Gazprom Neft Posts 0.4% Half Year Net Profit Growth

Gazprom Neft, the oil arm of the energy giant Gazprom, posted a half-year IFRS net profit of 78.726 billion rubles ($2.5 billion), up 0.4 percent on the same period last year, the company said on Monday.

That was below a consensus forecast of analysts who expected the company’s net profit at 80.98 billion rubles.

The company’s revenues for the first six months of the year rose 18.8 percent to 579.182 billion rubles ($18 billion), also below the analysts’ forecast of 650.78 billion rubles.

The company’s adjusted EBITDA grew 6.6 percent in the reporting period to 149.297 billion rubles.

“The company’s performance improved in first half 2012 compared to first half 2011 due to increases in hydrocarbon production, oil refining volumes, and sales through premium channels, together with higher crude and petroleum product prices,” the company said in a statement.

Gazprom Neft’s hydrocarbon production grew 5.1 percent year-on-year to 217 million barrels [29.51 million tons] of oil equivalent owing to the use of advanced production techniques and the addition of new production facilities (Orenburg assets, SeverEnergia).

Refining throughput increased 8.1 percent to 21.36 million tons “as refining continues to offer more attractive margins than the sale of crude oil,” the company said.

 

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