Gazprom Neft lifts profit

Gazprom12 November 2013, News Wires – Russia’s Gazprom Neft beat analyst forecasts with a 3% year-on-year increase in third-quarter net profit.

The oil-producing arm of state gas export monopoly Gazprom reported a net result of 57.5 billion roubles ($1.75 billion), compared with 55.95 billion roubles a year earlier, while a Reuters poll of analysts had expected the company to earn 52.3 billion roubles in the latest quarter.

Gazprom Neft, which has set itself the target of doubling oil production to 100 million tonnes (2 million barrels per day) by 2020 reported turnover of 402.3 billion roubles, which was also better than expected.

Quarterly earnings before interest, tax, depreciation and amortisation were up 40.3% over the year to 96.1 billion roubles.

Its capital expenditure in the first nine months increased 11.4% year on year, driven mainly by new project development and use of new technology to maintain production at mature fields, the company stated.

– Upstream

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