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2018-08-17 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

ПРИБЫЛЬ ГАЗПРОМ НЕФТИ БОЛЬШЕ НА 49.6%

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.

Total hydrocarbon production (including Gazprom Neft's share in production at joint enterprises) in the first six months of 2018 amounted to 44.9 million tonnes of oil equivalent (mtoe), an increase of 2% year-on-year. This was driven by higher production at new fields (Novoportovskoye and Vostochno-Messoyakhskoye) and an increase in Gazprom Neft's interest in Arktikgaz, from 46.6% to 50% in March 2018.

First-half refining volumes increased by 9,8%, having been restored following the completion of a planned refinery maintenance in 1H 2017. Light petroleum product output also outperformed as a result of improved refining efficiency. The Company also increased its sales of oil products through premium sales channels, by 6.4% year-on-year, to 12.8 million tonnes.

Alexander Dyukov, Chairman of the Gazprom Neft Management Board, commented: "Gazprom Neft has seen a 1.5-fold increase in its operating profit in the first half of 2018, once again confirming its market-leading position in terms of financial growth. In an environment of curtailed oil production, the company has focused on increasing operating efficiency: industry trends and inflationary factors notwithstanding, Gazprom Neft reduced the unit costs of crude production at mature fields by eight percent year-on-year, as well as ensuring optimum refining volumes in current marketing conditions, and increasing sales of oil products."

Key financial data

2Q

1Q

∆, %

 

6 months

∆, %

2018

2018

2018

2017

617,103

520,633

18.5

Sales (RUB millions)

1,137,736

914,332

24.4

639,592

541,202

18.2

Sales (revenue) including excise duties (RUB millions)***

1,180,794

944,274

25.0

193,130

137,449

40.5

EBITDA (RUB millions)

330,579

218,216

51.5

212,403

155,797

36.3

Adjusted EBITDA (RUB millions)

368,200

245,807

49.8

20.40

16.65

22.5

USD/boe

18.63

12.99

43.4

96,810

69,665

39.0

Profit attributable to shareholders in Gazprom Neft PJSC (RUB millions)

166,475

111,269

49.6

127,180

83,109

53.0

Cash flow from operations

210,289

181,128

16.1

35,949

11,585

210.3

Free cash flow

47,534

26,893

76.8

1.01

1.17

(13.9)

Net debt / EBITDA

1.01

1.37

(26.3)

 

Key operational data

2Q

1Q

∆, %

 

6 months

∆, %

2018

2018

2018

2017

168.51

164.55

2.4

Hydrocarbon production including the company’s share in joint ventures (mboe)

333.06

326.37

2.0

22.72

22.20

2.3

Hydrocarbon production including the company’s share in joint ventures (mtoe)

44.92

44.02

2.0

10.44

10.13

3.1

Refining volumes at the company’s own and jointly-owned facilities (million tonnes)

20.57

18.73

9.8

6.74

6.10

10.5

Sales volumes through premium channels (million tonnes)

12.84

12.07

6.4

2.81

2.67

5.4

Sales volumes through the Gazprom Neft filling station network (million tonnes)

5.48

5.23

4.8

Adjusted EBITDA includes that proportion of EBITDA arising from associated or jointly controlled companies, calculated in terms of equity participation.

** With effect from 1 January 2018 the Group moved over to the new IFRS 15 definition of “Revenue from Contracts with Customers”, leading to changes in accounting policies and adjustments to certain sums recognised in the company’s financial accounts. Export duties are reflected in revenue totals, and the excise duty on sales levied in Serbia in the form of a sales tax is excluded.

*** For reference — “Sales (revenue) including excise duties” include excise duties on sales in international markets (Sales), applied until Q4 2017.

-----

Earlier: 

 IRAN'S DEVELOPMENT BY GAZPROM
2018, July, 25, 10:00:00

IRAN'S DEVELOPMENT BY GAZPROM

SHANA - A non-disclosure agreement was signed last year between Iran's OIEC and Russia's Gazprom Neft for the development of the Azar and Changuleh oil fields. The agreement was endorsed by the National Iranian Oil Company (NIOC).

