INEOS E&P (Petroleum Denmark) ApS — Financial report

CVR 31627117

Latest financial period

  • 2025 • 2025-01-01 • 2025-12-31 • entity • DKK • 666825000 • 261703000 • 298244000 • 620478000 • 1087695000 • 873536000 • 0

Financial history

  • 2024 • 2024-01-01 • 2024-12-31 • entity • DKK • 480813000 • 386843000 • 180917000 • -338686000 • 658738000 • 253058000
  • 2023 • 2023-01-01 • 2023-12-31 • entity • DKK • -7874000 • -10137000 • -248358000 • 908182000 • 584850000
  • 2022 • 2022-01-01 • 2022-12-31 • entity • DKK • -8750000 • -24647000 • 889788000 • 1018069000 • 833208000
  • 2021 • 2021-01-01 • 2021-12-31 • entity • DKK • 13713000 • 11765000 • 14700000 • 162320000 • -56580000
  • 2020 • 2020-01-01 • 2020-12-31 • entity • DKK • -3647000 • -136663000 • -84890000 • 148388000 • -71279000
  • 2019 • 2019-01-01 • 2019-12-31 • entity • DKK • -27304000 • -801132000 • -785779000 • 101267000 • -386389000 • 0
  • 2018 • 2018-01-01 • 2018-12-31 • entity • DKK • -17680000 • -20603000 • -30535000 • 851495000 • 267390000
  • 2017 • 2017-01-01 • 2017-12-31 • entity • DKK • -37844000 • -182851000 • -220095000 • 877702000 • 297925000

