GAZPROM WILL UP
Russian natural gas producer Gazprom expects a slight increase in its output this year, Gazprom board member Vsevolod Cherepanov told a meeting with investors on Monday.
Gazprom has been suffering from lower global oil prices, which are the benchmark for its gas pricing mechanism, as well as from the rising power of domestic rivals such as Rosneft and Novatek.
Cherepanov gave no estimate for the company's output this year at an investor conference in New York. In 2015, Gazprom produced 418.5 billion cubic metres of natural gas, its data showed last weekend, which was an all-time low.
Last year, Gazprom held investor conferences in Hong Kong and Singapore but the New York meeting marked a return to one of its more usual venues and it will be holding another investor meeting in London later this week.
Europe remains Gazprom's main source of revenue, generating more than 60 percent of its sales. But it faces a more difficult environment in Europe as Russian gas sales have become heavily politicised since Moscow's standoff with the West over Ukraine.
Gazprom deputy head Alexander Medvedev told investors on Monday that he hoped an antitrust investigation launched by the European Commission would be settled amicably.
He said Gazprom had made several "significant" proposals to the European Commission to "dispel" its concerns.
"We are in constructive dialogue on this issue. We hope this issue will be settled," Medvedev said.
Medvedev also downplayed an expected influx of liquefied natural gas to Europe from the United States, saying Gazprom's gas would be cheaper.
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U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.
NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.
GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.
REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.