PetroNor E&P ASA (PTEAF) Q2 2026 Earnings Call Transcript

SA Transcripts 162.04K Followers Follow PetroNor E&P ASA ( PTEAF ) Q2 2026 Earnings Call August 28, 2026 4:00 AM EDT Company Participants Jens Pace - Chief Executive Officer Presentation Jens Pace Chief Executive Officer Good morning. Thank you for joining us today. Before we begin, I'd like to acknowledge the very sad news that we've heard about the passing of his majesty King Harald. I know on behalf of all in PetroNor that I wish sincere condolences to the Royal family and the people of Norway. From the conversations I've had in Oslo this week, I know that his loss will be keenly felt across the country. With that, I think we'll begin our presentation about the second quarter results for PetroNor. We sent out a report earlier this morning, and I'm here to summarize some of the high points of that and mainly to answer your questions. So please send those in, and we'll respond to them after a few slides. In many ways, it's been a great quarter for PetroNor. We saw improved production, back over 5,000 barrels of oil per day on average for the quarter, which is welcome. This came from the benefits of the infill drilling program that we completed in 2025, but also more stable infrastructure uptime and a higher production efficiency as a result of that. So we were pleased with the production performance. And we were also able to lift and sell nearly 1 million barrels of entitlement oil in April in this quarter. And that -- the timing of that was somewhat fortuitous in that we realized a significantly higher oil price than expected. And that resulted in a $112 million post-tax cash injection in terms of U.S. dollars that was realized in May. And this supported our balance sheet and encouraged the Board to recommend a