Norway's Bluenord Q2 revenue misses estimates amid planned maintenance shutdowns

Bluenord ASA

09/07/2026 06:11

Overview
Norway oil and gas producer's Q2 revenue missed analyst expectations amid planned maintenance shutdowns
Company delivered record net operating cash flow and declared largest-ever $174 mln quarterly dividend
$400 mln bond refinancing completed, reducing borrowing costs and increasing distribution flexibility

Outlook
BlueNord guides Q3 production at 42.0-49.0 mboepd
Company expects unit operating costs to return to target levels in H2 2026
BlueNord says hedge portfolio covers majority of expected volumes through end-2026

Result Drivers
PLANNED MAINTENANCE - Lower production and revenue in Q2 attributed to planned shutdowns at Tyra and Gorm hubs
STRONG GAS PRICES - Revenue impact from lower production partially offset by strong commodity prices
TEMPORARILY HIGHER COSTS - Unit operating costs increased due to planned shutdown activity, expected to return to target levels in H2

Company press release: ID:nWkr8jmhwh

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$277 mln
$348.33 mln (3 Analysts)
Q2 Net operating cash flow 
 
$249 mln
 
Q2 EBITDA
 
$147 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Bluenord ASA is NOK600.00, about 19.3% above its July 8 closing price of NOK503.00
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 10 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)