Business
Financial Results for Q1 ended 31 March 2024
Financial Results for Q1 ended 31 March 2024.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n\n \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \nFOR IMMEDIATE RELEASE\n \nLondon, 30 May 2024\n \n \nFinancial Results for the first quarter ended 31 March 2024\n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or the \"Company\" and together with its subsidiaries, the \"Group\"), an independent mixed-asset energy company with world-class gas processing facilities and export hub in north-west Kazakhstan, today announces its unaudited financial results for the first quarter ended 31 March 2024.\n \nArfan Khan, Chief Executive Officer of Nostrum Oil & Gas PLC, commented:\n \n\"We are pleased to report an increase in revenues and overall positive operational results this quarter. The improved financial performance was underpinned by the lower upstream base production decline owing to expansion of the gas-lift capacity, and increasing midstream third-party production. To safeguard our margins and cash balances, we are continuing to prioritise cost optimisation and capital allocation that maximizes our ability to further grow the midstream business and progress the upstream Stepnoy Leopard development.\"\n \n \nQ1 2024 Highlights:\n \nFinancial\n· Revenues of US$31.8m (Q1 2023 US$17.4m; Q4 2023 US$30.8m), including US$1.7m for processing third-party hydrocarbons. The increase in revenues compared to Q4 2023 was achieved as a result of additional sales volumes from processing third-party Ural Oil & Gas LLP (\"Ural O&G\") hydrocarbons, whilst average Brent oil price remained at similar levels (average Brent oil price of US$83.9/bbl for Q4 2023 vs US$82.9/bbl for Q1 2024).\n \n· EBITDA[1] of US$10.6m (Q1 2023: US$4.6m; Q4 2023: US$9.1m) with EBITDA margin of 33.3% (Q1 2023 26.4%; Q4 2023 29.5%).\n \n· The Group's unrestricted consolidated cash balance as at 31 March 2024 was US$157.6m (31 December 2023 US$161.7m), including current investments in term deposits and money market funds. Quarterly reduction mainly due to investing activities related to Chinarevskoye drilling programme and Stepnoy Leopard appraisal pr...