Nostrum Oil & Gas (NOG) Q4 2024 TU earnings summary

Operational performance

• Average daily title production volumes rose 48% to 14,935 boepd in 2024, driven by new gas processing and well No.301 production.

• Total processed volumes nearly doubled year-on-year, aided by Ural O&G gas processing and GTU-3 enhancements.

• Average daily sales volumes increased 47% to 13,038 boepd, with inventory changes due to internal dry gas use and delivery timing.

• Chinarevskoye drilling program executed on time and within budget; well No.301 performing as expected, further reservoir work planned for 2025.

• Stepnoy Leopard appraisal confirmed 138 mmboe 2P gross reserves, with development project design progressing.

Financial highlights

• Revenue expected to exceed $137 million for 2024, up over 14% from 2023, due to higher production and processing volumes.

• Unrestricted cash balance at year-end above $150 million, with a $11 million reduction mainly from capex and bond coupon payments.

• Brent crude price averaged $80.6/bbl in 2024, slightly down from $82.5/bbl in 2023.

• Healthy net positive operating cash flow generated before non-recurring items.

Sustainability and HSE

• Zero fatalities among employees and contractors in 2024; improved safety metrics with lower incident rates.

• Total recordable incident rate dropped to 0.63, and lost time injury rate was zero.

• Air emissions of 4,141 tonnes, well below the permitted 5,983 tonnes for the year.