Gulf Oil and Gas accountACCOUNT

Gazprom Neft Reports Record Financial Performance for 2017

Source: www.gulfoilandgas.com 2/28/2018, Location: Asia

Share |
The company achieved record results across a number of financial metrics in 2017. Company revenue including duties (sales) for the 12 months ended 31 December 2017 was in excess of RUB2 trillion, an increase of more than 18 percent year-on-year. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was up 20.8 percent on 2016, reaching RUB551 billion — the highest level in the company’s history. Net profit attributable to Gazprom Neft PJSC shareholders for this accounting period increased 26.5 percent year-on-year, reaching RUB253 billion.

This significant growth in key financial metrics in 2017 is the result of the company’s successful development of new hydrocarbon production projects, higher retail and premium sales and effective initiatives led by Gazprom Neft’s senior management team. The increase in the global oil price also had a positive impact on the company’s financial performance. The company moved into positive free cash flow (FCF) in 2017, having completed key infrastructure investments in major new upstream projects, with this figure reaching RUB65 billion.

Gazprom Neft’s 2017 year-end results position the company among the top three oil producers in Russia. Total production hydrocarbon production (including shares in production at joint enterprises) reached 89.75 mtoe in 2017, 4.1 percent higher than in 2016. This growth was achieved through higher production at new fields, including the Novoportovskoye, Vostochno-Messoyakhskoye and Prirazlomnoye fields, as well as higher production in Iraq.

Annual refining volumes at the company’s own and jointly-owned facilities totalled 40.1 million tonnes. Optimum throughput at the company’s refineries ensured that the company achieved maximum profitability despite the current market conditions. More than 26 million tonnes of oil products were sold through Gazprom Neft’s premium retail channels last year, with sales of oil products through the company’s filling station network, in particular, reaching more than 11 million tonnes, an increase of 5.6 percent.

In addition to this, average daily per-station sales across the Gazprom Neft filling station network in Russia increased by 4.2 percent, to more than 20 tonnes per day, making the company Russia’s market leader in fuel retailing. Gazprom Neft continued expanding its geographic presence at airports, increasing retail sales of aviation fuels by 19 percent. The company entered new markets abroad, including through the launch of innovative bitumen products, increasing sales of bitumen materials by 20 percent, as well as increasing production of oils and lubricants by 14 percent.

Commenting on the company’s year-end results for 2017, Gazprom Neft CEO Alexander Dyukov said: “Gazprom Neft has been the Russian oil industry market leader in terms of efficiency for many years. This year has seen us achieve record financial results with the highest net profit in the company’s history.

One of the company’s key priorities remains ensuring a high dividend yield and not only have we delivered a higher dividend in absolute terms in 2017, but we have also returned to paying interim dividends. In 2017 the company’s share price increased to set another record, suggesting considerable investor interest in the company.”

Financials and Investment News in Russia >>

Tanzania >>  6/21/2018 - Solo Oil plc, the natural resources investment company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil an...
Austria >>  6/20/2018 - The Organization of the Petroleum Exporting Countries (OPEC) meets on 22 June 2018 to decide output policy amid calls from major consumers such as the...

Iraq >>  6/20/2018 - Genel Energy plc notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $62.19 million from the Kurd...
China >>  6/6/2018 - Sino Gas & Energy Holdings Limited’s (Sino Gas) Joint Venture company, Sino Gas & Energy Limited (“SGE”), in conjunction with its Linxing Production ...

United Arab Emirates >>  6/5/2018 - Abu Dhabi National Oil Company is considering selling another 10 percent stake in its fuel distribution business, which listed in an initial public of...
Nigeria >>  6/1/2018 - Baker Hughes, a GE company, has unveiled plans to partner with local firm, TREXM Oil and Gas Services to bring about its latest innovating metering so...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 |

Oil & Gas Projects in Russia >>

More News

 

Oil & Gas Companies in Russia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.