Gazprom Neft Posts Strong 9-Month Results

摘要

Healthy production growth and supportive cost dynamics helped Russia’s fourth-largest crude oil producer Gazprom Neft to post a 3.2% increase in net profits for the nine months ending Sep. 30. A decline of almost 10% on the year in quarterly profits was in line with expectations following a sharp devaluation of the Russian ruble against the US dollar. The oil arm of state Gazprom posted a net profit of 139.53 billion rubles ($3.04 billion) in January to September, up from 135.15 billion rubles a year ago thanks to a 5.3% increase in hydrocarbon production to a total of 1.3 million barrels of oil equivalent — a volume that includes stakes in joint ventures. Crude production of 1.04 million b/d was up by 5.7%, while gas output jumped by 16% mainly due to rising production at the SeverEnergia joint venture with private producer Novatek.