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 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 $800 million has been returned to shareholders in the past 12 months, with $174 million distributed in Q2 2026.

• The company maintains a focus on maximizing value, operational reliability, and attractive shareholder returns.

• Record net operating cash flow and declared dividend were achieved despite market volatility.

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 leverage ratio improved to 1.6x adjusted EBITDA.

• Dividend of $174 million declared for Q2, representing 70% of net cash flow from operating activities.

• Total operating cost in Q2 2026: $104 million; unit operating cost temporarily elevated at $30/boe due to maintenance.

Outlook and guidance

• H2 2026 production expected to improve, with Tyra guidance at 24–30 mboe/d and total production 42–49 mboe/d.

• Production is expected to remain near 50,000 bbl/day into the 2030s, supported by phased development and infill drilling.

• CapEx for 2026 is guided at $40–$50 million, rising to $100–$150 million per year from 2027–2030.

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

• Hedge portfolio covers majority of expected volumes through 2026, providing downside protection.