Gazprom Neft Delivers 10-Fold Growth of Net Profit for 9m 2021

Source: 11/18/2021, Location: Asia

- Net profit reached ?357 billion in 9M 2021
- Adjusted EBITDA up more than two-fold year-on-year, at ?700.6 billion
- Net debt to EBITDA ratio stands at 0.32x as at the end of 3Q 2021

Gazprom Neft announces its consolidated IFRS financial statements for the nine months (9M) and third quarter (3Q) ended 30 September 2021.

In 9M 2021, revenue amounted to ?2.162 trillion (an increase of 49.1% year-on-year), with adjusted EBITDA1 (earnings before interest, taxes, depreciation, and amortisation) up 112.8% to ?700.6 billion. This was driven by increased production and refining volumes, as well as a more positive price environment for oil and petroleum products. Net profit attributable to Gazprom Neft PJSC shareholders increased 10 times and reached ?357 billion in 9M 2021.

In 3Q 2021, Gazprom Neft achieved its lowest leverage in 12 years, with a net debt to EBITDA ratio of 0.32x. A two-fold increase in operating cash flow, supported by the phased realisation of the company’s investment programme, also resulted in sizeable free cash flow of?384.4 billion in 9M 2021.

Hydrocarbon production, including Gazprom Neft’s share in joint ventures, increased 2.7% in 9M 2021, reaching 74.1 million tonnes of oil equivalent (mtoe). The growth was driven by an increase in production at new projects, the commissioning of the Tazovskoye field in June 2021, as well as the launchof an integrated gas treatment complex at the Vostochno-Messoyakhskoye field in July 2020.

Refining volumes at Gazprom Neft’s own and joint-venture refining assets increased 7.5% in 9M 2021, reaching 32.4 million tonnes. This growth was driven by recovering demand in line with the gradual lifting of COVID-19 restrictions, as well as the commissioning of the new EURO+ complex at the Moscow Refinery.

In 9M 2021, the company delivered a 12.2% increase in premium-channel petroleum product sales, which comprised 19.2 million tonnes. Motor fuel sales increased 11.3% due to increasing demand following the gradual easing of COVID-19 restrictions. Average daily per-station sales across the Gazpromneft petrol station network reached 19.5 tonnes per day in Russia in Q3 2021, exceeding the 2019–2020 levels. Sales of aviation fuels saw an increase of 30.5% year-on-year. Lubricant sales increased by 8.7%, while sales of premium bitumen products rose by 40%.

Decarbonisation and environmental protection continue to be among the company’s top priorities, as Gazprom Neft is implementing a number of unique technological projects aimed to support this process. The company put into commercial operation a modular unit for separating associated petroleum gas (APG) into usable fractions. This equipment is helping to cut the company’s carbon footprint by improving efficiency in APG processing. Gazprom Neft is also planning to develop projects in carbon capture and storage and hydrogen energy, including in partnership with companies from various industries, as well as developing minimal-carbon-footprint aviation biofuels in partnership with Aeroflot.

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