The NAM (Nederlandse Aardolie Maatschappij) is distributing 3 billion euros in dividends to its owners, Shell and ExxonMobil. The company made a significant profit last year, despite the closure of the Groningen gas field and the ongoing need to reinforce many homes in the earthquake-affected area.
The distribution is detailed in the 2024 annual report. This is the first distribution to the two shareholders since 2017. Both will receive 1.5 billion euros from NAM. The company produced 3.4 billion cubic meters of gas and 800,000 barrels of oil last year.
Between 2018 and 2024, NAM transferred 12.9 billion euros to Dutch authorities. This excludes payments for earthquake-related costs of the Instituut Mijnbouwschade Groningen (IMG) and the Nationaal Coördinator Groningen (NCG). These agencies handle the consequences of gas extraction in Groningen.
NAM made a profit of nearly 1.3 billion euros last year. This is much higher than the previous year, when the profit was 224 million euros. The company attributes this increase primarily to the results of GasTerra. This company trades Groningen natural gas. NAM has a stake in it through the Maatschap Groningen.
Because gas extraction from the Groningen field stopped last year, GasTerra was supposed to be dissolved. This has been postponed due to obligations from long-term contracts. GasTerra will now continue to exist until the end of 2026.
At the end of last year, NAM had 9.6 billion euros in cash. The company says it can use this to pay for future costs, including damage and reinforcements in Groningen. In the earthquake area, approximately 28,000 houses needed reinforcement. The operation is scheduled to be completed in 2028.
The shareholders of NAM made agreements with the government in 2018 and 2019 regarding the handling of damages from Groningen gas extraction. However, there is disagreement about the implementation and costs.
NAM believes it should compensate for more damage than it is liable for. Therefore, the company is not paying some bills. The Netherlands Arbitration Institute ruled this spring that the State must provide more information to ExxonMobil and Shell so that they can control the costs.
Outgoing Minister Sophie Hermans (Climate and Green Growth) said after the ruling that it has no consequences for the ongoing handling of damages. NAM also expects that the solution to the payment problem with the government will take some time.