Nostrum Oil & Gas Plc · LSE:NOG
Nostrum Oil & Gas — H1 2024 Earnings Presentation
12 slides from Nostrum Oil & Gas's earnings presentation, Aug 20, 2024
Slide 1: Delivering Our Mixed Asset Energy Strategy
Delivering Our Mixed Asset Energy Strategy H1 2024 Results Presentation 20 August 2024
Slide 2: Disclaimer
Disclaimer This presentation has been prepared and issued by, and is the sole responsibility of, Nostrum Oil & Gas plc (the “Company”), being the current holding company of the Nostrum Oil & Gas group (the “Group”). For the purpose of this disclaimer notice, “presentation” shall include these slides
Slide 3: H1 2024 Highlights
H1 2024 Highlights Strategic • Stepnoy Leopard Final Investment Decision approved: initial field development phase, with a capital budget of US$100m gross. • Stepnoy Leopard CPR completed: Nostrum’s 2P reserves base increased over fivefold (from 23 mmboe to 133 mmboe working interest); US$220m after
Slide 4: Strategic and Operational Road Map
Strategic and Operational Road Map Operational Strategic Chinarevskoye Chinarevskoye Gas lift system GTU-3 well No.301 well No.301 expansion re-start drilling drilling commenced completed Stepnoy Stepnoy Stepnoy Bond Ural O&G tie- Stepnoy Leopard Leopard two- Leopard initial restructuring back Leopa
Slide 5: Production
Production Production Volumes (average kboepd) Production Product Mix 13.2 Oil Condensate LPG Dry Gas 12.2 Dry Gas Dry Gas 10.0 10.1 10.1 41% 41% Dry Gas 5.9 49% 6.0 4.2 4.2 4.2 LPG LPG 13% 13% 1.6 LPG Condensate Condensate 16% 1.3 1.3 1.3 2.0 19% 20% 2.7 Condensate 1.9 2.1 2.0 15% 1.9 Oil Oil 3.0 2
Slide 6: Sales
Sales Sales Volumes (average kboepd) and Average Brent Price (US$/bbl) Sales Product Mix Oil Condensate LPG Dry Gas Brent $100.9 12.5 $85.3 $82.5 $83.7 $79.7 10.5 Dry Gas Dry Gas 34% 33% Dry Gas 4.7 41% 9.0 8.9 8.7 4.3 LPG LPG 3.0 2.9 2.9 14% 14% 1.7 LPG 19% Condensate Condensate 1.3 1.2 1.3 2.0 22%
Slide 7: Financial KPIs
Financial KPIs Measure H1 2024 H2 2023 H1 2023 Commentary (H1 2024 vs H2 2023) Drivers of revenue change: (a) decline in Chinarevskoye production volumes, offset by dry gas and LPG produced from Ural O&G raw gas processing Revenue (US$m) 65.3 66.8 52.8 (b) lower mix of higher price liquid sales volu
Slide 8: Cashflow Analysis
Cashflow Analysis Cash balances/movements (US$m) H1 2024 H2 2023 H1 2023 Commentary Beginning Cash Balance1 161.7 192.0 233.6 Operating profit before working capital changes2 19.3 21.7 24.3 H1 2024 mainly driven by increase in trade receivables (due to timing of Working capital changes (12.0) 4.9 (1
Slide 9: Supporting materials
Supporting materials
Slide 10: Balance Sheet Overview (US$m)
Balance Sheet Overview (US$m) 30 Jun 2024 31 Dec 2023 Category Change Commentary (Unaudited) (Audited) PP&E 255.1 252.6 2.5 Additions of US$15.8m mostly related to Chinarevskoye drilling programme, were offset by US$12.8m depreciation. Exploration/ Evaluation Additions related to further spend on St
Slide 11: Income Statement Overview (US$m)
Income Statement Overview (US$m) Category H1 2024 H1 2023 Change Commentary Revenue increase driven by an additional volumes of dry gas and LPG produced from Ural O&G raw gas, slightly higher Revenue 65.3 52.8 12.5 average brent price, timing of oil exports vs domestic sales, and a new US$3.9m Ural
Slide 12: Cash Flow Statement Overview (US$m)
Cash Flow Statement Overview (US$m) Category H1 2024 H1 2023 Change Commentary Beginning Cash Balance1 161.7 233.6 (71.9) Positive in H1 2024 mainly due to increased revenues from Ural O&G processing and higher export sales, Cash from operations 7.3 (4.5) 11.8 offset mainly by trade receivables incr