Gazprom Neft reports IFRS financial results for 1Q 2014
Gazprom Neft today announces its consolidated financial results for 1Q 2014, prepared in accordance with International Financial Reporting Standards (IFRS).
A stronger financial performance in 1Q 2014 compared with 1Q 2013 was driven by increased hydrocarbon production volumes and a rise in product sales via premium channels. These factors led to a 9.6% Y-o-Y increase in adjusted EBITDA* (84.03 RUB bln). Net profit attributable to Gazprom Neft’s shareholders was 37.82 RUB bln, a 4.4% decrease, mainly due to foreign exchange losses associated with the revaluation of the loan portfolio. Operational cash flow reached 70.98 RUB bln in 1Q 2014, an increase of 61.6% Y-o-Y.
Hydrocarbon production volumes in 1Q 2014 increased 4.5% Y-o-Y to 116.75 mmboe (15.88 mmtoe), due to the application of new technology at mature fields, continued production growth at the Orenbrug region and Yuzhno-Priobskoye fields as well as Gazprom Neft’s increased effective stake in Sever Energia.
Refining throughput in 1Q 2014 reached 10.84 million tonnes, showing growth of 4.6% Y-o-Y, supported by increased condensate refining at the Omsk refinery and higher bitumen output and the completion of maintenance work on a diesel hydrotreater at the Moscow refinery in 2Q 2013.
Sales via premium channels rose 9.4% to 5.6 million tonnes. Average daily throughput via Company retail sites in Russia grew 4.8% to 18.4 tonnes/day.
Source: Gazprom Neft