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Kistos
Kistos (KIST) investor relations material
Kistos has been delisted
Kistos H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2024 earnings summary25 Sep, 2024
Executive summary
Completed acquisition of EDF's UK gas storage business for £25 million, diversifying into midstream energy and increasing Hill Top working gas capacity by 24%.
H1 2024 production averaged 8,400 boepd, with full-year guidance of 7,500–8,500 boepd and peak production forecast above 15,000 boepd in 2025.
Revenue fell 13% to $113.3 million and Adjusted EBITDA dropped 34% to $48.6 million, mainly due to lower gas prices and production.
Net debt rose to $175 million, with cash at period end of $70–72 million, reflecting capex and tax payments.
Portfolio growth supported by strong operational performance at Greater Laggan Area and Balder, and high uptime at Balder.
Financial highlights
Adjusted revenue for H1 2024 was $113.3 million, down from $113.8 million in H1 2023 and $129.7 million pro forma.
Adjusted EBITDA was $48.6 million, down from $72.2 million in H1 2023.
Average realised oil price increased 8% to $82/bbl, but gas prices fell 33% year-over-year to $54/boe.
Unit opex rose to $29/boe due to lower production rates.
Net loss of $17.2 million, compared to a $14.5 million profit in H1 2023.
Outlook and guidance
Full-year 2024 production guidance set at 7,500–8,500 boepd.
Production expected to peak above 15,000 boepd in 2025, driven by new wells and asset ramp-up.
Jotun FPSO (Balder Future) start-up delayed to Q2 2025, with protections in place against cost overruns via Hybrid Bond structure.
FEED study underway for recommissioning Hole House gas storage, with potential 60% capacity uplift.
Continued M&A appetite in both traditional energy and energy transition sectors.
Balder Future delay: Hybrid Bond impact?
Hole House recommissioning outlook?
How will Kistos address potential liquidity risks?
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Frequently asked questions
Kistos Holdings Plc is an independent energy company based in the UK, focused on the development and production of natural gas and other hydrocarbons. The company operates primarily in the UK, Norway, and the Netherlands, with key assets including interests in the North Sea and onshore Netherlands. Its operations involve both exploration and production, with notable assets such as the Q10-A gas field offshore Netherlands and the Greater Laggan Area gas fields in the UK. Kistos aims to support the energy transition by focusing on low-carbon development opportunities within the hydrocarbon sector. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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