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Gazprom Neft Reports Q2 2010 and H1 2010 Results

18.08.10 15:14

Moscow – August 18, 2010 – JSC Gazprom Neft has published the Company's consolidated financial statements for Q2 2010 and H1 2010, which have been prepared in compliance with US GAAP standards.

Revenues in Q2 2010 rose 52% to USD 8,026 mln (Q2 2009: USD 5,269 mln). Growth was driven by an 8,3% increase in production volumes and rising oil and oil products prices. Revenues for the H1 2010 were $15 322 mln. - 61% up from the corresponding period of 2009.
Earnings before interest, taxes, depreciation and amortisation (EBITDA)* for Q2 2010 was up 3% to USD 1,550 mln (Q2 2009: USD 1,501 mln). The rise in EBITDA was partly offset by a higher tax burden and an increase in natural monopolies tariffs. H1 2010 EBITDA was $3 136 mln, 28% higher than in H1 2009.
Net income in Q2 2010 and H1 2010 increased by 3% and by 42% to USD 747 mln and 1,501 mln respectively as compared to net income adjusted for the one-off gain following the Sibir Energy acquisition in Q2 2009 (USD 725 mln) and in H1 2009 (USD 1,060 mln).