3 2026
Q2 2026
Q3 2025
YTD 2026
YTD 2025
2025
Change in deferred taxes current year
3,543
47,725
66,520
-77,417
34,038
23,247
Taxes payable current year
-80,595
-98,009
-4,033
-243,503
-98,499
-45,349
Tax payable adjustment previous year
0
-1,136
-108
3,584
1,435
1,475
Change in deferred taxes previous year
0
801
-99
-3,766
-1,166
-1,166
Total taxes (-) / tax income (+) recognised in the income statement
-77,052
-50,619
62,280
-321,102
-64,192
-21,793
Specification of tax effects on temporary differences, tax losses and uplift carried forwardAmounts in USD `000
Q3 2026
Q2 2026
Q3 2025
YTD 2026
YTD 2025
2025
Profit / loss (-) before income taxes
106,209
64,665
-99,607
400,696
27,204
-32,874
Expected income tax at tax rate 78.004%
-82,847
-50,441
77,697
-312,558
-21,220
25,643
Permanent differences, including impairment of goodwill
15,757
-5,160
-15,090
9,550
-50,160
-53,824
Effect of uplift
879
1,445
1,445
3,523
4,283
5,491
Financial and onshore items
-9,707
5,307
-1,566
-18,864
2,657
610
Change valuation allowance
-1,135
-1,435
0
-2,570
-39
-39
Adjustments previous year and other
0
-335
-207
-182
286
325
Total income taxes recognised in the income statement
-77,052
-50,619
62,280
-321,101
-64,192
-21,793
Effective income tax rate
73%
78%
63%
80%
236% -66%
Specification of tax payableAmounts in USD `000
30.09.2026
30.06.2026
31.12.2025
30.09.2025
Tangible and intangible non-current assets
-652,460
-601,997
-499,711
-475,606
Provisions (net ARO), lease liability, pensions and gain/loss account
511,550
446,002
441,348
423,996
Interest bearing loans
-6,442
-4,149
-3,253
-3,967
Current items (spareparts and inventory)
-29,978
-29,901
-42,322
-38,006
Tax losses carried forward, onshore 22%
3,156
1,966
597
602
Valuation allowance (uncapitalised deferred tax asset)
-3,156
-1,966
-597
-602
Total deferred tax assets / liabilities (-) recognised
-177,331
-190,045
-103,939
-93,583
Of this classified as held for sale, see note
0
15,026
0
0
Total deferred tax assets / liabilities (-) recognised excl. classified as held for sale
-177,331
-175,020
-103,939
-93,583
Total deferred tax assets / liabilities (-)Amounts in USD `000
Total
Tax payable at 1 January 2026
25,548
Tax paid
-86,059
Tax payable adjustment previous year
-3,584
Tax payable current year recognised in the income statement
243,503
Foreign currency translation effects
7
Tax payable at 30 September 2026
179,415
Amounts in USD `000
Total
Deferred tax assets / liabilities (-) at 1 January 2026
-103,939
Deferred tax current year recognised in the income statement
-77,417
Change in deferred taxes previous year
-3,766
Foreign currency translation effects
7,791
Total deferred tax assets / liabilities (-) 30 September 2026
-177,331
-
Tangible assets and right-of-use assets
Amounts in USD `000
Oil and gas properties
Assets under Assets in development production
Furniture, fixtures and
office machines
Right of use
assets
Total
Cost at 1 January 2026
360,047
1,401,201
5,799
35,589
1,802,636
Additions
93,880
85,547
303
459
180,189
Reclassification from inventory
0
-42
0
0
-42
Removal and decommissioning asset
825
-19,155
0
0
-18,331
Foreign currency translation effects
1,961
19,578
73
536
22,148
Cost at 30.06.2026
456,713
1,487,128
6,176
36,584
1,986,601
Accumulated depreciation and impairment at 1 January 2026
0
-1,084,470
-1,820
-22,211
-1,108,501
Depreciation
0
-104,070
-421
-1,067
-105,558
Impairment (-) and reversal of impairment
