FRC Top Pick

  • CDR is up 28% since we initiated coverage in early October 2024. In Q3-2024, production, revenue, and operating netback remained relatively flat QoQ, in line with our estimates. 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.
  • EBITDA declined 4% QoQ due to higher G&A expenses, missing our estimate by 2%.