Comprehensive financial and operational analysis of Uzen Oilfield JSC for the fiscal year 2026. Consolidated financial statements and growth strategies.
Dear shareholders, strategic partners, and colleagues,
We are pleased to report that 2026 was a defining year of robust financial performance and structural resilience for Uzen Oilfield. Despite highly volatile global energy markets and shifting macro-geopolitical vectors, our integrated business model delivered record cash flows and reinforced our standing as a central pillar of Kazakhstan's hydrocarbon economy.
Our focus on strict capital discipline alongside digital modernization unlocked an unprecedented 12% boost in operational efficiency across all functional domains. Because of this, our net revenue grew substantially, allowing us to post the highest dividend yield in the company's private history.
Looking ahead into the 2027 fiscal cycle, we remain fiercely committed to maximizing shareholder return, lowering our breakeven metric, and aggressively scaling our export distribution corridors downstream into European and Southeast Asian markets.
Revenues for the year increased from $2.1 billion to $2.4 billion, primarily driven by a 14% increase in production volumes successfully transported through the Caspian pipeline consortium (CPC), combined with an optimization in our refining product mix favoring higher-margin distillates.
Capital expenditures (CapEx) were held firmly within guidance at $310 million, fully internally funded through operating cash flow. The majority of this capital was directed toward completing our Level-4 automation rollout and drilling 42 new production wells.
In accordance with our shareholder distribution policy, the Board of Directors has recommended a final dividend of $1.15 per share. Total dividends paid for the 2026 fiscal year amount to $145 million, representing a payout ratio of 35% of free cash flow.
| Financial Metric (in millions USD) | 2022 | 2023 | 2026 | YoY Growth |
|---|---|---|---|---|
| Gross Revenue | 1,750 | 2,100 | 2,420 | +15.2% |
| EBITDA | 295 | 350 | 435 | +24.3% |
| Net Profit | 185 | 260 | 420 | +61.5% |
| Capital Expenditure (CapEx) | 450 | 380 | 310 | -18.4% (Optimized) |
| Operating Costs (OpEx) | 760 | 820 | 805 | -1.8% |
Upstream Growth:
Downstream & Export: