BlueNord ASA (LTS:0HTF)
kr 514 -9 (-1.72%) Market Cap: 13.74 Bil Enterprise Value: 25.45 Bil PE Ratio: 30.90 PB Ratio: 1.68 GF Score: 79/100
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Q1 2021 Norwegian Energy Company ASA Earnings Call Transcript

May 11, 2021 / 10:00AM GMT
Release Date Price: kr139.4 (-4.52%)
David Cook
Norwegian Energy Company ASA - CEO

Hello, and welcome to Noreco's Q1 release. Thank you for joining us today. I'm David Cook, CEO. I'm joined by John Hulme, our COO; and Euan Shirlaw our CFO to walk you through this quarter's performance.

Please note, we encourage you to send questions as we go through the presentation. And with that, let's get started.

The top highlights for the quarter start with our production at just under 26,000 barrels of oil equivalent per day within guidance, although slightly below the midpoint. That was impacted by a first quarter one-off issue that was resolved quickly. John will cover that a little bit later. Nonetheless, it shows our continued reliable performance supporting our operational cash flow.

We've also seen a realized oil price of $56 per barrel. This is helping to underpin our pre-Tyra cash flows through the ongoing hedging arrangements and secures the predictability in our outcomes. The RBL increase was also announced in 1Q with an increase to $1.1 billion and was subsequently completed that increase in May.

We

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