x

Abu Dhabi, UAESaturday 15 December 2018

Gazprom's second-quarter profit almost doubles

Earnings hit Dh5.5bn on higher oil prices and rising production from new projects

Gazprom HQ in Moscow, Russia. The energy major has gained from rising crude prices. Reuters
Gazprom HQ in Moscow, Russia. The energy major has gained from rising crude prices. Reuters

Russian oil producer Gazprom Neft said on Thursday it had almost doubled year-on-year net profit in the second quarter to 96.8 billion roubles (Dh5.5bn) on higher oil prices and rising production from new projects.

Gazprom Neft's second-quarter earnings before interest, tax, depreciation and amortisation rose to 193.1bn roubles, from 114.4bn roubles in the same period last year.

Second-quarter sales totalled 617.1bn roubles compared with 475.7bn roubles a year ago.

_______________

Read more:

Rosneft net profit almost quadruples in second quarter and shares hit all-time high

Energy major BP's second-quarter profits up by four times on last year

_______________

Gazprom Neft's first half crude oil output declined 0.6 per cent year-on-year because of a global oil deal between Oprc and other oil producers to curb output, the company said.

Russia in July said it planned to increase production again after Opec and non-Opec countries agreed to ease production curbs.

Gazprom Neft said second-quarter crude oil output rose 3.6 per cent quarter on quarter due to higher output in Iraq, its increased share in the Arcticgas venture and the longer duration of the second quarter.

s
Gazprom Neft shares year to date.