Business
Financial Results for Q3 and 9M 2024
Financial Results for Q3 and 9M 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 \n \nLondon, 19 November 2024\n \n \nFinancial Results for the third quarter and nine months ended 30 September 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 financial results for the third quarter and nine months ended 30 September 2024 (the \"Results\").\n \nArfan Khan, Chief Executive Officer of Nostrum Oil & Gas, commented:\n \n\"I am pleased with the Results, which show a meaningful improvement in revenue and EBITDA compared to the same period last year, and US$23.3 million of net positive operating cash flows. These achievements are particularly notable given the ongoing production decline at our mature Chinarevskoye field and highlight the success of the Company's strategy to improve the utilisation of its world-class facilities by processing third-party hydrocarbons.\n \nWe continue to advance our upstream activities at the Stepnoy Leopard Fields and are completing the drilling of the second well at the Chinarevskoye field.\n \nAs always, health and safety remain our priority, as we focus on operational excellence and continue managing our liquidity to maximise value for all our investors and stakeholders.\"\n \n9M 2024 Highlights:\n \nFinancial\n· 14% increase in revenue: US$101.4 million for 9M 2024 (9M 2023 US$88.8 million), resulting from increased processing, production and sales volumes. Brent crude oil price increased to an average of US$82.6/bbl for 9M 2024 (9M 2023 average of US$81.9/bbl).\n \n· 5% increase in EBITDA1: US$34.7 million for 9M 2024 (9M 2023 US$33.0 million) and an EBITDA margin of 34.2% (9M 2023 37.1%). EBITDA improved despite the continuing decline of the mature Chinarevskoye field.\n \n· US$12.7 million increase in unrestricted cash balance during the third quarter (includ...