KazMunayGas (KMG), Kazakhstan's national oil and gas company, has published its interim condensed consolidated financial statements for the three months ended on 31 March 

Key financial indicators for the first quarter of 2023

• Revenue amounted to 1,887 bln tenge (USD 4,149 mln) compared to 2,182 bln tenge (USD 4,770 mln);
• EBITDA amounted to 550 bln tenge (USD 1,210 mln) compared to 596 bln tenge (USD 1,304 mln);
• The Company's net profit including share in income of jointventures and associates amounted to 288 bln tenge (USD 632 mln) compared to 332 bln tenge (USD 726 mln);
• Net profit adjusted for the share in profits of joint ventures and associates[2], amounted to 96 bln tenge (USD 211 mln) compared to 112 bln tenge (USD 245 mln);
• FCF amounted to minus 53 bln tenge (USD minus116 mln), compared to 162 bln tenge (USD 355 mln);
• Gross debt as of 31 March 2023 amounted to 4,229 bln tenge (USD 9,362 mln) compared to the amount of 4,143 bln tenge (USD 8,956 mln) as of 31 December 2022;
• The Company's net debt as of 31 March 2023 amounted to 2,117 bln tenge (USD 4,688 mln) to the amount of 2,143 bln tenge (USD 4,632 mln) as of 31 December 2022. 

Operating results for the first quarter of 2023

• The volume of oil and gas condensate production increased by 8.7% and amounted to 5,961 thousand tonnes;
• Oil transportation volumes amounted to 18,858 thousand tonnes compared to 18,309 thousand tonnes;
• The volume of refining of hydrocarbons at Kazakhstani and Romanian refineries in aggregate increased by 8.1% and amounted to 4,936 thousand tonnes. 

Revenue  
Revenue amounted to 1,887 bln tenge (USD 4,149 mln), which is 13.5% lower than in the first quarter of 2022. 

Revenue dynamics were negatively impacted by a 20.6% year-on-year decrease in the average price of Brent crude oil. 

Share in profit of joint ventures and associates 
The share of profits of joint ventures and associates decreased by 29.7% and amounted to 192 bln tenge (USD 421 mln), mainly as a result of a decrease in profits of “Tengizchevroil” LLP by 71 bln tenge (USD 153 mln), “Mangistau Investments B.V.” by 24 bln tenge (USD 52 mln). 

Net profit 
The Company's net profit decreased in comparison with the first quarter of 2022 by 13.4% and amounted to 288 bln tenge (USD 632 mln). 

Net profit adjusted for shares in JVs and associates 
Net profit adjusted for shares in JVs and associates decreased by 14.1% from 112 bln tenge (USD 245 mln) to 96 bln tenge (USD 211 mln). 

KeyFacts Energy: KazMunaiGas Kazakhstan country profile