Q4 EBITDA 21.5m vs ABGSCe 20.1m
Tethys Oil reports Q4'23 working interest production of 8.4boe/d, in line with our expectations. Note that Tethys already has preannounced production and lifted volumes ahead of today's report. Q4 revenues of USD 36.4m was in line with ABGSCe of USD 36.3m. EBITDA in the quarter came in at USD 21.5m, above ABGSCe of USD 20.1m, with the beat being explained by slightly lower costs. EPS is negatively impacted by impairments at block 3&4, which was preannounced ahead of the numbers. FCF in Q4 was slightly better than expected and amounted to USD 2.5m (SEK 0.8/sh), vs ABGSCe of USD -1.8m (SEK -0.6/sh) due to lower capex. There are no available consensus estimates that are updated ahead of the quarter. In sum, we evaluate the Q4 numbers to be fairly in line with our expectations. See more details in the deviation table below.
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