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Gazprom Neft´s H1 2021 net profit reached $2.9 billion

Net profit and adjusted EBITDA are now above the pre-crisis levels of H1 2019, following a downturn in 2020 resulting from the pandemic and the collapse in demand for oil products

Gazprom Neft´s H1 2021 net profit reached $2.9 billion

Source: Courtesy of Gazprom Neft

St.Petersburg, August 19 - Neftegaz.RU. Gazprom Neft today announced its consolidated IFRS financial results for the 1st 6 months of 2021 (H1).

H1 net profit attributable to Gazprom Neft shareholders grew 26 times to $2.9 billion.
H1 adjusted EBITDA was $5.8 billion — a 2.4-fold increase year-on-year.

Alexander Dyukov, CEO of Gazprom Neft, said:
  • Gazprom Neft demonstrated significant growth across all key financial indicators in the 1st half of 2021, effectively exploiting every available market opportunity
  • Throughout the 2nd half of 2021, the сompany will focus on increasing hydrocarbon production in response to new market opportunities, efficiency improvements across all processes and further technological development
  • One of our top priorities is ensuring high shareholder value, including through paying dividends of at least 50% of the сompany’s net profit
  • The сompany continues to keep decarbonisation and environmental protection front of mind
  • Our goal is to deliver a 30% reduction in carbon intensity by 2030
  • Additionally, carbon capture, use and storage and hydrogen production technologies have the potential to become new and promising areas for our business
In H1 2021, hydrocarbon production (incl.Gazprom Neft’s share in JV´s) was 48.5 mtoe, flat year-on-year.
Production volumes were supported by a 2.7% increase in gas production facilitated by the commissioning of an integrated gas treatment facility at the Vostochno-Messoyakhskoye field in July 2020, as well as the launch of infrastructure at the Tazovskoye field, the 1st oil & gas field in Russia to go into operation amidst the pandemic.

With reserves initially in place of 419 million tonnes of oil and 225 billion m3 of gas, the Tazovskoye field is set to become the centre of Gazprom Neft’s new production cluster with expected annual production of 1.7 million tonnes of oil and 8 billion m3 of gas.

In H1 2021, refining volumes at Gazprom Neft’s own refining assets and those at joint ventures increased by 5.9% year-on-year to 20.7 million tonnes.
Sales of motor fuels were up by 12.3% year-on-year in H1 2021, at 9.5 million tonnes.
In H1 2021, the сompany sold 12 million tonnes of petroleum products through its premium sales channels.

To read the news in Russian

Author: Elena Alifirova

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