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Gazprom Neft Releases 1H 2007 Consolidated Financial Results

JSC Gazprom Neft today, October 11, reported its consolidated financial results in accordance with US GAAP for the six months ending June 30, 2007.

In the first half of 2007, Gazprom Neft’s Net Income was US$1.862 billion, which is an increase of 3.9% y-o-y.

Net cash flows from operating activities amounted to $2.301 billion, which is 94% higher y-o-y.

Earnings before taxes, interest, depreciation and amortization (EBITDA) for the first half of 2007 increased by 3.3% as compared to EBITDA for the first half of 2006, and amounted to $2.710 billion.

Revenues for the first half of 2007 reduced by 8.7% to $9.243 billion y-o-y, that happened due to fall of world oil and oil products prices and change in the revenues structure.

Key Gazprom Neft half-year 2007 Financial Figures

USD million1H20071H2006
Revenues9 24310 123
EBITDA2 7102 624
Net Income1 8621 793

Besides, JSC Gazprom Neft oil production in the first half of 2007 increased by 1.4% up to 16.35MMTonn y-o-y (without 50% share in JSC “NGK Slavneft”).

Refining throughput for the first half of 2007 increased by 17.2% up to 12.9MMTonn y-o-y.

JSC Gazprom Neft President Alexander Dyukov said : “Generally the results of JSC Gazprom Neft’s operations for the first half of 2007 can be considered to be successful. For the full-year 2007 we expect not only to meet our business plan, but to exceed the financial and operating results for 2006”.