WEB DNO Reports Solid Second Quarter Results, Hikes Dividends
Norwegian oil and gas operator DNO ASA reported a doubling of net profit in its second-quarter results, released on August 15, 2024.
Key Highlights:
- Net profit doubled to USD 84 million.
- Earnings per share increased by 100% to USD 0.16.
- The Board of Directors aims for sustainable dividends, supported by solid results and a strong balance sheet.
DNO's CEO, Bjørn Dale, attributed the strong performance to increased production and higher oil and gas prices.
"Our commitment to operational excellence and disciplined cost management has enabled us to deliver solid financial results in a challenging market environment," Dale said.
The company's production averaged 133,342 barrels of oil equivalent per day during the second quarter, a 5% increase from the same period last year. This was primarily driven by higher production from the Tawke and Peshkabir fields in the Kurdistan Region of Iraq.
DNO ASA is well-positioned to continue delivering strong financial results, supported by its diversified portfolio and focus on operational efficiency. The company's long-term strategy emphasizes sustainable growth and value creation for shareholders.
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