Lower oil and petroleum product prices in the domestic and international markets continued to impact the company’s financial performance in Q3 2020, as did the limited recovery in demand for energy resources under COVID-19 restrictions in the first half of 2020.
Adjusted EBITDA amounted to RUB 329.2 billion in 9M 2020, and RUB 147.3 billion in Q3 2020 (an increase of 77.7% Q-o-Q). Net profit reached RUB 36.2 billion in 9M 2020, and RUB 28 billion in Q3 2020 (up 26.9% Q-o-Q).
Hydrocarbon production (incl. Gazprom Neft’s share in joint ventures) reached 72.1 million tonnes of oil equivalent (mtoe) in 9M 2020 (nearly unchanged year-on-year) as a result of the limits on oil production under the OPEC+ deal.
Refining volumes at Gazprom Neft’s own and joint-venture refining assets in 9M 2020 totalled 30.2 million tonnes. In 9M 2020, the company sold 17.1 million tonnes of petroleum products through premium retail channels.
«In line with our expectations, in the Q3 Gazprom Neft improved its financial performance, showing an increase in net profit compared to the Q2. We continue to take a highly disciplined approach to cutting costs and are implementing a range of initiatives aimed at improving the company’s operational efficiency amidst low oil prices and slower demand for oil and oil products. Our “Antivirus” campaign continues to ensure the company’s employees, partners and customers have a high level of protection against COVID-19», said Alexander Dyukov CEO of Gazprom Neft.