0
68,521
0
0
68,521
Additional depr. of IFRS 16 ROU assets presented net in the income statement from leasing contracts entered into as licence operator
0
0
0
-59
-59
Foreign currency translation effects
0
-11,786
-12
-297
-12,095
Accumulated depreciation and impairment at 30.06.2026
0
-1,131,804
-2,254
-23,634
-1,157,691
Carrying amount at 30.06.2026
456,713
355,325
3,922
12,951
828,910
Cost at 1 July 2026
456,713
1,487,128
6,176
36,584
1,986,601
Additions
34,228
52,877
230
65,906
153,241
Reclassification from exploration
0
0
0
0
0
Removal and decommissioning asset
5,052
-5,356
0
0
-304
Foreign currency translation effects
15,112
50,028
207
680
66,027
Cost at 30 September 2026
511,105
1,584,677
6,613
103,170
2,205,565
Accumulated depreciation and impairment at 1 July 2026
0
-1,131,804
-2,254
-23,634
-1,157,691
Depreciation
0
-54,954
-216
-653
-55,823
Impairment (-) and reversal of impairment
0
-33,049
0
0
-33,049
Additional depr. of IFRS 16 ROU assets presented net in the income statement from leasing contracts entered into as licence operator
0
0
0
0
0
Foreign currency translation effects
0
-37,545
-74
-906
-38,525
Accumulated depreciation and impairment at 30 September 2026
0
-1,257,352
-2,545
-25,192
-1,285,088
Carrying amount at 30 September 2026
511,105
327,325
4,068
77,978
920,477
-
Goodwill, exploration and evaluation assets and other intangible assetsCarrying amount at 30 September 2026 excl. classified as held for sale 1,649 11,682 70,621 17,001 87,622
Amounts in USD `000
Other intangible
assets
Exploration and evaluation
assets
Technical goodwill
Ordinary goodwill
Total goodwill
Cost at 1 January 2026
1,759
32,512
262,034
177,972
440,006
Additions
0
3,090
0
0
0
Foreign currency translation effects
27
379
4,023
2,732
6,755
Cost at 30 June 2026
1,786
35,981
266,057
180,704
446,761
Accumulated depreciation and impairment at 1 January 2026
-54
0
-186,977
-161,778
-348,755
Depreciation
-95
0
0
0
0
Foreign currency translation effects
3
0
-2,437
-2,484
-4,921
Accumulated Depreciation and impairment at 30 June 2026
-146
0
-197,756
-164,262
-362,018
Carrying amount at 30 June 2026
1,641
35,981
68,301
16,442
84,743
Cost at 1 July 2026
1,786
35,981
266,057
180,704
446,761
Additions
0
17,325
0
0
0
Disposals
0
-20,504
0
0
0
Expensed exploration expenditures temporarily capitalised
0
-22,606
0
0
0
Foreign currency translation effects
61
1,485
9,037
6,138
15,175
Cost at 30 September 2026
1,847
11,682
275,094
186,842
461,936
Accumulated depreciation at beginning of period
-146
0
0
0
0
Accumulated impairment at beginning of period
0
0
-197,756
-164,262
-362,018
Depreciation
-48
0
0
0
0
Impairment
0
0
0
0
0
Foreign currency translation effects
-4
0
-6,717
-5,579
-12,297
Accumulated depreciation and impairment at 30 September 2026
-198
0
-204,473
-169,841
-374,315
Carrying amount at 30 September 2026
1,649
11,682
70,621
17,001
87,622
Of this classified as held for sale (see note 29)
0
0
0
0
0
-
Impairment / reversal of impairment
Tangible and intangible assets are tested for impairment / reversal of impairment whenever indicators are identified and at least on an annual basis. Impairment is recognised when the book value of an asset or cash generating unit exceeds the estimated recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use and is estimated based on discounted future cash flows. The discount rate applied represents the weighted average cost of capital (WACC).
