Kistos Energy Norway reports H1 2025 financial results, revenue decline

Kistos Energy Norway AS (KENAS) announced its interim financial statements for the first six months of 2025, detailing a total revenue of NOK 335 million, a decrease from NOK 481 million in H1 2024, primarily due to lower average oil prices. The company reported an operating loss of NOK 128 million for the period, contrasting with a profit of NOK 43 million in H1 2024, largely impacted by operating expenses of NOK 463 million.

Operationally, KENAS achieved a production of 2,969 b/d net in Q2 2025 with 90% efficiency. The Balder X project successfully commenced production through the Jotun FPSO in June 2025, ahead of schedule. All 14 production wells are online, with peak production estimated at 110 kboepd gross (11 kboepd net Kistos) by September. The Balder Phase V and VI projects are also progressing, aiming to unlock substantial 2P reserves and further optimize production.

The company's financial position shows total assets of NOK 8,306 million as of June 30, 2025, an increase from NOK 7,632 million in H1 2024. Long-term interest-bearing debt stood at NOK 2,620 million. KENAS also reported a pre-tax profit of NOK 158 million for the first half of 2025, mainly driven by an unrealized currency gain on long-term debt, offsetting interest costs.