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Gazprom Neft´s net profit fell in 2020 by 71% to $1.59 billion

Gazprom Neft's net profit in 2020 fell 3.5 times compared to 2019.

Gazprom Neft´s net profit fell in 2020 by 71% to $1.59 billion

St.Petersburg, February 18 - Neftegaz.RU. Gazprom Neft´s revenue in 2020 went down by 19.5% to RUB 2 trillion ($27.1 billion), while adjusted EBITDA plunged by 39% to RUB 485.2 billion ($6.58 billion).
The state-controlled oil giant recorded a 71% decline in net income due to the sharp drop in oil prices, lower demand for oil & petroleum products and the coronavirus pandemic.

Net profit was confirmed at RUB 117.7 billion ($1.59 billion).
Thus, the dividends for 2020 may amount to at least RUB 58.5 billion ($793.6 million).
Capital expenditures fell by 5% to RUB 413.526 billion ($5.61 billion).

Alexander Dyukov, CEO of Gazprom Neft, said:
  • Gazprom Neft has more than risen to the unprecedented challenges of 2020
  • Our 2020 performance confirms that not only did the company respond well to the crisis - we also became more efficient
  • Not only have we posted a net profit for this challenging year - we have also maintained production volumes at 2019 levels: the result of effective asset management and higher gas production
  • Market volatility notwithstanding, Gazprom Neft has continued its practice of paying interim dividends, increasing the dividend allocation to 50% of IFRS net profit
The Head of Gazprom Neft expects that global oil demand will return to pre-pandemic levels, if not at the end of this year, then at the beginning of next 2022.
At the same time, A. Dyukov noted that the OPEC+ agreement is one of the most powerful drivers of oil price growth and both producers and consumers were comfortable with oil prices of $45-$60.

To read the full story in Russian.

Author: Elena Alifirova

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