2024-02-08 14:43:04 ET
DNO ASA (DTNOF)
Q4 2023 Earnings Conference Call
February 08, 2024, 08:00 AM ET
Company Participants
Jostein Lovas - Head of Communication
Chris Spencer - Managing Director
Haakon Sandborg - CFO
Bijan Mossavar-Rahmani - Executive Chairman
Conference Call Participants
Teodor Sveen-Nilsen - SpareBank 1 Markets
Øyvind Hagen - Arctic Securities
Christoffer Bachke - Clarksons Securities
Nikolas Stefanou - Renaissance Capital
Presentation
Jostein Lovas
Good afternoon, and welcome to DNO's Fourth Quarter and Full Year 2023 Earnings Call. My name is Jostein Lovas, and I'm Head of Communication here at DNO. The plan for today's call is to start with a brief presentation, which will be held by DNO's Managing Director, Chris Spencer; and our CFO, Haakon Sandborg. After the presentation, we will open up for questions in the Q&A session, where our Executive Chairman, Bijan Mossavar-Rahmani, will be available to take questions.
Please note that the Q&A session is for investors and analysts, and any media requests will be dealt with separately. During the presentation, all other participants in this call will be in a listen-only mode. [Operator Instructions]
And with that, let's start the presentation and I hand over the word to Chris.
Chris Spencer
Thank you, Jostein, and good afternoon, everybody, from a cold and wintry Oslo.
This is, of course, DNO's 2023 interim results so as well as reporting Q4 of last year, we take a look back over the last 12 months or so and gives us the time to reflect on a very interesting year. As the headline, the first chart summarizes that last year, we had our challenges in Kurdistan but clearly, the year was characterized by a very strong rebound in production from our Kurdish business and of course fantastic success in the North Sea with our exploration program. In addition, throughout all the turmoil of last year, we have maintained our dividend payment to shareholders in line with our previously announced pivot towards shareholders.
So running through this slide, obviously, Haakon will come back and talk more about the financials later, but I think that really the story of the financials is spelled out by the production to a great extent, where of course, Kurdistan is a lower production year-on-year compared to 2022.
But given the circumstances that I assume most are aware who joined this call with the export pipeline being shut and our fields being closed in for most of Q2, tremendous result to end up with 35,000 barrels a day of production from Kurdistan for the full year and a running rate of 80,000 barrels a day as we came out of the year....
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DNO ASA (DTNOF) Q4 2023 Earnings Call Transcript