Gazprom Neft today announces its unaudited consolidated financial results for H1 2013, which have been prepared in accordance with International Financial Reporting Standards (IFRS).
The company’s financial performance in H1 2013 compared to H1 2012 was positively affected by growth in hydrocarbon production and a rise in petroleum products sales via premium distribution channels. The impact of these factors led to a 1.8% Y-o-Y increase in revenue and a 0.9% Y-o-Y increase in adjusted EBITDA. The 1.4% Y-o-Y decrease in profit attributable to Gazprom Neft’s shareholders was related to fforeign exchange losses due to the revaluation of the credit portfolio, as well as a rise in depreciation expenses resulting from the investment programme.
An increase in production volumes, refining throughput and domestic petroleum product sales drove revenue up by 2.4% Q-o-Q. Falling crude oil and oil product prices, combined with the negative impact of the export duty lag in Q2 2013 drove a 3.7% Q-o-Q decrease in adjusted EBITDA and a 3.8% Q-o-Q decrease in profit attributable to Gazprom Neft’s shareholders.
Hydrocarbon production volumes in H1 2013 increased by 3.6% Y-o-Y to 224.87 mmboe (30.61 mmtoe), due to the ongoing development of major projects (Orenburg, SeverEnergia), continued production growth at the Priobskoye field, and the successful application of high-tech operations at mature fields, as well as programmes aimed at improving associated petroleum gas utilization.
Refining throughput decreased 0.8% Y-o-Y to 21.19 million tonnes in H1 2013 due to planned maintenance. Sales via premium distribution channels reached 10.98 million tonnes, and average daily sales per petrol station in Russia grew by 9% to 18 tonnes/day.
CAPEX increased by 31.3% Y-o-Y, driven mainly by new project development and the use of new technology to maintain production at mature fields.