DNO Q1 Output Falls on Kurdistan Disruptions Despite Record North Sea Production

-- Norwegian oil and gas operator DNO ASA on Thursday reported first-quarter net production of 131,700 barrels of oil equivalent per day, down 12% from the previous quarter due to lower output from Kurdistan, even as record North Sea production and stronger energy prices boosted earnings.

Production during the quarter comprised 88,600 boepd from the North Sea, 39,600 boepd from Kurdistan, and 3,400 boepd from West Africa, the company said.

DNO said stronger March oil and gas prices, combined with record North Sea output, underpinned robust first-quarter results.

"While higher oil and gas prices support new investments across our portfolio, these prices are a consequence of unwelcome and tragic geopolitical convulsions outside our industry's control," Executive Chairman Bijan Mossavar-Rahmani said.

The company continued advancing its North Sea growth strategy, targeting production of 100,000 boepd by 2030. During the quarter, DNO completed a strategic asset swap, exchanging four non-core discoveries for a 19% stake in the Atlantis discovery near the Kvitebjorn and Gjoa hub areas.

DNO also agreed to acquire a 3.3% interest in the Vega Unit from INPEX Idemitsu Norge AS, increasing its stake in the field to 8.8%, subject to customary closing conditions.

The company said it has four North Sea developments scheduled to come onstream between 2026 and 2029. At the Symra field, production from the first two wells began in April, nine months ahead of schedule.

DNO also holds interests in nine North Sea discoveries awaiting project sanction, all targeted for first oil by 2030. Its 2026 exploration program includes six wells, among them appraisal wells at the Carmen, Afrodite, and Norma discoveries.

In Kurdistan, DNO said production at its operated Tawke license started the year strongly, supported by two newly drilled wells brought online early in the quarter.

However, the company temporarily suspended production and drilling activities after US-Israeli air strikes against Iran on Feb. 28, citing safety concerns.

Limited field operations resumed on Apr. 9, including workovers on existing wells and the restart of an eight-well drilling campaign aimed at increasing production from the Tawke and Peshkabir fields when security and market conditions improve.

CVS Health Increasingly Likely to Reach 3% Medicare Advantage Target Margin in 2028, RBC Says

CVS Health (CVS) is increasingly more likely to reach its 3% Medicare Advantage target margin in 2028, RBC Capital Markets analyst said in a note Wednesday.Analysts said the company's Q1 adjusted earnings "comfortably" beat expectations, driven by "strong" topline growth and a notable improvement in profitability in the Health Care Benefits segment.Medical costs came in below expectations and, while the company maintained its medical benefit ratio guidance for the year, it is increasingly likely to outperform, according to the note.The brokerage raised its 2026 adjusted earnings estimate for the company to $7.41 from $7.10. Analysts surveyed by FactSet expect $7.29.RBC reiterated its outperform rating on the stock and increased its price target to $107 from $93.Price: $87.01, Change: $+0.14, Percent Change: +0.17%

$CVS

Research Alert: CFRA Maintains Strong Buy Rating On Shares Of Trimble Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target price to $86, from 85, on a forward P/E of 21x our 2027 EPS projection of $4.08, below historical averages. We increase our 2026 EPS projection to $3.59 from $3.52, and lift our 2027 EPS estimate to $4.08 from $4.06. TRMB reported solid Q1 beats with revenue of $939.9M, up 12% Y/Y, led by AECO at 14% organic revenue and ARR growth, Field Systems posting 12% growth, and Transportation & Logistics growing 7% despite freight market headwinds. ARR reached a record $2.435B, up 13% organically, reinforcing business model durability. Non-GAAP operating margin improved 230 bps to 25.9%, while non-GAAP gross margins expanded 180 bps to 71.0%, and we see continued margin expansion as its subscription revenues scale. We note steady execution in its core business, while building AI momentum through new products and partnerships with AI labs. Management reaffirmed its 2027 targets, supporting our positive view, though macro risks warrant monitoring.

$TRMB

Apollo Global Trades at Lower Discount Versus Peers, RBC Says

Apollo Global Management (APO) shares are trading in-line with historical average multiple and at a lower discount against its peers, RBC Capital Markets said in a Thursday note."We maintain our Sector Perform rating largely driven by relative valuation," the report said.The note said its Q1 performance was characterized by strong fee-related earnings growth, offset by weak spread-related earnings growth, driving a low adjusted net income per share growth.RBC raised its price target to $146 from $139 on rolling forward its valuation and higher estimates.Price: $127.33, Change: $-2.20, Percent Change: -1.70%

$APO

Related Articles

CVS Health Increasingly Likely to Reach 3% Medicare Advantage Target Margin in 2028, RBC Says

Research Alert: CFRA Maintains Strong Buy Rating On Shares Of Trimble Inc.

Apollo Global Trades at Lower Discount Versus Peers, RBC Says