Q1 EBITDA 13m, below ABGSCe of USD 15m on higher costs
Tethys Oil reports Q1'23 working interest production of 8.03kboe/d, in line with our expectations. Note that Tethys already has preannounced production and lifted volumes ahead of today's report. Q1 revenues of USD 30.1m was in line with ABGSCe of USD 30.2m. EBITDA in the quarter came in at USD 13.0m, below ABGSCe of USD 15.5m, with the miss being explained by somewhat higher costs. FCF in Q1 amounted to USD -10.8m (SEK -3.5/sh), vs ABGSCe of USD -7.7m (SEK -2.5/sh) and was positively affected by lower than estimated capex, but offset by negative WC effects. There are no available consensus estimates that are updated ahead of the quarter. In sum, we evaluate the Q1 numbers to be slightly below our expectations due to the EBITDA miss. See more details in the deviation table below.
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