Gazprom Neft Releases 2005 Consolidated Financial Results

Gazprom Neft Releases 2005 Consolidated Financial Results

Moscow, July 3, 2006. According to full-year consolidated US GAAP financial results released by the company today, in 2005 OJSC Gazprom Neft's revenues soared 64% up to $14.6 billion as compared with the previous year.

Earnings before taxes, interest, depreciation and amortization (EBITDA) also rose substantially last year, up 25% and exceeded $4 billion.

Despite significant growth in mineral resource extraction tax burden by over 85% OJSC Gazprom Neft had net income of 2,8 billion which is 37% higher than in 2004.

"The new business strategy of the Company stipulates for further improvement of financial figures including those at the expense of annual output growth up to 80 million tons by 2020," said Gazprom Neft President Alexander Ryazanov.

Key Gazprom Neft 2005 Financial Figures

(million dollars) 2005 2004
Total Revenues 14.585 8.886
EBITDA 4.061 3.242
Net income 2.805 2.046