Norway's DNO Q1 revenue slightly beats estimates

DNO ASA

07/05/2026 06:12

Overview

Norway oil and gas operator's Q1 revenue rose 30%, slightly beating analyst expectations

Operating profit surged 60% from prior quarter, driven by record North Sea output and higher prices

Net production fell due to lower Kurdistan volumes, offset by strong North Sea performance

Outlook

DNO targets raising North Sea production to 100,000 boepd by 2030

Company has four North Sea fields coming onstream from 2026 to 2029

Result Drivers

NORTH SEA OUTPUT - Record production from the North Sea offset lower Kurdistan volumes and drove results, per Executive Chairman Bijan Mossavar-Rahmani

HIGHER OIL AND GAS PRICES - Sharply higher March oil and gas prices boosted revenue and profit, according to the company

KURDISTAN DISRUPTION - Lower Kurdistan volumes due to temporary halt in production and drilling after regional security events

Company press release: ID:nGNE6HRS0M

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Slight Beat*
$627.30 mln
$621.88 mln (4 Analysts)
Q1 Net Income
$50.60 mln
Q1 EBIT
$283.70 mln
Q1 Free Cash Flow
$145.90 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

Wall Street's median 12-month price target for Dno ASA is NOK20.50, about 11.3% above its May 6 closing price of NOK18.42

The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 6 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)