Panoro Energy (PEN) Q4 2024 earnings summary

Executive summary

• Achieved record financial performance in 2024, with Q4 revenue of USD 106.3 million, EBITDA of USD 50.8 million, and net profit of USD 32.5 million; full-year revenue was USD 285.1 million, EBITDA USD 152.2 million, and net profit USD 56.9 million.

• Group working interest production target of over 13,000 bopd reached ahead of schedule in November 2024, with full-year average at 9,950 bopd.

• Expanded asset base with new PSCs in Gabon (Nyosi and Guduma) and Equatorial Guinea (block EG-23), supporting future growth.

• Maintained a strong balance sheet with USD 72.9 million cash at year-end and net debt of USD 73 million.

• Declared NOK 246 million in 2024 distributions and set a NOK 500 million annual distribution framework targeting a 15%-16% yield.

Financial highlights

• Q4 2024 revenue: USD 106.3 million; EBITDA: USD 50.8 million; net profit: USD 32.5 million.

• Full-year 2024 revenue: USD 285.1 million; EBITDA: USD 152.2 million; net profit: USD 56.9 million.

• Cash at bank at year-end: USD 72.9 million; net debt: USD 73 million.

• 2024 crude oil liftings up 35% year-over-year; average realised oil price: USD 76.57/bbl.

• 2024 capital expenditure: USD 101.5 million.

Outlook and guidance

• 2025 production guidance: 11,000–13,000 bopd, factoring in maintenance and operator forecasts.

• 2025 capital expenditure expected at USD 35 million, down from USD 101.5 million in 2024.

• OPEX guided at USD 21/bbl plus USD 3/bbl in non-recurring project costs.

• Shareholder returns for 2025 targeted at NOK 500 million, with quarterly core distributions of NOK 80 million and additional buybacks or special dividends possible.

• 2025 aggregate liftings expected at 3.7 million barrels.