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DNO
DNO (DNO) investor relations material
DNO Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Net production rose 43% year-over-year to 110,700 boe/d in 2025, the highest in company history, driven by the Sval Energi acquisition.
Revenues more than doubled year-over-year to $1.474 billion, with cash from operations also more than doubling to $929 million.
Operating profit reached $513 million, but net profit was negative $25 million due to high taxes and financial expenses.
$130 million was distributed to shareholders via quarterly dividends in 2025.
Business now balanced between North Sea (Norway) and Kurdistan, with a smaller presence in West Africa.
Financial highlights
2025 revenue more than doubled year-over-year to $1.474 billion, with 86% from the North Sea.
Operating profit increased to $513 million, but net profit was negative $25 million due to high taxes and financing costs.
Cash from operations nearly doubled to $929 million.
Net cash/debt position at year-end was negative $885.9 million, a significant shift from a net cash position in 2024.
Total dividends paid in 2025 were $130 million, with a new quarterly dividend of NOK 0.375 per share approved.
Outlook and guidance
Targeting 100,000 boe/d gross production from the Tawke license, with DNO's share guided at 65,000 boe/d for 2026.
North Sea net production guided at 82,000 boe/d for 2026.
CapEx expected to rise to $1.65 billion in 2026, supporting drilling and development programs.
Four ongoing North Sea developments are expected to come onstream between 2026 and 2029.
DNO was awarded participation in 17 new exploration licenses in Norway in January 2026.
Kurdistan oil sales: pricing strategy outlook
North Sea financing: liquidity and debt structure
Long-term price assumptions: rationale for change
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Next DNO earnings date
Q1 20267 May, 2026
DNO
Next DNO earnings date
Q1 20267 May, 2026
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Frequently asked questions
Norwegian oil and gas exploration company, DNO ASA engages in the development and production of oil and gas fields in Norway and around the world. The company owns interests in production licenses across several license areas onshore Norway and offshore the United Arab Emirates. DNO also operates a number of joint ventures with international oil companies such as Shell, Total, StatoilHydro, ConocoPhillips, and Petronas.
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