Nostrum Oil & Gas (NOG) Q1 2025 earnings summary

Executive summary

• Achieved a 41% year-over-year increase in average daily titled production to 16,830 boepd and a 68% rise in total processed volumes to 24,009 boepd, driven by Ural O&G ramp-up and new Chinarevskoye well output.

• Approved phased full-field development plan for Stepnoy Leopard fields, targeting production start-up between late 2026 and early 2027.

• Extended Ural O&G processing agreement to May 2031, securing long-term value and sustainable cash flows.

Financial highlights

• Revenue was $30.0 million, down from $31.8 million year-over-year, impacted by a temporary crude oil inventory build-up and lower Brent prices ($75.9/bbl vs $82.9/bbl).

• EBITDA rose 2.8% to $10.9 million, with margin improving to 36.3% from 33.3%.

• Operating expenses per barrel of processed volumes fell 39.5% to $4.6.

• Unrestricted cash balance at quarter-end was $148.6 million; net debt increased to $440.2 million due to accrued bond interest and fair value adjustments.

Outlook and guidance

• Limited-scale drilling campaign planned for H2 2025, focused on high-value subsurface opportunities and license compliance.

• Stepnoy Leopard fields development plan extends to 2044, with production start-up expected between late 2026 and early 2027.