Gazprom Neft reports on results -2015 under IAS

​Gazprom Neft published the consolidated results under IAS for 2015.

The growth of hydrocarbons extraction, saving the position in the oil products sales markets and actions of the company’s management provided the growth of EBITDA by 18.2% (404.81 bln roubles) y-o-y having covered the influence of tax maneuver and a temporary duty lag. The fall of sales by 2.1% against 2014 was due to the total price fall for oil and oil products in the world markets.

The reduction of the net profit referred to the shareholders of Gazprom Neft (-10.2%) was caused by the negative influence from the currency exchange rates that arose as a result of the reassessment of loans, growth of amortization payment due to the realization of investment program as well as the growth of cost of loans in Russia.

Hydrocarbons extraction in 2015 reached 592.21 mln barrels of oil equivalent (79.7 mln tons of oil equivalent) having risen by 21.3% against 2014. The company covered the extraction volumes by new reserves by 279%. Such factors as the continual extraction growth at the deposits of SeverEnergy (Arcticgas) and Orenburg cluster, Prirazlomny deposit, the purchase of a stake in Nortgas and effective implementation of high-tech operations at the company’s mature assets had the main impact on the extraction volume growth.