Russian oil firm Gazprom Neft has grown 28% year on year.
The company reported a net profit of RUB189 billion (£2.3billion) for the first nine months of 2017
Revenue, including sales, amounted to RUB1,458 billion (£18.3billion), an increase of 19.3% year-on-year.
the increases were attributed to the successful development of new hydrocarbon production projects, growth in retail sales, and the recovery of the oil price and the price of oil products, alongside effective management initiatives.
Hydrocarbon production for the year to date, including Gazprom Neft’s share in joint ventures, reached 67.05 million tonnes of oil equivalent (mtoe), an increase of 5.6% year-on-year. This growth reflected increased production at new assets, including the Novoportovskoye, Messoyakhskoye and Prirazlomnoye fields, as well as in Iraq.
Refining volumes in 9M 2017 declined in line with the company’s production plan, to accommodate major, planned maintenance works at the company’s refining facilities.
Retail sales grew 6.3%, with more than 8.1 million tonnes of oil products sold through the company’s petrol station network in the first nine months of 2017.
Alexander Dyukov, chairman of the Gazprom Neft management board, said: “Gazprom Neft continues to demonstrate solid growth in its financial results driven by progress on new projects, an improved pricing environment and effective management.
“The company is continuing to implement a growth strategy aimed at further strengthening its position as an industry leader in efficiency and return on investment.
“In the first nine months of 2017 we have achieved record free cash flow, enabling us to further improve our dividend yield and grow shareholder value.”
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