Joint Stock Company "National Company "KazMunayGas" (KMGZ) Q1 2025 earnings summary

Executive summary

• Oil and gas condensate production rose 5.8% year-over-year to 6,416 thousand tonnes, with gas output up 12.7% to 2,841 million m³.

• Oil transportation volumes declined 2.9% to 20,920 thousand tonnes, while hydrocarbon refining increased 11.1% to 5,137 thousand tonnes.

• Polypropylene production surged 69.1% to 47.7 thousand tonnes, with sales up 50.5% year-over-year.

Segment performance

• Upstream: Tengiz oil production jumped 24.9% due to the Third Generation Plant launch; Kashagan output fell 2.5% amid higher gas content; Karachaganak oil rose 1.8% with increased gas reinjection.

• Midstream: Main pipeline oil transport dropped 1.6%, marine transport fell 9.6% due to tanker modernization and adverse weather.

• Oil throughput increased 3.7% to 16,242 thousand tonnes, mainly from higher Tengiz deliveries.

• Downstream: Kazakh refinery processing rose 2.8%, Romanian refineries up 40.7% after stable operations; total oil product output climbed 10% to 4,758 thousand tonnes.

• Polypropylene: Domestic sales more than doubled, exports up 45.9%, mainly to Turkey and Russia.

Significant events and developments

• Third Generation Plant at Tengiz began production in January 2025, driving significant output growth.

• Caspi Bitum plant modernization temporarily halted output, resuming at April's end.

• Taraz tanker decommissioned for scheduled modernization, impacting Caspian Sea transport.