Annual report highlights

  • primary activities • Business activitiesINEOS E&P (Petroleum Denmark) ApS is an oil and gas exploration and field development company registered in Denmark. The Company holds ownership in four licences and one unit on the Danish continental shelf; 15% in licence 5/98 (Hejre), 12% in licence 1/06 (Hejre Extension), and 27,66% in Solsort Unit. The ownership in Solsort Unit was the result of ownership in two of the Unit licences; 30% in licence 4/98 and 30% in licence 3/09. INEOS E&P A/S is the operator of all these licences.The company is a 100% owned subsidiary of INEOS E&P A/S • entity
  • management review • Financial HighlightsKey figuresIncome statement (DKKm)20252024202320222021Revenue 667 481 0 0 0Operating profit/loss 262 199 -10 -20 -12Net financials -54 -17 -2 -1 0Net profit/loss for the year620-339-24889015Balance Sheet (DKKm)Total assets 1.088 659 908 1.018 162Investment in property, plant and equipment 53 238 184 14 0Equity874253585833-57Financial ratiosReturn on assets 24,05% 30% -1% -2% -7%Solvency ratio 80% 38% 64% 82% -35%Return on equity 110,15% -80,83% -34,98% 229,38% -23,44%None-financial dataAverage number of employees (FTE's) 25.594 0 0 0 0The financial ratios are calculated in accordance with the Danish Finance Society's recommendations and gui-delines. For definitions, see the summary of significant accounting policies.Financial reviewThe Company's income statement for the year ended 31 December shows a result of DKK 620 million, and thebalance sheet at 31 December 2025 shows a equity of DKK 874 million.Revenue totaled DKK 667 million, which is DKK 186 million higher than in 2024. The increase is primarily due 12 months of production from Solsort in 2025 compared to 10 months production in 2024. Further, sold volu-mes from Solsort increased with 61% in 2025 offset by lower prices. Gross profit totaled DKK 262 million, which is DKK 62 higher than in 2024. The increase is mainly due to com-ments above offset by higher production cost due to higher oil and gas production and higher depreciations.Result before financial items and tax totaled DKK 298 million, which is DKK 117 million higher than in 2024. The increase relates to a positive change in decommissioning provision related to Hejre compared to a negative change in 2024. Further, the increase is impacted by a reversal of the Gorm E provision due to a verdict from the Danish Energy Agency.Profit before tax totaled DKK 244 million, which is DKK 80 million higher than 2024. The increase mainly due to the comments above, higher interest income from group enterprises offset by higher exchange losses.Profit for the year totaled DKK 620, which is DKK 959 higher than in 2024. The increase is mainly due to the comments above and an increase in the deferred tax asset recognised in the year as a result of the sanction-ing of the Hejre project compared to a decrease in the deferred tax asset in 2024.Financial performance for 2025 matched expectations.Production, operations and development updateOperational performance remained relatively strong in the year with reliability of 96.1% (2024: 99.1%). Salesaveraged 8.8 kboe of oil and gas per day (2024: 6.1 kboe per day).SolsortThe Solsort license is a joint venture between INEOS E&P A/S (35.1396%), INEOS E&P (Petroleum Denmark) ApS (27.66%), INEOS Energy (Syd Arne) ApS (4.7982%), Nordsøfonden (18.44%) and Danoil (13.9622%).The Solsort West Lobe development project was approved by INEOS and the Solsort Partnership in September 2022. The project was completed in September 2024, comprising one oil producer and one water injector well from the Syd Arne North Satellite platform and first oil was achieved in March 2024. Early life production per-formance exceeded expectations but water breakthrough in the producer well in August 2025 was earlier than anticipated. The partnership is separately investigating potential concepts for developing the Solsort East lobe, which is a separate oil accumulation located immediately East of the Solsort West Lobe.HejreThe Hejre area comprises of licenses 5/98 (INEOS E&P A/S (60%), INEOS E&P (Petroleum Denmark) ApS (15%) and INEOS E&P (Norge) Petroleum DK AS (25%)) and 1/06 between INEOS E&P A/S (48%), INEOS E&P (Petroleum Denmark) ApS (12%) and INEOS E&P (Norge) Petroleum DK AS (20%) and Nordsøfonden (20%). Development and exploration activities takes place in license 5/98 whilst only exploration activities takes place in license 1/06. INEOS is together with Nordsøfonden, as co-owner of licence 1/06, working towards a drill or drop decision in 2026. The Hejre oil discovery development project in licence 5/98 was progressed further in 2025 with the FEED pro-cess completed in H1, 2025. In November 2025, the Danish Energy Board of Appeal annulled the regulatory approval April 2024 of the revis-ed Hejre field development plan (FDP) and remitted the case for reconsideration. The Board found that the Hejre environmental impact assessment (EIA) should have addressed the project’s indirect effect on the cli-mate resulting from the combustion of hydrocarbons extracted. While INEOS disagrees with the Board’s decisions view that the assessment of indirect climate effects in anEIA requires a scope 3 assessment, an EIA addendum (Addendum) has been prepared to adapt to the Board’s decision solely to expedite re-approval of the FDP. INEOS, in consultation with the Danish Energy Agency, has been asked to conduct the assessment in alignment with the UK Department for Energy Security & Net Zero guidance for assessing the effects of downstream scope 3 emissions on climate from offshore oil and gas pro-jects. The methodology and terminology applied in the Addendum are without prejudice to the approaches ap-plied to any other project when assessing their “indirect effects” in an EIA.INEOS has received the FDP re-approval in Q2 2026, which enabling FID in the project durring Q3 2026, and first oil by end 2028.The exploration potential in licence 5/98 and neighbouring licence 1/06 is, moreover, being matured. The key exploration prospect is the Finke prospect straddling both licence 5/98 and 1/06. INEOS is together with Nord-søfonden, as co-owner of licence 1/06, working towards a drill or drop decision in 2026. Future outlookThe Company continues to monitor the ongoing Russian military hostilities in Ukraine and in the Middle East that may disrupt or curtail its operations or development activities. The Company is actively monitoring any factors and events that could adversely affect the Company and mitigating measures are implemented where appropriate.The Company is reviewing its strategy but will continue to pursue growth opportunities through further develop-ments in Denmark.The Company looks forward to the coming years with optimism in developing near term resources in a safe, re-liable and profitable manner. Based on the uncertainties related to oil prices, the Company expect a result before tax between DKK 25 mil-lion and DKK 100 million. Production for 2026 is expected to decrease from 3.2 mboe in 2025 to between 0.4-0.8 mbor in 2026 equal due to natural decline.Special risks - operating risks and financial risksMarket risksAs the company produces and sells crude oil it is exposed to fluctuating oil prices. Foreign exchange risks The operating costs of the company are primarily in DKK and are therefore exposed to currency exchange rate fluctuations.Recognition and measurement uncertaintiesThe recognition of Deferred Tax, Fixed Assets (impairments) and decommissioning liabilities are all subject to a high degree of uncertainty due to the level and nature of assumptions made when estimating the outcome of subsequent events. The assumptions which would change future measurement includes: - General price development or development in market prices - Expected useful life of production assets - Weighted average cost of capital (WACC) and risk free rate - Exchange rates, etc. - Development of existing technologiesThe recognition and measurement of items in the financial statements is not subject to any other significant uncertainty. • entity
  • unusual matters • The Company's financial position at 31 December 2025 and the results of its operations for the financial yearended 31 December 2025 are not affected by any unusual matters. • entity
  • subsequent events • No events have occurred after the balance sheet date which could significantly affect the company's financial position. Report on payments to authoritiesPursuant to section 99c of the Danish Financial Statements Act, INEOS E&P (Petroleum Denmark) ApS is obliged to account for payment authorities. In 2025 INEOS E&P (Petroleum Denmark) ApS haven't made any payments. • entity
  • subsequent events • 17Subsequent eventsNo events have occurred after the balance sheet date which could significantly affect the company's financial posi-tion. • entity
  • contingent liabilities • 18Contingent assets, liabilities and other financial obligationsINEOS E&P (Petroleum Denmark) ApS has deferred tax assets of DKK 1,385 million (2024: DKK 2,026 million) thathave not been recognised and relates to unutilised losses in hydrocarbon income of DKK 1,076 million (2024: DKK 1,579 million) and to timing differences of DKK DKK 309 million ( 2024: DKK 447 million). It is considered unlikely that these losses and timely differences can be utilised in the foreseeable future.According to legislation, INEOS E&P (Petroleum Denmark) ApS are liable to pay compensation for damage causedby their oil and gas activities, even where there is no proof of negligence (strict liability). The usual insurance has been taken out to cover any such claims. • entity