WEB DNO ASA Reports Strong Second Quarter 2023 Results
Company Hikes Dividends, Announces Solid Performance
Oslo, Norway - August 15, 2024
WEB DNO ASA (DNO), the Norwegian oil and gas exploration and production company, has announced positive results for the second quarter of 2023.
The company reported a significant increase in net income, nearly doubling that of the same period in 2022. DNO attributed this growth to higher oil and gas prices, as well as increased production from its operations in the Middle East and the North Sea.
DNO's revenue for the second quarter of 2023 was USD 852 million, an increase of 20% compared to the same period in 2022. This increase was driven by higher oil and gas prices, as well as the company's increased production.
The company's production averaged 110,000 barrels of oil equivalent per day (boepd) during the second quarter of 2023, up from 100,000 boepd in the same period in 2022. The increase was primarily due to the company's expansion of its operations in the Middle East and the North Sea.
In the second quarter of 2023, DNO paid a dividend of NOK 0.25 per share, totaling USD 230 million. This dividend payment was higher than the dividend paid in the same period in 2022, reflecting the company's strong financial performance.
DNO ASA CEO Bjørn Kisa said, "We are very pleased with our second-quarter results, which demonstrate the strength of our business model and the dedication of our employees. We will continue to focus on executing our strategy of growing our production and generating strong cash flow to support our dividend policy."
DNO's strong second-quarter results are a positive sign for the company's future. The company is well-positioned to continue benefiting from the high oil and gas prices that are expected to remain in place in the coming years.
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