Norwegian oil and gas operator DNO ASA said third-quarter production grew 61% from the previous quarter as operations in Kurdistan returned, helping push revenue to a record $1.023 billion.
Production averaged 142,768 barrels of oil equivalent per day (boepd), compared with 88,430 in the second quarter. North Sea output was 85,364 boepd, against 84,912. Kurdistan produced 54,914 boepd, up from 273, while West Africa fell to 2,488 from 3,246.
Revenue rose from $760.5 million in the second quarter to $1.023 billion, which DNO described as a company record. Operating profit increased to $641.1 million from $439 million; net profit was $101.1 million, versus $83.4 million.
North Sea realized prices averaged $106.7 per barrel of oil equivalent, 6% higher than in the previous quarter. DNO received $38.50 per barrel for Kurdistan oil, its highest realized price since local sales began in 2023. The company said payment reached its international bank accounts before delivery. In October, Kurdistan oil-sale prices rose to $45 per barrel, almost 50% above their level at the start of 2026.
DNO holds a 75% interest in the Tawke license, which it operates in northern Iraq. The company said it halted production there for four months as a precaution after drone and missile attacks escalated in the Middle East. Operations resumed around midyear.
Executive Chairman Bijan Mossavar-Rahmani said, “DNO remains very much focused on growth but only if it meets our profitability targets.” He described oil and gas prices as the main influence on profitability, while saying exploration success and capital discipline are factors the company can control.
DNO forecast average North Sea production of about 86,000 boepd for 2026, after most maintenance work was completed. It plans to step up Kurdistan drilling in 2027 and is weighing a third large rig. DNO retained a 2030 objective of producing 100,000 boepd in the North Sea.
The board approved a quarterly NOK 0.375-per-share dividend for November 2026, matching the rate maintained over the preceding five quarters. DNO scheduled a management videoconference for 5 a.m. ET Thursday (09:00 UTC).
