Russian oil producing and refining company Gazprom Neft has reported consolidated net income of $1.86 billion for the six months ended June 30, 2007, an increase of 3.9% year-on-year.
Net cash flows from operating activities amounted to $2.30 billion, which is 94% higher year-on-year. Earnings before taxes, interest, depreciation and amortization (EBITDA) for the first half of 2007 increased by 3.3%, compared to EBITDA for the first half of 2006, amounting to $2.71 billion. Revenues for the first half of 2007 decreased by 8.7% to $9.24 billion year-on-year, due to reduced world oil and oil products prices and changes in the revenues structure.
Gazprom Neft’s oil production in the first half of 2007 increased by 1.4% up to 16.35MMT year-over-year. Refining throughput for the first half of 2007 increased by 17.2% up to 12.9MMT year-on-year.
Alexander Dyukov, president of Gazprom Neft, said: Generally the results of 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.