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Gazprom Neft´s Q1 net income reached $1.1 billion

Despite the continued impact of the COVID-19 pandemic on the global oil market, Gazprom Neft has delivered a positive net profit for the 4th consecutive quarter

Gazprom Neft´s Q1 net income reached $1.1 billion

St. Petersburg, May 18 - Neftegaz.RU. In Q1 2021, Gazprom Neft’s revenue increased 18.7% year-on-year to RUB 611 billion.
The recovery in the oil price and prices of petroleum products supported a 95.3% increase year-on-year in adjusted EBITDA, which reached RUB 194 billion.

Net profit attributable to Gazprom Neft shareholders was over RUB 84 billion.
The company delivered a positive free cash flow of RUB 42 billion, a 62.6% increase compared to Q1 2020.

Alexander Dyukov, CEO of Gazprom Neft, said:
  • In contrast to the challenging 1st months of 2020, we have delivered a 2-fold increase in EBITDA, while decreasing the net debt to EBITDA ratio just over 1x
  • We will continue to develop proactively all areas of our business throughout 2021, as well as taking opportunities for diversification
  • We will also prioritise the establishment of our long-term ESG goals, primarily focused on reducing CO2 emissions
In Q1 2021, Gazprom Neft acquired 2 new licenses for geological prospecting of underlying horizons and «flank» fields in the Khanty-Mansi and Yamalo-Nenets Autonomous Okrugs, in line with its resource base development strategy.

Gazprom Neft has commissioned an oil-transportation system from Gazprom’s Chayandinskoye field to the East Siberia-Pacific Ocean (ESPO) trunk pipeline.
The completion of infrastructure construction will enable the company to deliver up to 1.5 million tonnes of oil per year to the ESPO.

Refining volumes at Gazprom Neft’s own and joint-venture refining assets reached 9.98 million tonnes in Q1 2021, with the company increasing the production of high-octane gasoline by 2.4% in response to market demand.

In Q1 2021, the company delivered a 2.8% year-on-year increase in sales of automotive gasoline, which stood at 4.48 million tonnes.

Gazprom Neft has begun the construction of a hydro-isodewaxing complex at its Omsk Lubricants Plant, which will produce base oils for high-tech synthetic lubricants.
Sales of petroleum products through premium sales channels reached 5.47 million tonnes in Q1 2021.

Source : Neftegaz.RU

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