Norway · Delayed Price · Currency is NOK Panoro Energy ASA Earnings Call Transcripts
Fiscal Year 2025
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Announced a major acquisition in Equatorial Guinea, nearly doubling production and funded by an oversubscribed equity placement and bond tap. 2025 financials show strong cash flow, disciplined capex, and robust shareholder returns, with positive outlook for production and reserves.
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Revenue for the first nine months reached $150 million with EBITDA of $70 million, and shareholder returns remain a priority, with 33% of market cap returned since March 2023. Production guidance for 2025 is just under 11,000 barrels per day, and CapEx is on track at $40 million.
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First half results show $86M revenue, $51M EBITDA, and strong cash flow, with production in line with guidance and significant shareholder returns. Dussafu delivered robust output, while Equatorial Guinea faced temporary downtime. Outlook remains positive with higher second-half liftings.
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Q1 2025 saw revenue of $19 million, EBITDA of $15 million, and production of 12,000 barrels per day, all in line with guidance. Reserve replacement exceeded 300%, and the Bourdon discovery added significant resources. Cash distributions and share buybacks continue, with a strong balance sheet maintained.
Fiscal Year 2024
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Q4 saw $106M revenue, $50M EBITDA, and $32M net profit, with a strong balance sheet and a new NOK 500M annual distribution framework. 2025 guidance targets 11,000–13,000 bbl/day, $35M CAPEX, and a 15%-16% yield, while new PSCs in Gabon and Equatorial Guinea expand reserves.
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Q3 2024 saw strong production and financial results, with $36 million in revenue and $23 million EBITDA. CapEx peaked in 2024 but is set to drop sharply in 2025, boosting free cash flow and supporting continued shareholder returns.
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Production and revenue more than doubled year-over-year, driven by new wells and reserve upgrades in Gabon. CapEx is set to halve in 2025, with strong free cash flow expected, while shareholder returns continue via dividends and buybacks.