Gazprom Neft Reveals Production Increase in Q1 Results

Gazprom Neft announced Tuesday a 15.8 percent year on year increase in hydrocarbon production volumes.

The news came as part of the company’s financial results for Q1 2015, which also revealed that lower global prices for crude and oil products resulted in a 1.3 percent reduction in sales. However, net profit attributable to Gazprom Neft’s shareholders grew by 3.5 percent year on year to almost $790 million and the company experienced an 11.1 percent increase year on year in adjusted EBITDA.

Hydrocarbon production volumes for Gazprom Neft stood at 135.14 million barrels of oil equivalent in Q1 2015. The increase is believed to have stemmed from the company’s increased stake in the ArcticGas project and the commencement of production at the Prirazlomnoye field in the Pechora Sea and at the Badra field in Iraq.

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