Gazprom Neft demonstrates solid growth across all key financial indicators in 2018

2/21/2019
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Photo: Gazprom Neft.

MOSCOW -- Revenue for fiscal-year 2018 amounted to $37.9 billion (RUB 2,489 billion) , a 28.7% increase year-on-year. Adjusted EBITDA grew by more than 45.1% year-on-year to $12.2 billion (RUB 799.5 billion). This increase reflects positive dynamics of the oil price, improvements in operational efficiency, and continued production growth at the Novoportovskoye, Prirazlomnoye and Vostochno-Messoyakhskoye fields. Net profit attributable to Gazprom Neft PJSC shareholders totalled $5.7 billion (RUB 376.7 billion), an increase of 48.7% year-on-year.

Significant growth of the company’s operating cash flow, coupled with the completion of key infrastructure investments at major upstream projects, resulted in a positive free cash flow of $2.5 billion (RUB 162 billion) for fiscal-year 2018, up 2.5-fold. 

Based on fiscal-year 2018 results, the company has retained its top 3 position among Russia’s hydrocarbon producers. In 2018, hydrocarbon production, including Gazprom Neft’s share in joint ventures, increased by 3.5% year-on-year to 92.9 Mtoe, driven by higher production volumes at new fields and an increase in Gazprom Neft’s stake in Arktikgas from 46.67% to 50%.

Full-year refining volumes at Gazprom Neft’s refineries and processing assets of the company’s joint ventures totaled 42.9 MMt, an increase of 7% year-on-year. The company continued to implement the second stage of technological and environmental improvements to its refining facilities throughout 2018, enabling further improvements to conversion rate and light product yield in the future.

Oil product sales through premium channels grew by 3.7% year-on-year to over 27.1 MMt. The sustainable growth of sales via premium channels was driven by a wider product range, the modernization of production facilities and the introduction of innovative solutions for customers.

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