BlueNord Reports Strong Fourth Quarter 2024 Results and Proposes Shareholder Distribution

BlueNord Quarterly Results Overview

BlueNord ASA, a key player in the oil and gas sector, recently published its results for the fourth quarter and the entire year of 2024. The results highlight a strong operational performance, positioning the company favorably in a fluctuating market. With a resurgence in production and a healthy financial outlook, BlueNord is geared for a promising future.

Financial Performance

During the fourth quarter, BlueNord achieved net hydrocarbon production of 25.9 thousand barrels of oil equivalent per day (mboepd). The company reported total revenues of USD 193 million for the quarter and USD 702 million for the year. The pre-tax operating cash flow stood at USD 146 million for the quarter and USD 383 million for the full year, reflecting the company’s efficiency and robust financial health. BlueNord's post-tax operating cash flow also illustrated strong earnings, at USD 95 million for the quarter and USD 309 million for the year.

Eric Shirlaw, CEO of BlueNord, emphasized the company's strong performance in light of challenging market conditions. “Our proactive measures to optimize production have effectively mitigated decline rates to under 4% annually since 2021, demonstrating our commitment to operational excellence,” he stated during the earnings call.

Tyra II Production Ascent

One of the highlights of the quarter was the return of the Tyra II production platform. Resuming operations in November 2024, Tyra II successfully ramped up to a production rate of 15 mboepd by year-end. This significant achievement comes after the company faced delays due to adverse weather conditions, with plateau production now anticipated in February 2025.

Adding to the excitement, the successful completion of the Harald East Middle Jurassic (HEMJ) exploration well has exceeded expectations. Operating at levels over 60% above pre-drill estimates, this well is expected to extend plateau production from Tyra II, translating into more gas supply for both Denmark and the broader European market.

Proposed Shareholder Distribution

A standout aspect of the recent announcement was BlueNord's proposal for its inaugural shareholder distribution. The company is keen on distributing USD 215 million, pending the completion of the RBL (Reserve Based Lending) test for Tyra. Shirlaw described the proposed distribution as a pivotal step for enhancing shareholder value, noting, “We are excited to propose our first distribution, which we expect will be finalized after the completion test in late February or early March.”

Looking Ahead

With solid operational metrics and an encouraging outlook, BlueNord is set for transformative growth in 2025. The anticipated increase in production capabilities and the successful integration of new wells signal a bright direction for the company and its stakeholders. BlueNord's liquidity position was noted at USD 521 million at year’s end, strengthening its foundation for future endeavors.

As anticipation builds within the company and its investor community, BlueNord's commitment to operational success and shareholder returns remains unwavering. The management team plans to host a webcast to delve deeper into the results and future strategies, enabling investors to engage directly with leadership.

For detailed reports and presentations, interested parties can access BlueNord's website or attend the upcoming webcast scheduled for today at 10:00 CET.