DNO ASA

DNO has withdrawn its firm takeover offer for Genel Energy after Genel’s board showed no willingness to engage in talks. DNO had proposed 69 pence per share in cash (alternatively cash/stock) and asked to extend the deadline to 4 September. The Norwegian company stresses the offer would have provided a premium and secured Capricorn Energy, but reserves the right under certain conditions to lift restrictions. » More on de.investing.com

DNO reports for Q1 2026 a 60% increase in operating profit to $284 million and a 30% rise in revenue to $627 million, driven by record North Sea production (88,600 boepd). Net production in the quarter was 131,700 boepd, down due to a temporary production halt in Kurdistan. DNO targets 100,000 boepd North Sea production by 2030, is advancing development projects and keeps the quarterly dividend unchanged; the balance sheet strengthened with operating cash flow of $383 million and cash and equivalents of $531 million. » More on de.investing.com

Thanks to the acquisition of Sval Energi, DNO more than doubled revenue in 2025 to USD 1.474 billion and increased net production to 110,700 boepd, the highest level in the company’s history. Operating cash flow doubled to USD 929 million and operating profit was USD 513 million, but there remained a net loss of USD 25 million. Following the acquisition, fixed assets rose sharply and DNO moved from net cash to net debt of USD 886 million; the board approved a quarterly dividend of NOK 0.375 per share. The company plans extensive exploration and capex in the North Sea and Kurdistan in 2026, aims to boost production and expects several North Sea projects between 2026 and 2029. » More on de.investing.com