Gazprom Neft reports net profit growth of 82.5 % y-o-y for its FY 2016 financial results

Gazprom Neft says its net profit in 2016 totaled RUB 200 bn, an increase of 82.5% Y-o-Y.

Adjusted EBITDA for FY 2016 increased 12.7% Y-o-Y, to RUB 456 bn.

Alexander Dyukov, Chairman of the Management Board of Gazprom Neft, said: “Gazprom Neft’s exceptional Net Profit growth in 2016 was supported by the company’s strategic projects. In production, this primarily relates to Gazprom Neft’s Arctic projects. In 2016, the company commenced the full-scale development of the Novoportovskoye and East Messoyakhskoye continental fields. At Prirazlomnoye, the only producing field on the Russian Arctic shelf, production in 2016 increased 2.5 times compared to 2015.”

Gazprom Neft is a vertically integrated oil company primarily engaged in oil and gas exploration and production, refining, and the production and sale of petroleum products.