DNO announced record Q2 revenues of $761mn this week, up 21% from the previous quarter as its recent pivot towards the North Sea offset the impact of production losses in the Kurdistan Region of Iraq stemming from the Middle East conflict. Net profit of $83mn was up 65%.
While the conflict forced DNO to shut down its Kurdistan operations, the resultant price spike more than offset the production impact, supporting revenues and profits. “We’re unhedged, but not unhinged by market turmoil,” said Executive Chairman Bijan Mossavar-Rahmani of the results. (CONTINUED - 732 WORDS)
