Gazprom Neft Q1 Net Profit Up 21% to $1.56 Bln

Gazprom Neft, the oil arm of Russian energy giant Gazprom, saw 2012 first quarter net profit jump 21 percent year-on-year to 48.373 billion rubles ($1.56 billion) to IFRS, the company said on Tuesday.

Gazprom Neft’s net profit was above a consensus forecast of analysts polled by RIA Novosti of $1.39 billion.

First quarter EBITDA rose 10.6 percent to 79.262 billion rubles and revenue was up 19.8 percent year on year to 277.976 billion rubles.

“The company’s performance improved substantially in the first quarter of 2012 … due to higher crude and petroleum product prices, increase in hydrocarbon production, oil refining volumes and sales through premium channels,” the firm said.

Gazprom Neft’s hydrocarbon production rose 5.7 percent to 108.51 million barrels [14.8 million tons] of oil equivalent owing to higher production activities and “the acquisition of assets in Orenburg at the end of 2011.”

Overall refining volume amounted to 10.17 million tons, a 7.8 percent growth year-on-year. Sales volume through premium channels rose 32.8 percent to 5.14 million tons.


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