Net profit of Gazprom Neft up 3.2% to RUB 139.5 mln in Jan-Sep’14
JSC Gazprom Neft has published its unaudited consolidated financial results, in accordance with International Financial Reporting Standards for 9M 2014.
The increase in crude oil production and product sales, including sales through premium channels (small wholesale and Company retail network, aviation refueling and bunkering) drove a rise in sales* and adjusted EBITDA** for 9M 2014, with an increase of 11.5% (1,246.2 RUB bln) and 13.3% (285.5 RUB bln) respectively.
Net income attributable to the shareholders of JSC Gazprom Neft rose by 3.2% to 139.5 RUB bln due to the moderating effect of foreign exchange losses on the revaluation of the loan portfolio in foreign currency. Operating cash flow for 9M 2014 reached 228.2 RUB bln, an increase of 3.8 Y-o-Y.
Hydrocarbon production volumes in 9M 2014 increased by 5.3% Y-o-Y to over 357 mmboe (48.5 mmtoe), due to continued growth in production at Orenburg region and Priboskoye field, increased stakes in SeverEnergia and Nortgaz, an increase in natural gas production and the rate of associated gas utilization, as well as the growing use of new technologies at brownfields.
Refining throughput for 9M 2014 reached 33.5 million tonnes, up 4.2% Y-o-Y, due to an increase of gas condensate share in refining at Omsk refinery and higher level of maintenance in 2013.
Sales via premium channels rose by 9.5% to reach 19.4 million tonnes, with sales via Company retail sites rising 7.8% to 7.2 million tones.