DNO achieved net production of 110,700 boepd in 2025, the highest in the Company's 54-year history, split between the North Sea (54,800 boepd), Kurdistan (52,600 boepd) and West Africa (3,300 boepd). The Company projects 2026 net production to climb 10 percent to 150,000 boepd in 2026. DNO maintains strong operational execution with active exploration programs and attractive acquisition opportunities ahead.
Cyborg Score Rationale
DNO reported a year-on-year doubling of revenues to USD 1,474 million in 2025, with cash from operations more than doubling to USD 929 million. The company demonstrated resilience and growth acceleration through strategic M&A, and maintains strong cash generation with consistent dividend distributions.
Top Insights
Record 2025 production achieved with Sval Energi integration; guided production growth to 150,000 boepd in 2026
Secured 17 new exploration licenses in Norway (January 2026) with 4 operatorships, maintaining aggressive growth strategy
Demonstrated 50%+ commercial exploration success rate over past 3 years with 12 discoveries from 22 wells
Strong dividend track record with quarterly distributions; USD 130M paid to shareholders in 2025
Named Competitors
Equinor — Integrated energy company with major North Sea operations
OKEA — Norwegian independent oil and gas operator
Tullow Oil — Africa-focused oil exploration and production
Gulf Keystone Petroleum — Middle East oil and gas producer
Recent Developments
(January 2026) Awarded 17 exploration licenses in Norway's APA 2025 round including 4 operatorships
(February 2026) Full year 2025 results show revenue doubled to USD 1.47B; cash from operations exceeded USD 929M
(February 2026) Board authorized quarterly dividend of NOK 0.375 per share, maintaining distribution levels
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