Gazprom Neft IFRS revenue up 19.5% to RUR 1.23 bln in 2012
Gazprom Neft has published its unaudited consolidated financial results in accordance with International Financial Reporting Standards (IFRS) for FY2012.
According to Gazprom Neft's press release, crude oil and petroleum product prices and a rise in production and refining volumes, together with an increase in the share of sales through premium channels, helped boost revenue by 19.5% compared to 2011 to RUB 1.23 trillion. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 7.8% to RUB 323.57 billion, the highest level in the company's history. The rise in EBITDA was partly offset by an increase in the tax burden (mineral extraction tax and excise duties), as well as natural monopolies tariffs. Profit attributable to Gazprom Neft's shareholders amounted to RUB 176.67 billion, 10.2% higher than 2011.
Gazprom Neft's consolidated hydrocarbon production, including its stake in joint ventures, amounted to 439 million barrels of oil equivalent (59.7 million tonnes of oil equivalent), marking a 4.1% increase over 2011. This growth was due to a continuing increase in production at the Priobskoye field and in the Orenburg region, a rise in associated petroleum gas utilisation rates and the start of industrial development at SeverEnergia's fields. Two new fields and 45 hydrocarbon deposits (including dependent companies) were discovered in 2012.