BlueNord (BNOR) Q2 2026 earnings summary

Executive summary

• Q2 2026 production was 37.2 mboe/d, with Tyra hub contributing 19.3 mboe/d and base assets 17.9 mboe/d; Tyra achieved record rates post-shutdown, positioning for higher efficiency and stronger H2 performance.

• Q2 2026 revenue was $277 million, adjusted EBITDA $148 million, and net operating cash flow $249 million; net result was a profit of $19.1 million, reversing a prior loss.

• Over $600 million returned to shareholders to date, with $174 million distributed in Q2 2026; record declared dividend and continued top-end distributions per policy.

• The company remains focused on maximizing value over volume, maintaining strong shareholder returns, and supporting European energy needs.

Financial highlights

• Q2 2026 revenue: $277 million, adjusted EBITDA: $148 million, net operating cash flow: $249 million; liquidity at quarter-end was $546 million, including $336 million undrawn RBL facility.

• Net interest-bearing debt at 30 June 2026: $915.3 million; total liquidity: $545.7 million.

• Leverage declined to 1.6x EBITDA, with a declared Q2 dividend of $174 million, totaling over $600 million returned since 2024.

• 66–70% of expected oil and gas volumes hedged through 2026, providing downside protection.

Outlook and guidance

• Production is expected to remain stable around 50,000 bbl/d into the 2030s, supported by phased development projects and infill drilling.

• H2 2026 production guidance: 42.0–49.0 mboe/d, with Tyra expected to deliver 24.0–30.0 mboe/d.

• CapEx for 2026 guided at $40–50 million; 2027–2030 CapEx expected at $100–150 million per year.

• Distribution policy targets 50–70% of net operating cash flow through 2026, with a new long-term policy to be announced in H2 2026.