Technical goodwill arises as an offsetting account to the deferred tax recognised in business combinations and is allocated to each Cash Generating Unit (CGU). Technical goodwill will be impaired during the life-time of the CGU and is a non-cash expense. As reserves are produced, depreciation of the oil and gas properties (CGU) reduces deferred tax and exposes technical goodwill for impairment.
Fair value assessments of the company's right-of-use (ROU) asset-portfolio are included in the impairment test.
Valuation of oil and gas properties and goodwill are inherently uncertain due to the judgemental nature of the underlying estimates.
Key assumptions applied in the impairment test at 30 September 2026 stated in real terms:Other assumptionsGas GBP/
Currency rates
Year
Oil USD/BOE
therm
USD/NOK
2026
96.7
1.38
9.6
2027
85.4
1.40
9.6
2028
74.8
0.90
9.6
2029
76.8
0.79
9.9
From 2030
77.3
0.75
10.0
For oil and gas reserves, future cash flows are calculated on the basis of expected production profiles and estimated proven and probable remaining reserves limited by economic cut-off.
Future capex, opex and abandonment cost are calculated based on expected production profiles and the best estimate of related cost. The nominal discount rate applied for estimating fair values is 10% post tax. The long-term inflation rate is assumed to be 2%.
Total cost for CO2 comprises Norwegian CO2 tax and cost of the EU Emission Trading System and is estimated to gradually increase from NOK 1,806 per tonne in 2025 towards a long term price of NOK 2,400 (real 2025) per tonne from 2030 and NOK 3,400 (real 2025) from 2035 in line with price estimates presented by the Norwegian authorities in 2025. NOx prices are estimated to increase from approximately NOK 18 per kg in 2025 to a level of approximately 27 NOK per kg from 2030.
Impairment testing of technical goodwill, ordinary goodwill, fixed assets and ROU assetsImpairments of oil and gas assets of USD 33 (86) million on Statfjord were recorded in the quarter mainly due to reduced reserve estimates and increased planned Capex.
Amounts in USD `000
Q3 2026
Technical goodwill
Oil & gas assets
Q2 2026
Technical goodwill
Oil & gas assets
Statfjord
0
33,038
0
85,549
Draugen
0
0
8,342
0
Total impairment
0
33,038
8,342
85,549
No impairments on ordinary goodwill were required in the Third quarter 2026.
SensitivitiesThe table below shows how the recorded impairment in the quarter are impacted if the different assumptions are changed given that all other assumptions are constant. As there are impairments of both technical goodwill and asset impairments, both the pre-tax and post-tax impacts are shown.
Change in impairment after
Amounts in USD `000
Increase in assumption
Decrease in assumption
Change Pre-tax Post-tax Pre-tax Post-tax
Oil and gas price
+/- 10%
-131,718
-28,973
86,773
19,086
Oil and gas price forward period
+/- 10%
-54,190
-11,920
54,190
11,920
Currency rate USD/NOK
+/- 1.0 NOK
-69,164
-15,213
69,164
15,213
Discount rate
+/- 1% point
3,812
838
-3,974
-874
Environmental cost (CO2 and NOx)
+/- 20%
53,408
11,748
-53,408
-11,748
-
General and administrative expenses
Amounts in USD `000
Q3 2026
Q2 2026
Q3 2025
YTD 2026
YTD 2025
2025
Salary and other employee benefits expenses
33,407
38,089
30,523
108,863
89,051
120,035
Consultants and other operating expenses
17,363
16,038
15,705
50,138
48,614
65,606
Allocated to operated licences
-43,659
-47,481
-41,552
-138,860
-118,885
-162,183
Allocated to exploration and production expenses
-2,919
-2,457
-1,557
-7,177
-4,827
-6,732
Total general and administrative expenses
4,191
4,189
3,118
12,965
13,953
16,726
-
Financial items
Amounts in USD `000
Q3 2026
Q2 2026
Q3 2025
YTD 2026
YTD 2025
2025
Interest income
3,550
2,717
2,992
7,790
8,225
11,498
