Kistos Reports $280m Pro Forma Nine-Month EBITDA as Shares Slip

Kistos (LON: KIST), the oil and gas producer, reported pro forma nine-month EBITDA of about $280m in a trading update today, and its shares were down 4.6% at about 11:20am. About $75m of the total came from its newly acquired Oman assets.

The shares were at 298p at 11:20am, an intraday price, against Friday’s close of 312.5p. They have traded between 291.5p and 310p so far today.

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EBITDA is earnings before interest, tax, depreciation and amortisation, a measure of operating profit. Kistos said the $280m is unaudited and not an IFRS figure. It is based on draft information from the sellers and assumes the Oman deals completed on the 1st of January.

The company said production remains on track. Pro forma guidance for 2026 of 19,000 to 21,000 barrels of oil equivalent a day (boepd) was maintained, with output so far this year at about 20,000 boepd. The third quarter averaged about 18,500 boepd after a turnaround, or planned maintenance shutdown, at the Jotun floating production vessel. No EBITDA guidance was given. Executive Chairman Andrew Austin said:

we remain on track to deliver production within our 2026 pro forma guidance range of 19,000-21,000 boepd.

Andrew Austin, Kistos

The Oman purchase has used cash. Cash and near-cash stood at $165m, down from $259m at the 30th of June, and adjusted net debt rose to $101m from $23m. Third-quarter pro forma EBITDA was lower than the second quarter, which Kistos attributed to inventory build-up and lower production during planned summer turnarounds.

Blocks 3 and 4 in Oman completed on the 14th of September and have been consolidated into the accounts since the 1st of October. Completion of Block 9 is expected in the fourth quarter.

Kistos is unhedged, meaning it has no contracts fixing future prices. Its realised prices, excluding Oman, were $95 a barrel for oil and 113p a therm for gas, so earnings move with commodity prices as well as with the Oman integration.