Nostrum Oil & Gas (NOG) Q4 2025 TU earnings summary

Executive summary

• Achieved operational and strategic progress in 2025 despite lower oil prices and natural decline at the Chinarevskoye Field.

• Increased average processed volumes by 23.2% and titled production by 12.9% year-over-year, driven by third-party feedstock and stable plant performance.

• Brought new well 116_1 onstream in November 2025, meeting production expectations.

• Advanced planning for Stepnoy Leopard development and extended third-party processing agreement with Ural O&G through May 2031.

Financial highlights

• FY 2025 estimated revenue of $118 million, down from $137.1 million in FY 2024, due to lower oil prices and natural production decline.

• Unrestricted cash and cash equivalents at year-end 2025 exceeded $143 million, with restricted cash over $26 million.

• Net operating cash flow remained healthy before non-recurring items; unrestricted cash decreased by $7 million after capex and one-off management incentive payments.

Outlook and guidance

• 2026 average daily production for Chinarevskoye field forecast at 5,000–6,000 boepd.

• Focus remains on maximizing asset value, deepening partnerships, restructuring debt maturing June 2026, and maintaining financial discipline.