DNO Exits Landmark Year Prepped for a Nervous and Frisky Market in 2026

Core Insights - DNO ASA reported a year-on-year doubling of revenues to USD 1,474 million in 2025, driven by the acquisition of Sval Energi Group AS [1] - The company achieved a net production increase of 43% year-on-year to 110,700 barrels of oil equivalent per day (boepd), marking the highest production level in its 54-year history [2] - DNO has resumed drilling in Kurdistan after a 30-month hiatus, with plans for an eight-well program to boost production and reserves [3] Financial Performance - Cash from operations more than doubled to USD 929 million, while operating profit increased to USD 513 million [1] - Net profit was reported at negative USD 25 million after accounting for income tax and net financial expenses [1] - DNO paid USD 130 million in dividends to shareholders in 2025, maintaining a quarterly distribution of NOK 0.375 per share [7] Production and Operations - The company’s net production in 2025 was split between the North Sea (54,800 boepd), Kurdistan (52,600 boepd), and West Africa (3,300 boepd) [2] - DNO is actively expanding its North Sea portfolio, holding stakes in 30 producing fields and planning further developments [5] - Planned operational spending for 2026 is projected at USD 1,650 million, an increase from USD 1,550 million in 2025, primarily due to the drilling restart in Kurdistan [6] Market Outlook - The Executive Chairman indicated that the oil market will experience volatility in 2026, but DNO is positioned to capitalize on attractive acquisition opportunities due to stable cash generation from high-margin assets [6] - The company projects a 10% increase in net production for 2026, targeting 150,000 boepd [6]