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DNO Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 was transformational, marked by the first full quarter of Sval Energi acquisition integration, which doubled revenue and operating profit and drove net production to 115,400 boepd, with major contributions from the North Sea, Kurdistan, and West Africa.
The quarter featured a major exploration success with the Vidsyn discovery in Norway, adding 31 MMboe in gross mean recoverable resources.
Leadership transition occurred with the retirement of CFO Haakon Sandborg and appointment of Birgitte Wendelbo Johansen.
Financial highlights
Revenue reached USD 547 million, up 112% quarter-on-quarter, with operating profit at USD 222 million and net profit at USD 20 million.
Operational cash flow surged to USD 407 million, and cash at quarter-end was USD 531 million after repaying a USD 300 million bridge loan and paying USD 36 million in dividends.
Investments totaled USD 225 million, including significant CapEx in the North Sea.
Lifting costs increased to USD 110.9 million, with average costs per boe at USD 7.5 in Kurdistan and USD 12.2 in the North Sea.
Outlook and guidance
North Sea strategy focuses on rapid development and monetization, with four developments scheduled between 2026 and 2029 and three wells currently drilling.
Kurdistan production restored after drone strikes, with plans to ramp up to 100,000 bbl/day by end of next year and restart drilling by year-end.
Prefinancing facilities for North Sea oil and liquids to exceed USD 900 million by 2026.
KRG payment strategy and arrears recovery outlook
Sval Energi goodwill: technical vs. residual
North Sea portfolio strategy post-Aker BP swap
KRG incentive to change DNO's local oil sales
North Sea discovery to production acceleration
DNO's balance sheet and capital allocation strategy
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Q4 20255 Feb, 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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