Gazprom Neft reports first-quarter net profit growth of 12% year-on-year

MOSCOW -- Gazprom Neft’s revenue in the first three months of 2018 grew by 14.5% year-on-year, to RUB 520.6 billion. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 32.3% year-on-year, to RUB 155.8 billion. This growth was achieved through the successful development of new projects in hydrocarbon production, higher retail sales, and a recovery in market conditions, as well as through effective initiatives on the part of Gazprom Neft management. Net profit attributable to Gazprom Neft PJSC shareholders for the first three months of 2018 was RUB 69.7 billion, an increase of 12.4%.

Increased cash flow from operations, and the completion of key infrastructure investments in new upstream projects, resulted in positive free cash flow in the first three months of 2018 in the order of RUB 11.6 billion.

Hydrocarbon production in first-quarter 2018, including Gazprom Neft’s share in joint ventures, reached 22.2 MMtoe, an increase of 1.1% year-on-year: this growth in production volumes having been achieved as the result of production at new fields, including Novoportovskoye and Messoyakhskoye fields, as well as higher production at Arktikgaz fields.