By John Lee.
DNO International ASA, the Norwegian oil and gas company, has announced record 2012 net profit of NOK 1.04 billion on operating revenues of NOK 2.84 billion. Fourth quarter 2012 net profit was NOK 810 million on operating revenues of NOK 1.43 billion. Shares in the company closed 2.8 percent higher on Tuesday.
In other milestones, 2012 exploration and development expenditures were raised to NOK 1.22 billion and the Company's gross production capacity jumped by 85 percent to around 140,000 barrels of oil equivalent per day (boepd).
Fourth quarter production on a Company Working Interest basis reached 46,398 boepd, compared to an average of 38,354 for the full year.
Bijan Mossavar-Rahmani (pictured), DNO's Executive Chairman, said:
"We are thrilled to have surpassed the billion NOK mark in net profits. DNO doubled exploration and development spending in 2012 and funded the program from operating cash flow. Based on current plans, we expect to boost spending another 50 percent to NOK 1.75 billion in 2013."
The Company's yearend cash balance was NOK 1.51 billion, unchanged from a year earlier. Yearend equity ratio was 55 percent.
(Sources: DNO, Yahoo)