Q4 2024 Bluenord ASA Earnings Call Transcript
Key Points
- BlueNord ASA (FRA:CJ1) announced its first distribution to shareholders for 2024, proposing a payout of $215 million, which is at the top end of their stated policy.
- The company reported strong production in Q4 2024, averaging 25.9 thousand barrels of oil equivalent per day, with significant contributions from both base assets and the Tyra hub.
- Successful restart and ramp-up of the Tyra hub, with production expected to reach maximum capacity and remain stable throughout 2025.
- The HEMJ exploration success exceeded expectations, with estimated gross reserves of 33 million barrels, significantly enhancing the company's production outlook.
- BlueNord ASA maintains a robust liquidity position with $521 million, supporting its financial stability and future growth plans.
- The Tyra hub faced operational challenges, including mechanical issues and weather-related delays, impacting the ramp-up process.
- The company reported a net loss of $76 million for Q4 2024, influenced by non-cash fair value movements and foreign exchange impacts on tax losses.
- Operational issues on the Dan and Gorm fields affected production, although these have been resolved.
- The company's hedging strategy, while providing some protection, reflects volatility in commodity prices, particularly affecting derivative valuations.
- The timing of the proposed distribution is contingent on meeting the RBL completion test for Tyra, introducing uncertainty in the payout schedule.
Good morning, everyone and welcome to our investor presentation for the 4th quarter of 2024.
It's great to have you with us today as we mark an important milestone for BlueNord. Another step in us delivering on our long-term promise and one that sees us start down the path of returning capital to shareholders.
So, over the next half hour or so, we're going to walk you through the highlights of our performance over the last three months, reflect on our achievements in 2024 as a whole, and give some insight into how we see 2025 developing.
But before we dive into the details, I want to start by taking a step back. Our story has always been one about growth. Since 2019, this has been anchored operationally around Tyra, a hub that will more than double our production when it's fully ramped up and now, as we stand on the cusp of fully delivering this objective, I'm delighted we're able to add the next leg of our narrative, growing shareholder returns. And it's against this backdrop that this morning we're
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