Unwinding of discount asset retirement reimbursement right (indemnification asset)
6,483
6,716
5,474
19,363
15,743
21,365
Gain on financial investments
777
754
-75
2,142
-21
-17
Finance income
10,810
10,188
8,391
29,294
23,946
32,845
Interest expense and fees from loans and borrowings
-7,248
-7,521
-7,287
-22,868
-20,657
-28,067
Capitalised borrowing cost, development projects
7,235
7,198
6,644
21,643
13,778
20,711
Other interest expense
-8
-334
-6
-407
-1,070
-1,087
Unwinding of discount asset retirement obligations
-11,467
-11,544
-9,435
-33,744
-26,601
-36,148
Loss on buy-back/early redemption bond loan
0
0
184
0
-5,405
-5,405
Other financial expense
-568
-345
-370
-1,295
-1,205
-1,540
Finance costs
-12,057
-12,547
-10,270
-36,672
-41,110
-51,536
Exchange rate gain/loss (-), interest-bearing loans and borrowings
10,293
-5,645
3,268
15,048
33,254
30,419
Net exchange rate gain/loss (-), other
-6,274
6,091
-3,421
-711
-12,208
-10,067
Net exchange rate gain/loss (-)
4,019
447
-153
14,337
21,046
20,352
Net financial items
2,773
-1,912
-2,032
6,959
3,882
1,661
-
Asset retirement reimbursement right
Amounts in USD `000
Total
Asset retirement reimbursement right at 1 January 2026 (indemnification asset)
464,673
Changes in estimates
130
Effect of change in the discount rate
-15,526
Asset retirement costs from billing, reimbursement from Shell and Harbour Energy
-2,604
Asset retirement costs from billing, paid by Equinor
-25,057
Unwinding of discount
19,363
Foreign currency translation effects
23,220
Asset retirement reimbursement right at 30 June 2026 (indemnification asset)
464,198
Of this:
Asset retirement reimbursement right, non-current
427,923
Asset retirement reimbursement right, current
36,275
Asset retirement reimbursement right at 30 June 2026 (indemnification asset)
464,198
Asset retirement reimbursement right consists of a receivable from the seller A/S Norske Shell ("Shell") from OKEA's acquisition of Draugen and Gjøa assets in 2018, a receivable from the seller Harbour Energy Norge AS ("Harbour", previously Wintershall Dea Norge AS) from OKEA's acquisition of the Brage asset in 2022, and a receivable from the seller Equinor Energy AS ("Equinor") from OKEA's acquisition of the Statfjord asset in 2023.
Receivable from the seller Shell from OKEA's acquisition of Draugen and Gjøa assets:The parties have agreed that the seller Shell will cover 80% of OKEA's share of total decommissioning costs for the Draugen and Gjøa fields up to a predefined post-tax cap amount of USD 89 million (2026 value) subject to Consumer Price Index (CPI) adjustment. The present value of the expected payments is recognised as a pre-tax receivable from the seller.
In addition, the seller has agreed to pay OKEA a fixed amount of USD 52 million (2026 value) subject to a CPI adjustment according to a schedule based on the percentage of completion of the decommissioning of the Draugen and Gjøa fields.
The net present value of the receivable is calculated using a discount rate of 5.7% (year end 2025: 5.3%).
Receivable from the seller Harbour Energy from OKEA's acquisition of the Brage asset:The parties have agreed that Harbour Energy will retain responsibility for 80% of OKEA's share of total decommissioning costs related to the Brage Unit, limited to an agreed pre-tax cap of USD 188 million (2026 value) subject to index regulation.
The net present value of the receivable is calculated using a discount rate of 5.4% (year end 2025: 5.3%).
Receivable from the seller Equinor from OKEA's acquisition of the Statfjord assets:The parties have agreed that Equinor will retain responsibility for 100% of OKEA's share of total decommissioning costs related to Statfjord A.
The net present value of the receivable is calculated using a discount rate of 5.0% (year end 2025: 4.8%).
