DNO to lift capital spending significantly in 2019 after Q4 beats forecasts

Norwegian oil firm DNO, which acquired London-based Faroe Petroleum in January, reported on Thursday a much higher-than-expected quarterly operating profit, and said it would lift its spending significantly in 2019.

Earnings before interest and taxes rose to $230 million in the fourth quarter from $25.7 million a year ago, beating a forecast of $68.5 million in a Reuters poll of analysts. The company said it would lift capital spending to $220 million in 2019, up from $138 million last year, with the total spending, including a record exploration programme, to be at $420 million. ($1 = 0.7711 pounds)