As Russian oil companies begin to report first-quarter results, analysts are watching closely to see how the sector fares after a particularly rough fourth quarter in 2014 when a potent mix of low crude oil prices, a sharply devalued ruble and Western sanctions took a heavy toll, prompting several firms to cut dividends. Gazprom Neft, the country's fourth-largest producer, got the sector off to a good start on Tuesday when it reported a first-quarter profit of 39.13 billion rubles ($794 million), up 3.5% from 37.82 billion rubles a year earlier and up from a net loss of 17.44 billion rubles in the fourth quarter of 2014. The company attributed the improvement to higher hydrocarbon output and increased sales of petroleum products through premium channels.
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