Gazprom Neft Posts YOY Revenue Drop, Production Increases
Gazprom Neft PJSC revealed Monday that the company posted a year on year revenue decrease and production increase in the first nine months of 2015.
Revenues fell by 0.6 percent to $18.7 million and profits attributable to the company’s shareholders dropped by 6.2 percent to $1.9 million in the nine month period. During this time, Gazprom Neft’s operating cash flow decreased by 3.9 percent to $3.3 million and its adjusted EBITDA increased by 9.3 percent to $4.7 million.
Hydrocarbon production volumes in 9M 2015 rose by 22.2 percent year on year to 436.42 million barrels of oil equivalent, as a result of continued growth at SeverEnergia (Arktikgaz) and Orenburg, increased crude production at Prirazlomnoye and Novoportovskoyeand, and the effective implementation of “geotechnological measures at existing fields”, according to the company.
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