Gazprom Neft Reports Unaudited IFRS Financial Statements for 9M 2012

OREANDA-NEWS. November 13, 2012. JSC Gazprom Neft has published its unaudited consolidated financial results in accordance with International Financial Reporting Standards (IFRS) for Q3 2012 and 9m 2012.

The CompanyЃfs performance improved substantially in 9m 2012 compared to 9m 2011 due to increases in hydrocarbon production and refining volumes, and a higher share of sales through premium channels, together with higher crude and petroleum product prices. Revenue increased 20.4% Y-o-Y to RUB 912,320 million and adjusted EBITDA increased 10.0% to RUB 244,894 million.

Profit attributable to Gazprom Neft increased 8.8% to RUB 134,677 million.

Hydrocarbon production volumes for 9m 2012 increased 4.8% Y-o-Y to 326 mmboe (44.33 mmtoe) driven by increased development activity, the addition of Orenburg assets in the autumn of 2011, commercial production of gas from SeverEnergia fields, and our associated gas utilization program.

Refining throughput increased 5.8% Y-o-Y to 32.67 million tonnes. Sales through premium channels increased 19.7% Y-o-Y to 17.22 million tonnes and average daily sales per retail site in Russia increased 27.9% Y-o-Y to 17.2 tonnes per day.

CAPEX increased 21.0% Y-o-Y driven by development of the Orenburg assets and the CompanyЃfs large-scale refinery upgrade program in Russia and Serbia.

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