 

 RUSSIAN ARCTIC OIL
2017, December, 11, 10:10:00

RUSSIAN ARCTIC OIL

Russia has three oil export terminals on its Arctic coast. Shipments began from Lukoil PJSC's 240,000 barrel a day Varandey terminal in 2008. It now handles about 150,000 daily barrels from nearby fields. Gazprom Neft's Prirazlomnoye field produces approximately 80,000 barrels a day, with a target capacity of 130,000. The same company's 170,000 barrel a day Arctic Gate terminal started operations this year and exports about 150,000 barrels a day from the Novoportovskoye field. Crude from all three terminals is shipped in shuttle tankers to Murmansk, from where cargoes are sent on larger vessels to Europe.

 IRAQI OIL TO U.S.
2017, September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

 

 REPSOL & GAZPROM DEAL
2017, July, 5, 12:05:00

REPSOL & GAZPROM DEAL

Spain’s Repsol has agreed to establish a joint venture with Russian oil company Gazprom Neft, in the latest move by a European oil and gas company to deepen co-operation with Russia despite western sanctions targeting the country’s energy sector.

 GAZPROM DISCOVERS SERBIA
2016, December, 26, 18:35:00

GAZPROM DISCOVERS SERBIA

A new deposit in Serbia’s Pannonian oil and gas basin may contain recoverable reserves of 432,000 tonnes, according to Russia's PJSC Gazprom Neft. The Idos-X-4 well was drilled to the Neogene-aged formation at a depth of 2,268-2,287 m in the Idos-Sever (Northern Idos) field.

 HARD RUSSIAN OIL
2016, September, 27, 18:30:00

HARD RUSSIAN OIL

Top Russian producer Rosneft expects the share of hard-to-recover oil production to rise to 11 percent of its total crude output by 2020, from 7 percent this year. Gazprom Neft, the oil arm of state gas producer Gazprom, is raising its share of output of hard-to-recover oil by tapping more reserves at the Messoyakha project and other assets.

 ГАЗПРОМ НЕФТЬ: СНИЖЕНИЕ 6,2%
2015, November, 23, 19:40:00

GAZPROM NEFT DOWN 6.2%

Rising hydrocarbon production, retail sales and efficient management drove a Y-o-Y increase in adjusted EBITDA* of 9.3% (RUB 312 bln) for 9M 2015. A 0.6% Y-o-Y decline in sales was driven by the global drop in oil prices. Net income attributable to the shareholders of Gazprom Neft fell by 6.2% Y-o-Y to RUB 130.9 bln. The negative impact of foreign exchange rate differences in loan revaluations held back net income growth.

Tags: ГАЗПРОМ, НЕФТЬ, GAZPROM, NEFT

Chronicle:

ПРИБЫЛЬ ГАЗПРОМ НЕФТИ БОЛЬШЕ НА 49.6%
2018, September, 19, 13:43:00

ЦЕНА URALS: $74,45568

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 августа по 14 сентября 2018 года составила $74,45568 за баррель, или $543,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 октября 2018 года повысится на $7,5 и составит $137,5 за тонну.

ПРИБЫЛЬ ГАЗПРОМ НЕФТИ БОЛЬШЕ НА 49.6%
2018, September, 19, 13:39:00

SAUDIS OIL PRODUCTION: 10.42 MBD

PLATTS - Saudi production has since risen to 10.42 million b/d in August, the country reported to OPEC in the organization's most recent monthly oil market report. Saudi Arabia's crude oil stocks, which have been declining steadily over the last three years, fell to 229.41 million barrels in July, down 11.4% since May 2017, the JODI data showed.

ПРИБЫЛЬ ГАЗПРОМ НЕФТИ БОЛЬШЕ НА 49.6%
2018, September, 19, 13:35:00

U.S. PRODUCTION: OIL + 79 TBD, GAS + 961 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 79,000 b/d month-over-month in October from 7,515 to 7,594 thousand barrels/day , gas production to increase 961 million cubic feet/day from 72,127 to 73,088 million cubic feet/day .

ПРИБЫЛЬ ГАЗПРОМ НЕФТИ БОЛЬШЕ НА 49.6%
2018, September, 19, 13:30:00

U.S. - CHINA SANCTIONS: $60 BLN

REUTERS - Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.

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