Novatek Sees Revenue Growth amid Greater 3Q Production

Russia's largest independent natural gas producer, Novatek, reported Wednesday a 44.1-percent increase in third-quarter revenues to $2.3 billion and a 17-percent increase in 3Q profit to $726 million. The company said the increases were due to both a boost in its production volumes and average sales prices of natural gas and liquid hydrocarbons.

The firm said that it also benefited from the start of product sales from its Ust-Luga gas condensate fractionation and trans-shipment complex, which began operating during the second quarter of 2013.

Production of natural gas amounted to 430.8 billion cubic feet during the quarter, compared to 410 billion cubic feet during 3Q 2012.  Production of liquids during 3Q 2013 was 7.7 million barrels, a 7.5-percent improvement over the 7.1 million barrels the company produced in 3Q 2012.

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