BlueNord ASA (0HTF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thanks for joining us for our q one results. It's been a volatile couple of months, so before going into how BlueNord has performed over the last quarter, I wanna start by giving some color upfront on what we think that means for us. If I look back to the turn of the year, we felt like we were well set. We were fully prepared to deliver on our return commitments based on $60 oil. That was ultimately the benefit of the design of our distribution policy. We'd be in good shape regardless of the commodity price environment. The whole point was to have something flexible and therefore resilient. I think it's fair to say that everybody who's going to be listening today is familiar with what's happened since. The conflict in Iran has put energy security back at the top of the agenda and has pushed prices higher. And the same structure that was set up to protect on the downside will now let shareholders fully capture the upside. Higher prices are going to translate directly into higher returns. Now, you're going to be happy to hear that I'm not going to stand in front of you today and tell you that I know where prices go from here. But thankfully, that isn't our job. Our job is firstly to make sure that BlueNord ASA is positioned for all eventualities. And secondly, to make sure that we're getting everything we can out of the business regardless of the commodity price environment. And on both those points, I think that we're well set. So firstly, the structure of the distribution policy means that 70% of operating cash flow goes back to you. So when prices rise, shareholders feel it quickly. But it's also important to note that the 30% that we keep also goes further in dollar terms, which means that the balance sheet keeps getting stronger in the ...