Bluenord Asa · OSL:BNOR
Bluenord Asa — Q1 2025 Earnings Presentation
26 slides from Bluenord Asa's earnings presentation, May 14, 2025
Slide 1: Delivering Growth, Delivering Returns
Delivering Growth, Delivering Returns First Quarter 2025 14 May 2025
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION (THE “INFORMATION MATERIAL”) HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN BY ATTENDING OR RECEIVING THIS INFORMATION MATERIAL YOU ACKNOWLEDGE THAT YOU WILL BE ENERGY COMPANY ASA (THE “COMPANY”). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, RESPONSIBLE FOR YOUR
Slide 3: Today's BlueNord Presenters
Today’s BlueNord Presenters Euan Shirlaw Jacqueline Lindmark Boye Miriam Jager Lykke Cathrine Torgersen Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Corporate Affairs Officer
Slide 4: Q1-25 Highlights: Strong Performance
Q1-25 Highlights: Strong Operational Growing Strong Performance Performance Net Production Q1-25 production of 29.8mboe/d Tyra ramp-up progressing well, with Tyra Ramp-Up Nearing peak production c. 26.0mboe/d Halfdan, Dan and Gorm produced Completion: 20.9mboe/d while Tyra produced BlueNord
Slide 5: Commitment to Maximising Near-Term Distributions
Commitment to Shareholder returns policy focused on 2024 to 2026 Maximising Near- Distribution policy of 50-70% of Net Operating Cashflow(2) Term Distributions – Shareholder returns prioritised, supported by strong capital structure Proposed(1) distribution for % of Net Operating Cashflow(1) to be
Slide 6: BlueNord's Value Proposition
BlueNord’s Value Robust Base Production Proposition Transformational Growth Clear and simple focus on Near-Term leveraging the strength of our Favourable Gas Price Outlook underlying business to: Strongly Cash Generative Substantial Tax Losses Maximise Distributions Maintain a Conservative Capital S
Slide 7: Robust Base Production | Halfdan, Dan & Gorm
Robust Base Production | Halfdan, Dan & Gorm
Slide 8: Robust Base Production
Robust Base Q1 production within guidance at 20.9 mboepd Production Active asset management to enhance volumes and drive growth WROM II on Halfdan completed in Jan 2025 Q1 base production performance in line with Optimisation of rig activities to reduce near-term cost expectations Planned Vald
Slide 9: Optimisation of Rig Activities to Drive Significant Cost Reductions
Optimisation of Rig Rig activities for 2025 optimised to reduce capex Activities to Drive HEMJ well success extends Tyra plateau, reducing need for near-term infill wells to fill production capacity (e.g. Valdemar Upper Cretaceous) Significant Cost Future infill wells to be drilled as campaigns,
Slide 10: Transformational Growth | Tyra
Transformational Growth | Tyra
Slide 11: Tyra Ramp-Up Progressing
Tyra Ramp-Up Tyra ramp-up to plateau c. 90% complete Progressing Peak May production of c. 26mboe/d; BlueNord expects plateau at c. 30mboe/d Actual (Since 10th April) Expected Plateau Levels Tyra peak May production 30 (mboe/d, net to BlueNord) 30 (mboe/d, net to BlueNord) c. 30 c. 26 mboe/d net t
Slide 12: Tyra Strong Reservoir Performance
Tyra Strong Tyra already producing at lower-end of expected range Reservoir when at “Stable Operation” (26-30mboe/d) Performance 91% of wells commissioned and less than 50% of wells on production − Wells delivering above expectation, with higher liquids production than expected Tyra is currently p
Slide 13: Positive Long-Term Outlook
Positive Long-Term Outlook
Slide 14: Denmark | Stable and Supportive
Denmark | Stable BlueNord operations consistent with Danish and EU and Supportive Energy Security and Energy Transition objectives Tyra enables Denmark to become a net exporter of natural gas Danish oil & gas production Tyra volumes displace significantly more emissions-intensive LNG imports(1)
Slide 15: Accretive Projects for Investment
Accretive Projects Robust plan to add above 60 mmboe of resources for Investment Focus on maximising use of existing infrastructure Three projects planned via unmanned platforms BlueNord’s illustrative activity Portfolio of infill well opportunities being continually matured and optimised plan
Slide 16: Stable Outlook for Production
Stable Outlook Attractive Organic Portfolio Supporting a Robust for Production Production Profile Beyond 2030(2) Long-term potential exists to 60 mboe/d, net to BlueNord mitigate decline and maintain plateau production 50 c.50mboe/d levels after Tyra on stream during 2025-2030 Decisions to invest fu
Slide 17: Solid Financial Performance
Solid Financial Performance
Slide 18: Q1-25 Earnings Highlights
Q1-25 Earnings Revenue mix shifting Opex with workovers1) Highlights (USD million) (USD million) Direct Field Opex Environmental cost Oil Revenue 89 Transportation Production G&A Gas Revenue Revenue mix shows Tyra 66 66 68 74 volumes increasing but 169 171 170 193 171 impacted by gas penalties 52 1
Slide 19: Income Statement Q1-2025
Income Statement Positive net result of $19 million Q1-2025 (USD million) Q1 25 Q4 24 EBITDA affected by gas penalties and workovers Revenue 171 193 Net financial items affected by Operating expenses (Opex)(1)(2) (89) (54) non-cash fair value adjustment Other production expenses(1) 11 (18) on embedd
Slide 20: Balance Sheet Q1-2025
Balance Sheet Stable and transparent balance sheet Q1-2025 (USD million) Assets Q1 25 Q4 24 Significant increase in cash due PP&E(1) 2,692 2,721 to a reduction in restricted cash Deferred tax 142 160 with CCSA released and Restricted cash 64 219 replaced with LC Derivatives (current & non-current) 3
Slide 21: Cashflow and Capital Structure Q1-2025
Cashflow and Released restricted cash Robust Liquidity Capital Structure (USD million) (USD million) 158 178 15 270 684 164 Q1-2025 414 Operating cashflow of $70m 70 15 35 Substantial release of restricted cash Minimal capital spend for Q1 and Operating Cashflow Tax Paid Financing Cashflow Released
Slide 22: Hedge Portfolio: Q1-2025
Hedge Portfolio: Commodity price hedging provides cashflow visibility Q1-2025 Oil Price Hedging Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Oil Volume (bbl) 1,064,000 1,125,000 1,200,000 825,000 825,000 525,000 525,000 60,000 60,000 Active this quarter placing gas Hedge Price ($/bbl) 73.01
Slide 23: Closing Reflections
Closing Reflections 01
Slide 24: Transformational Growth on the Horizon
Transformational Net Production | mboe/d Commodity Mix | % gas Growth on the c. 50 Horizon 25 c. 25% Performance step-change for c. 100% ~45% BlueNord in 2025: 2024 2025 2024 2025 Production > 100% Lifting Cost | USD/boe Emissions Intensity | Kg CO2/boe Gas weighting of ~45% 27 Lifting cos
Slide 25: Appendix
Appendix 01 25
Slide 26: BlueNord At-a-Glance
BlueNord DUC Ownership 1 Oil pipeline to Fredericia 2 Gas pipeline to Nybro At-a-Glance TotalEnergies 3 Gas pipeline to Den Helder 20.0% BlueNord Nordsefonden Gas cross-border points 43.2% Independent E&P company focused on the Danish 36.8% Continental Shelf and listed on the Oslo Stock Exchange Sub