Condor Energies Inc.
Steady Production Growth, Record Revenue Outlook, and Multiple Catalysts Ahead
Published: March 28, 2025
Author: FRC Analysts
View Complete Report*This report and research coverage is paid for and commissioned by Condor Energies Inc. – See the bottom of this report for other important disclosures rating, and risk definitions. All figures in C$ unless otherwise specified.
Sector: Energy | Industry: Oil & Gas E&P
Ticker Symbols: CDR.TO – TSX CNPRF – OTCQX
Report Highlights
️ Condor Energies Inc. is an FRC Top Pick ️
- Q4 production was up 4% QoQ, and full-year production came in at 18.5 bcf, aligning with our forecast. 2024 revenue and gross profit were exactly in line with our estimates at $66.7M and $28.0M, respectively.
- EBITDA missed by 12% due to higher-than-anticipated G&A expenses, while EPS fell significantly (-$0.07 vs. our forecast of $0.14) due to higher amortization expenses
- Nearly all of the company’s production comes from a 20-year contract with the Government of Uzbekistan to operate eight gas fields in the country. CDR is utilizing proven Western technologies to enhance production and recovery rates.
- Q1-2025 production was up 19% QoQ, primarily driven by new production from a previously unproductive well. The company has identified at least five additional wells with a similar profile that can be brought into production. CDR’s current production is 73,000 mcf/d, prompting us to raise our 2025 full-year forecast to 77,000 mcf/d, up from our previous forecast of 70,000 mcf/d.
- Uzbekistan’s natural gas pricing is regulated by the government. This provides a stable price environment for CDR, which we view as a major advantage given the volatility risk in commodity prices for typical oil and gas producers.
- Construction of a proposed modular Liquefied Natural Gas (LNG) facility in Kazakhstan is underway, with operations scheduled to begin in 2026.
- Key upcoming catalysts include progress updates on the LNG project in Kazakhstan, and efforts to boost gas production in Uzbekistan. We continue to anticipate record revenue and EPS in 2025
