Gazprom Neft posts 56.5% net profit drop to $850 mln in 1H09

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The FINANCIAL — According to RIA Novosti, Gazprom Neft, the oil producing arm of Russian energy giant Gazprom, said on July 27 its net profit calculated under Russian Accounting Standards decreased 56.5% year-on-year in January-June 2009 to 26.359 billion rubles ($850 million).


At the same time, the company's Q2 net profit jumped 130%, quarter-on-quarter, to 18.457 billion rubles ($595 million), Gazprom Neft said in a statement.


Gazprom Neft attributed its quarter-on-quarter net profit increase in April-June 2009 to the growth of world oil prices and exchange rate differences.


Gazprom Neft, formerly known as Sibneft, is a subsidiary of energy giant Gazprom, which holds 95.68% of its shares.


Gazprom Neft is Russia's fifth largest oil producer in terms of crude oil output. In 2008, the company produced 30.8 million metric tons (225.8 million barrels) of crude oil (a decline of 5.8% on the previous year) and refined 28.4 metric tons (208 million barrels), representing an increase of 8.4% on last year's figure.


Gazprom Neft's U.S. GAAP net profit increased 12% in 2008, year-on-year, to $4.658 billion.



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