Gazprom Neft reports unaudited IFRS 1Q 2013 financial results

Gazprom Neft today announces its unaudited consolidated financial results for 1Q 2013, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

The company’s financial performance in 1Q 2013 compared to 1Q 2012 was negatively affected by a combination of lower crude oil prices and a rise in taxes and natural monopolies’ tariffs. The impact of these factors was partially offset by an increase in hydrocarbon production, refining throughputs and retail sales volumes. Revenue increased by 4.8% Y-o-Y to RUB 291,895 million, adjusted EBITDA decreased by 3.2% Y-o-Y to RUB 76,693 million, profit attributable to Gazprom Neft’s shareholders was down by 18.2% Y-o-Y to RUB 39,567 million.

Hydrocarbon production volumes in 1Q 2013 increased by 3.0% Y-o-Y to 111.76 mmboe (15.21 mmtoe), driven by increased natural gas production at the Cenomanian gas project at the Muravlenkovskoye field, higher associated gas utilisation and the start of production at SeverEnergia’s fields.

Refining throughput increased 1.9% Y-o-Y to 10.36 million tonnes, due to additional throughput opportunities emerging from differences in refinery maintenance schedules. Premium channel sales reached 5.12 million tonnes, average throughput per petrol station increased by 10.1% Y-o-Y to 17.6 tonnes per day.

CAPEX increased by 24% Y-o-Y to RUB 35,599 million driven mainly by investment projects at Yamal and the Orenburg Region, as well as a greater focus on drilling more complex horizontal wells at the Company’s legacy fields.

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