Q2 2026 Bluenord ASA Earnings Call Transcript
Key Points
- Tyra field is now producing at record rates of over 28,000 barrels of oil equivalent per day, net to BlueNord ASA (STU:CJ1).
- The company generated record operating cash flow, with net operating cash flow of $249 million in Q2.
- BlueNord ASA (STU:CJ1) has optimized its balance sheet, lowering borrowing costs by more than 150 basis points.
- The company has a strong liquidity position with $546 million, including $336 million of undrawn RBL capacity.
- BlueNord ASA (STU:CJ1) declared a dividend of $174 million for Q2, returning nearly $800 million to shareholders over the last 12 months.
- Production from base assets was impacted by delayed repair work and lift gas constraints.
- Q2 production was temporarily impacted by planned shutdowns at GOM and Tyra.
- Unit operating costs were higher in Q2 due to the planned Tyra shutdown.
- The company expects slightly higher CapEx from 2027 onwards as it reinvests in projects.
- The effective tax rate is expected to increase to 64% from 2027 onwards as tax loss positions are utilized.
Good morning, everyone, and a very warm welcome to Blunor's results presentation for the second quarter of 2026.
As always, it's a real pleasure to have you with us as we walk through not only our performance in the first half of the year, but also the outlook for 2026 and beyond.
To start, and before we get into the numbers, I want to talk about what we are most pleased with operationally this quarter. And that's Tyra.
Since the field started up in 2024, we've been consistent on two things.
Firstly, we've always believed the hub could produce at higher levels than we had seen.
And secondly, that we knew it would take work from the operator to get there.
It was that backdrop that drove the decision to have a planned shutdown in the second-half of last year, and then another planned shutdown in the second quarter of this year.
The focus with these has very much been on increasing Tyra's maximum production potential, and just as importantly, making sure that the hub can produce consistently.
So I'm
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
