Norway · Delayed Price · Currency is NOK BlueNord ASA Earnings Call Transcripts
Fiscal Year 2026
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Record Tyra production and robust hedging drove strong Q2 cash flow and shareholder returns, with $277M revenue, $148M EBITDA, and $249M operating cash flow. Production is set to remain stable into the 2030s, supported by disciplined CapEx and a resilient capital structure.
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Q1 delivered record production and strong financials, with $318M revenue and $201M EBITDA. Tyra's ramp-up and stable base assets underpin robust cash flow, enabling over $600M in shareholder returns since 2024 and ongoing deleveraging.
Fiscal Year 2025
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Production and cash flow surged in Q4 2025, driven by Tyra's restart and disciplined cost management. Strong liquidity, reduced CapEx, and a proposed $115 million dividend highlight robust returns, while a potential license extension and RBL refinancing support long-term growth.
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Q3 saw strong operational and financial progress, with Tyra ramp-up nearly doubling production and cash flow. Revenue reached $246 million, EBITDA $131 million, and a $89 million distribution was proposed, supported by robust liquidity and declining costs.
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Q2 2025 saw Tyra become fully operational, driving a 52% revenue and 66% EBITDA increase quarter-on-quarter. Capital returns began with a $49M dividend and $50M buyback, while refinancing eliminated equity dilution risk. Tyra's ramp-up and strong base production underpin a positive outlook.
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Tyra ramp-up drove production gains, though operational issues delayed steady-state output. Q1 financials showed lower revenue and EBITDA due to gas penalties, but strong liquidity and reduced CapEx support robust distributions. Tyra stabilization and hedging underpin a positive outlook.
Fiscal Year 2024
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Announced a $215 million shareholder distribution for 2024, driven by strong Q4 results and Tyra hub ramp-up. Production and cash flow are set to grow in 2025, with a continued focus on high returns, disciplined capital allocation, and robust hedging.
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Q3 2024 delivered strong production and financial results, with Tyra redevelopment ahead of schedule and a major HEMJ well discovery set to extend plateau output. Shareholder distributions of 50%-70% of net operating cash flow are planned, starting after Tyra's completion test.
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Strong Q2 operational and financial performance was supported by base asset output and progress on Tyra, despite transformer-related delays. Capital structure reset positions the company for significant shareholder distributions once Tyra reaches plateau, expected by year-end.