Norway's DNO Q3 revenue beats on higher realized oil prices

DNO ASA

29/10/2026 06:15

Overview
Norway oil and gas operator's Q3 revenue rose sharply, beating analyst expectations
Net profit for Q3 rose 21% quarter-on-quarter
Production surged 61% from Q2, driven by Kurdistan restart and higher prices

Outlook
DNO expects 2026 North Sea production to average about 86,000 boepd
Company expects Kurdistan gross operated production to average 50,000 boepd in 2026
DNO targets North Sea production of 100,000 boepd by 2030

Result Drivers
KURDISTAN RESTART - Production increase driven by resumption of Kurdistan operations after four-month shutdown
HIGHER REALIZED PRICES - Co benefited from higher realized oil prices in both North Sea and Kurdistan

Company press release: ID:nGNE84rmKX

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$1.02 bln
$806.88 mln (3 Analysts)
Q3 Net Income
 
$101.10 mln
 
Q3 EBIT
 
$641.10 mln
 
Q3 Free Cash Flow
 
$326.50 mln
 

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 NOK22.50, about 6.6% below its October 28 closing price of NOK24.10
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 4 three months ago

Reuters Recommended Reads
Oct 28 - Norway's Equinor Q3 adjusted operating income nearly doubles on higher output, gas prices
Oct 29 - Norway's Aker BP Q3 EBITDA beats analyst estimates; maintains annual production forecast
Oct 27 - Baker Hughes Q3 net income down by a third on Chart deal costs despite revenue, adj EPS beat

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.)