- Share capital
Ordinary shares
Outstanding shares at 1 January 2026
New shares issued during 2026
103,910,350
0
Number of outstanding shares at 30 September 2026
103,910,350
Nominal value NOK per share at 30 September 2026
0.10
Share capital NOK at 30 September 2026
10,391,035
Nominal value USD per share at 30 September 2026
0.01
Share capital USD at 30 September 2026
1,229,272
-
Trade and other receivables
Amounts in USD `000
30.09.2026
30.06.2026
31.12.2025
30.09.2025
Accounts receivable and receivables from operated licences
36,778
23,316
20,987
22,234
Accrued revenue
82,853
56,329
18,903
48,892
Prepayments
7,034
8,258
7,916
10,915
Working capital and overcall, joint operations/licences
58,619
36,593
69,153
57,317
Underlift of petroleum products
2,557
7,000
23,274
11,778
VAT
1,296
257
1,733
1,248
Accrued interest income
2,513
2,210
0
5,489
Other receivables
24
24
361
336
Fair value put/call options, gas
0
1,250
630
553
Fair value put/call options, oil
0
0
337
0
Fair value forward contracts, foreign exchange
130
86
21
360
Fair value forward contracts, CO2 quotas
325
233
926
481
Total trade and other receivables
192,130
135,556
144,243
159,603
No provisions have been recognised for bad debt on receivables.
- Cash and cash equivalents
Amounts in USD `000
30.09.2026
30.06.2026
31.12.2025
30.09.2025
Bank deposits, unrestricted
300,798
226,675
161,624
266,754
Bank deposit, time deposit
100,000
56,695
73,053
95,670
Bank deposit, restricted, net proceeds from bond issue OKEA06 on escrow account
127
125
124
123
Bank deposit, restricted, employee taxes
0
0
5,554
2,831
Bank deposit, restricted, deposit office leases
3,154
3,051
2,074
2,066
Bank deposit, restricted, other
9,825
9,309
9,081
9,075
Total cash and cash equivalents
413,904
295,855
251,509
376,519
In addition to the cash and cash equivalents, USD 61.8 (59.1) million was placed in money-market funds. Reference is made to note 27.
- Asset retirement obligations
Amounts in USD `000
Total
Provisions at 1 January 2026
991,612
Changes in estimates
6,509
Effects of change in the discount rate
-38,466
Asset retirement costs from billing
-31,607
Unwinding of discount
33,744
Foreign currency translation effects
49,351
Asset retirement obligations at 30 September 2026
1,011,143
Of this:
Asset retirement obligations, non-current
973,532
Asset retirement obligations, current
37,611
Asset retirement obligations at 30 September 2026
1,011,143
Provisions for asset retirement obligations represent the future expected costs for close-down and removal of oil equipment and production facilities. The provision is based on the company's best estimate. The net present value of the estimated obligation is calculated using a discount rate of 4.4% (year end 2025: 4.2%). The assumptions are based on the economic environment at balance sheet date. Actual asset retirement costs will ultimately depend upon future market prices for the necessary works which will reflect market conditions at the relevant time. Furthermore, the timing of the close-down is likely to depend on when the field ceases to produce at economically viable rates. This in turn will depend upon future oil and gas prices, which are inherently uncertain.
For recovery of costs of decommissioning related to assets acquired from Shell, Harbour Energy (previously Wintershall Dea) and Equinor, reference is made to note 15.
- Spare parts, equipment and inventory
Amounts in USD `000
30.09.2026
30.06.2026
31.12.2025
30.09.2025
Inventory of petroleum products
15,107
12,481
32,893
24,396
Spare parts and equipment
51,818
48,738
45,814
51,315
Total spare parts, equipment and inventory
66,924
61,218
78,707
75,712
-
Trade and other payables
Amounts in USD `000
30.09.2026
30.06.2026
31.12.2025
30.09.2025
Trade creditors
46,235
4,182
35,014
42,658
Accrued holiday pay and other employee benefits
20,303
17,869
22,767
21,015
Working capital, joint operations/licences
160,781
146,214
163,914
194,915
Overlift of petroleum products
28,150
10,088
14,356
33,252
Accrued interest bond loans
8,567
1,708
1,724
8,567
Other provisions, current (see note 26)
0
0
9,252
8,853
Prepayments from customers
3,312
2
28,788
16,484
Fair value put/call options, gas
3,833
0
0
0
Fair value put/call options, oil
8,668
4,080
0
54
Fair value forward contracts, CO2 quotas
0
0
0
0
Other accrued expenses
36,934
31,515
32,004
26,298
Total trade and other payables
323,740
215,658
307,819
352,097
-
Interest bearing bond loans
In June 2025, the company issued a USD 175 million secured bond loan (OKEA06). Maturity date for OKEA06 is June 2029, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA 06 was issued at par value.
