OKEA’s Q4 financials in absolute terms were weak (as expected), due to a number of non-recurring effects. More importantly, the updated guidance for 2027, and the early indications of what 2028 could hold, suggest a solid three-year outlook: sequentially increasing production and reduced investment intensity will unlock strong FCF growth, laying the foundation for reinstated dividends towards the end of 2026. This has been our thesis for a while, which is why we have highlighted OKEA among our t ....
