Russia’s Gazprom Neft earnings up in 2013

JSC Gazprom Neft has published its consolidated financial results, in accordance with International Financial Reporting Standards for FY 2013, Gazprom Neft’s press office said on February 28.

The company’s financial performance in FY2013 as compared to FY2012 was positively affected by an increase in hydrocarbon production volumes and the resulting rise in product sales via premium channels (small wholesale, sales via the Gazprom Neft retail network, aviation and bunkering). The impact of these factors led to a 4.2% Y-o-Y increase in adjusted EBITDA (336.75 RUB bln) and a 0.9% Y-o-Y increase in net profit, which amounted to 177.92 RUB bln. Growth was restrained mainly by foreign exchange losses associated with the reevaluation of the loan portfolio due to fluctuations in the Ruble exchange rate.

Hydrocarbon production volumes in FY 2013 increased by 4.2% Y-o-Y to 457.42 mmboe (62.2 mmtoe), due to increased production at Orenburg and Priobskoye, in addition to gas production at Muravlenkovskoye, the launch of the Samburgskoye field at SeverEnergia, and the successful application of high-tech operations at mature fields as well as higher volumes of associated gas utilization.

Refining throughput in FY 2013 reached 42.63 million tonnes, showing little change from FY 2012, due to planned maintenance and construction. Sales through premium channels reached 23.9 million tonnes, and average daily throughputs at Company retail sites in Russia grew by 7.8% to 19 tonnes/day, one of the highest indicators in the sector.

Source: Gazprom Neft Press Office, 2014