Norway's Panoro Energy posts Q1 loss due to sales before oil prices spike

Panoro Energy ASA

21/05/2026 06:18

Overview

Norway oil and gas producer's Q1 revenue and EBITDA impacted by lower realized oil prices

Company completed acquisition of additional Block G interest, boosting production and reserves

Panoro declared NOK 50 mln quarterly cash distribution for June payment

Outlook

Panoro maintains 2026 group production guidance at 15,000-17,000 bopd pro forma

Company expects 2026 capex of USD 55 mln, or USD 72 mln pro forma including Block G

Panoro targets group net production of 20,000 bopd during 2027

Result Drivers

LOW REALIZED OIL PRICES - Q1 crude oil sales occurred before the increase in global oil prices, resulting in a relatively low realized price of $68.41/bbl

HEDGE LOSSES - Non-cash unrealised losses on oil price hedges contributed to the reported net loss for Q1

PRODUCTION IN LINE - Group production and liftings were in line with previously communicated expectations

Company press release: ID:nWkrc23XtM

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
$34.9 mln
$77.31 mln (3 Analysts)
Q1 Net Income
-$43.3 mln
Q1 Pretax Profit
-$38.2 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 Panoro Energy ASA is NOK41.00, about 16.5% above its May 20 closing price of NOK35.20

The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 5 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.)