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Gazprom Neft posted $918 mln in 4rth quarter net profit

Gazprom Neft posted $918.07 mln in 4rth quarter net profit after loss a year earlier.

Gazprom Neft posted $918 mln in 4rth quarter net profit Gazprom Neft posted $918 mln in 4rth quarter net profit


Gazprom Neft published on February 22, 2017 its consolidated 2016 financial results and posted $918.07 mln (52.7 billion roubles) in 4rth quarter net profit after loss a year earlier.

 

Increased production and management efficiencies drove a 12.7% increase for 2016, to 456 billion roubles.

The net income attributable to shareholders of Gazprom Neft increased 82.5%  and amounted to 200 billion roubles.

 

The company adjusted EBITDA in the last quarter of 2016 was at 131.3 billion roubles comparing to 92.6 billion roubles the same period a year ago.

The volume of oil refining in Q4 2016 increased by 1.1% to 10.68m tonnes.

 

Operating Highlights

Q4 Q3 ∆, %   12 months ∆, %
2016 2016 2016 2015
168.28 161.13 4.4 Hydrocarbon production taking into account
the share in joint ventures (m barrels o.e.)
640.17 592.21 8.1
22.68 21.69 4.6 Hydrocarbon production taking into account
the share in joint ventures (Mt o.e.)
86.20 79.70 8.2
10.68 10.56 1.1 Volume of processing at own refineries
and joint venture refineries (Mt)
41.89 43.07 (2.7)
2.79 2.73 2.4 Sales through retail network (Mt) 10.45 10.16 2.9

 

In 2016, the company increased hydrocarbon production by 8.2% to 86.20m tonnes of oil equivalent (mmtoe).

This was supported by continuing production growth at the Novoportovskoye and Prirazlomnoye fields, and at the SeverEnergia fields, the commissioning of the East Messoyakhskoye field, consolidation of 50% of the production volumes of Northgas, an increase in the efficiency of beneficial use of gas produced in the Khanty-Mansi Autonomous Region and the Orenburg Region.

 

Financial Highlights

Q4 Q3 ∆, %   12 months ∆, %
2016 2016 2016 2015
474,4 450,2 5.4 Sales (RUB, m) 1,695,764 1,655,775 2.4
114,4 108,8 5.1 EBITDA (RUB, m) 402,277 345,160 16.5
131,3 121,3 8.2 Adjusted EBITDA (RUB, m) 456,198 404,811 12.7
12.37 11.65 6.2 USD / barrels o.e. 10.63 11.21 5.2
52,6 57,08 7.7 Profit attributable
to shareholders (RUB, m)
200,179 109,661 82.5
78,1 89,8 12.9 Cash flow from operations 313,803 285,175 10.0
1.60 1.78 10.1 Net debt / EBITDA 1.60 1.90 15.8

 

Alexander Dyukov, Chairman of the Management Board of Gazprom Neft, said: «Gazprom Neft’s exceptional net profit growth in 2016 was supported by the company’s strategic projects. In production, this primarily relates to Arctic projects. In 2016, the company commenced the full-scale development of the Novoportovskoye and East Messoyakhskoye continental fields. At Prirazlomnoye, the only producing field on the Russian Arctic shelf, production in 2016 increased 2.5 times compared to 2015.»


«An important project in 2016 for Gazprom Neft was the development of the production of catalysts in Omsk. In 2016, the company’s value in roubles reached a company record level», he said.

 

To read this news in Russian.

Source : Neftegaz.RU