In May 2024, the company issued a USD 125 million secured bond loan (OKEA05). Maturity date for OKEA05 is May 2028, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA05 was issued at par value.
During 2026, the company has been in full compliance with the covenants under the bond agreements. The financial covenants of OKEA05 and OKEA06 comprise:
Leverage Ratio (Total Debt - Liquid Assets) / 12-mth rolling EBITDA of max 1.75x
Minimum Liquidity of USD 45 million
- Other credit facilities
To enhance the financial flexibility, OKEA has a Revolving Credit Facility (RCF) which is available for working capital purposes. The RCF has a limit of USD 45 million until November 2027, and thereafter reduces to USD 26.25 million until final maturity in December 2028. No draw downs have been made on the RCF.
Amounts in USD `000
Bond loan OKEA06
Bond loan OKEA05
Total
Interest bearing bond loans at 1 January 2026
171,949
123,275
295,224
Amortisation of transaction costs
606
529
1,135
Foreign exchange movement
-8,791
-6,647
-15,438
Foreign currency translation effects
8,635
6,558
15,193
Interest bearing bond loans at 30 September
2026
172,399
123,715
296,114
All the effects above represents non-cash canges.
- Leasing
Amounts in USD `000 | Total |
Lease liability at 1 January 2026 | 16,208 |
Additions lease contracts | 66,547 |
Accretion lease liability | 1,278 |
Payments of lease debt and interest | -3,714 |
Foreign currency translation effects | 174 |
Total lease debt at 30 September 2026 | 80,492 |
Break down of lease liability | |
Short-term (within 1 year) | 17,092 |
Long-term | 63,400 |
Total lease liability | 80,492 |
Undiscounted lease liabilities and maturity of cash outflows | |
Within 1 year | 19,619 |
1 to 5 years | 76,104 |
After 5 years | 8,272 |
Total | 103,994 |
The company has entered into operating leases for office facilities. In addition, as operator at the NCS, the company has on behalf of the licence entered into operating leases for logistic resources such as supply vessel with associated remote operated vehicle (ROV), base and warehouse for spare parts and hence these lease debts are recognised on a gross basis. In Q3 the company has entered into a new 5-year lease for the the vessel North Cruys.
Lease payments related to leasing contracts entered into as an operator of the Draugen field are presented on a gross basis.
25 Commodity derivative contracts | ||||
Amounts in USD `000 | 30.09.2026 | 30.06.2026 | 31.12.2025 | 30.09.2025 |
Net accumulated unrealised gain commodity contracts included in note 17 "Trade and other receivables" | 0 | 1,250 | 968 | 553 |
Net accumulated unrealised loss in commodity contracts included in note 21 "Trade and other payables" | -12,500 | -4,080 | 0 | -54 |
Short-term net derivatives included in assets/liabilities (-) | -12,500 | -2,830 968 499 |
OKEA uses derivative financial instruments to manage its exposure to fluctuations in commodity prices related to future petroleum production. The commodity derivatives consists of option-based structures, including collars, where a sold call option is combined with a purchased put option to reduce the net hedging premium.
Commodity derivative contracts are recognised at fair value in the balance sheet. Changes in fair value are recognised in profit or loss and presented as other operating income/loss. The valuation reflects prevailing market conditions at the reporting date.
As at 30 September 2026, the company's crude oil hedging programme covered approximately 67% of expected Q4 2026 production, net of petroleum tax, through collar contracts. The company had no crude oil hedging positions in place beyond 2026.
