WOOD Flash – Nostrum Oil & Gas: 4Q18 results – analyst breakfast and conference call takeaways
Nostrum Oil & Gas (NOG) reported its 4Q18 financial results this morning (26 March), and held a breakfast for analysts and a conference call following the results. The results were broadly in line with the numbers released in the company’s January operating update, except for the 4Q18 net loss of -USD 132m, which missed our expectations due to a USD 150m fixed assets impairment. The results show operational improvements, but nothing that would change our view on the stock was presented today: the company still has a tough year ahead. NOG is awaiting two independent studies, which are assessing the condition of its core field currently, which has seen rising water influxes recently, leading to higher water cut in production and the failure of several wells. Based on the studies, the company will revise its long-term outlook. Currently, there is no long-term guidance.Nostrum Oil & Gas is an independent oil and gas company, engaged in the production, development and exploration of oil and gas. Co. operates three exploration concessions and are primarily conducted through its oil and gas producing subsidiary Zhaikmunai LLP located in Kazakhstan. Zhaikmunai LLP carries out its activities in accordance with the Contract for Additional Exploration, Production and Production-Sharing of Crude Hydrocarbons in the Chinarevskoye oil and gas condensate field for the exploration and production of hydrocarbons in Chinarevskoye oil and gas condensate field.
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