|
Nostrum Oil & Gas PLC on Friday reported a slight increase in earnings in the first half of 2025, as lower operating costs per barrel helped offset a drop in revenue. Shares in the oil and gas exploration and production company which operates in Kazakhstan closed up 22% at 3.98 pence each in London on Friday. Earnings before interest, tax, depreciation and amortisation edged up to $22.4 million in the six months to June 30 with an Ebitda margin of 35.0% compared to $22.3 million and 34.2% a year ago. This reflected a stable operational and financial performance, despite relatively weaker product prices and the continuing decline of production from the mature Chinarevskoye field. Revenue declined to $64.1 million from $65.3 million with increases in titled production and processed volumes from Ural Oil & Gas LLP feedstock and Chinarevskoye well workovers offset by the natural decline in Chinarevskoye field production and a 16% average Brent crude oil price reduction. Aiding the bottom line a 41% drop in operating expenses per barrel of processed volumes to $4.40 from $7.60. Operating cashflow improved to $6.2 million from $4.2 million, despite being adversely impacted by a high level of sales receivables due to the timing of shipments of crude oil and condensate. Net debt increased to $473.1 million as at June 30 from $440.2 million at the end of 2024. Looking ahead, Nostrum Oil & Gas said it remains focused on ‘maximising facility uptime, controlling costs wherever possible, and improving efficiencies across all facets of business’. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