The company's gas hedging programme covered approximately 47% of expected Q4 2026 production, net of petroleum tax, gradually decreasing to approximately 20% by Q1 2028, primarily through collar contracts.
As at 30 September 2026, commodity derivatives had a net accumulated unrealised loss of USD 13 million (30 June 2026: unrealised loss of USD 3 million) which has been reflected in the financial statements.
Amounts in USD `000 | Total |
Provision at 1 January 2026 | 9,252 |
Settlements/payments to Equinor | -9,734 |
Changes in fair value | 482 |
Foreign currency translation effects | 0 |
Other provisions at 30 September 2026 | 0 |
-
Other provisions
Other provisions consisted of provisions for additional contingent consideration from OKEA's acquisition of the Statfjord asset in 2023. The provision for contingent consideration was measured at fair value with changes in fair value recognised in the income statement. The fair value was estimated using an option pricing methodology, where the expected option payoff was calculated at each future payment date and discounted back to the balance date.
Under the agreement, OKEA was required to pay Equinor additional contingent consideration with payment terms linked to realised oil and gas prices for the period 2023-2025. The final settlement was completed in the second quarter of 2026.
- Financial investments
Amounts in USD `000
30.09.2026
30.06.2026
31.12.2025
30.09.2025
Investments in money-market funds
61,843
59,068
56,881
41,709
Total financial investments
61,843
59,068
56,881
41,709
-
Fair value of financial instruments
The carrying amounts of financial assets and liabilities, except for interest bearing bond loans, are approximately equal to their respective fair values.
For the interest bearing bond loans OKEA05 and OKEA06, with a total issue amount of USD 300 million, total fair value is estimated to USD 315 million at 30 September 2026. OKEA05 and OKEA06 are listed on the Oslo Stock Exchange. The fair value is based on the latest quoted market prices (level 2 in the fair value hierarchy according to IFRS 13) as per balance sheet date.
Put/call options oil, put/call options gas, forward contracts CO2 quotas and forward contracts foreign exchange are carried in the statement of financial position at fair value. The fair values are based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy).
- Sale of Mistral licence
In April OKEA entered into a SPA with Japex Norge AS, where OKEA is selling the 20% WI in Mistral (PL1119) for USD 30 million in fixed consideration. In addition, a contingent consideration ensures that OKEA retains an upside given a commercial Mistral Nord discovery. A gain from the sale of USD 28 million was recognised as other operating income in Q3 2026.
Amounts in USD '000
30.09.2026
30.06.2026
Assets classified as held for sale: Exploration and evaluation assets
0
19,264
Total assets classified as held for sale
0
19,264
Liabilities directly associated with assets classified as held for sale: Deferred tax liabilities
0
15,026
Total liabilities directly associated with assets classified as held for sale
0
15,026
Assets and liabilities classified as held for sale at 30 September 2026
- Change in presentation Statement of cash flows
Trade and other payables Inv
Before
estments in oil and gas assets
Before
Amounts in USD `000
Restated
restatement
Change
Restated
restatement
Change
Q1 2025
-37,904
-40,009
2,105
-70,871
-68,766
-2,105
Q2 2025
-13,833
-6,585
-7,248
-76,071
-83,319
7,248
Q3 2025
76,374
93,023
-16,649
-83,376
-100,025
16,649
The company re-assessed the allocation and presentation of working capital movements from Investment in oil and gas assets and Trade and other payables in the Statement of cash flows in the fourth quarter 2025. Due to high investment activity and timing differences between incurring the expenses and payment, the effect on the presentation in the Statement of cash flows are considered material.
As a result, restatement of comparative periods for the Investment in oil and gas assets and Change in trade and other payables lines in the Statement of cash flows have been made in accordance with the table below. The effect on cash position is zero.
- Events after the balance sheet date
On 3 November, OKEA announced a dividend payment of NOK 207.8 million (NOK 2.00 per share) to be paid on or about 15 December 2026. The distribution is to be made as repayment of paid-in capital.
