Gazprom Neft to Release IIQ2009 Financial Results

Source: www.gulfoilandgas.com 9/9/2009, Location: Asia

JSC Gazprom Neft published consolidated financial statements for the second quarter and for the first six months of 2009 drawn up in compliance with US GAAP standards at the official site of the Company.

In the second quarter of 2009, JSC Gazprom Neft Revenues increased by 24% vs Revenues for the first quarter of 2009 (USD 4,185 mln) and reached USD 5,180 mln, which shows a drop by 48% as compared to the same period of the previous year (USD 9,957 mln). Revenues for the first six months of 2009, decreased by 47% as compared to the first half of 2008 and amounted to USD 9,365 mln.

Net Income increased by 258% and totaled USD 1,200 mln in comparison with the first quarter of 2009 (USD 335 mln), and dropped by 45% as compared with the net income of USD 2,196 mln for the second quarter of 2008. In the first half of 2009, the net income of the Company made USD 1,534 mln, which shows a decrease by 57% vs the same period of 2008.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the second quarter 2009 made up USD 1 501 mln, that is 57% higher then the first quarter 2009 (USD 957 mln) and 53% lower then the same period 2008 EBITDA (USD 3 204 mln). For the first half of 2009 JSC Gazprom Neft generated EBITDA of USD 2 459 mln, which shows a decline by 54% in comparison with the first half of 2008 EBITDA.

Key financial results improvement in the second quarter of 2009 as compared to the first quarter of 2009 was mostly driven by an increase in oil and oil products prices and control of expenses.

Decline in the financial results for the first half of 2009 as opposed to the same period of 2008 resulted from decrease in oil and oil products prices by 52% on the average.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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