Gazprom Neft Nine-Month Profit Up 8.8%

MOSCOW, November 8 (RIA Novosti) – Gazprom Neft, the oil arm of energy giant Gazprom, posted an 8.8 percent year-on-year rise in IFRS net profit to 134.68 billion rubles ($4.3 billion) in January-September 2012, the company said on Thursday.

That was above a consensus forecast by analysts who expected the company’s net profit at 132.1 billion rubles.

T he company’s net profit for July-September 2012 rose 84 percent on the preceding quarter to 55.951 billion rubles.

The company’s revenues for the first nine months of the year rose 20.4 percent to 912.32 billion rubles ($29 billion), below the analysts’ forecast of 955.9 billion rubles.

The company’s adjusted EBITDA grew 10 percent in January-September 2012 to 244.894 billion rubles.

“The company’s performance improved substantially in 9M 2012 compared to 9M 2011 due to increases in hydrocarbon production and refining volumes, and a higher share of sales through premium channels, together with higher crude and petroleum product prices,” the company said in a statement.

Gazprom Neft’s hydrocarbon production grew 4.8 percent year-on-year in the first nine months of 2012 to 326 million barrels [44.33 million tons] of oil equivalent owing to increased development activity, the addition of new production facilities and the company’s associated gas utilization program.

Refining throughput increased 5.8 percent to 32.67 million tons, with sales through premium channels growing 19.7 percent to 17.22 million tons.

Gazprom Neft’s net debt fell 1.4 percent year on year in January-September 2012, to 161.882 billion rubles ($5.17 billion) and grew 17.8 percent on the previous quarter in July-September 2012.


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