OREANDA-NEWS. On 23 April 2009 was announced, that Gazprom Neft releases consolidated results for the 2008. The Company's financial statements were prepared in accordance with US GAAP and are presented in US dollars.

Full year 2008 revenues reached a record USD 33.1 billion, up 52% from the USD 21.8 billion reported for 2007. Net income for the year reached USD 4.7 billion, an increase of 12% from the USD 4.1 billion in 2007. EBITDA increased 28% to USD 8.0 billion from the USD 6.2 billion reported last year.

Year-on-year growth resulted from higher pricing, increased domestic oil product sales and management activity on improving operational efficiency. Tax burden, high transportation and energy costs restrained company's financials.

Fourth quarter revenues declined 25% to USD 5.0 billion from USD 6.6 billion reported in 2007. Fourth quarter EBITDA decreased to USD 204 million, vs. 2007 fourth quarter EBITDA of USD 1.8 billion. The Company incurred a net loss for the period of USD 543 million. For the 2007 fourth quarter, the Company net income was USD 1.3 billion.

The decrease in financial results for the Forth Quarter 2008 reflected the impact of the significant sequential decrease in oil prices, lagged export duties and non-cash currency translation loss. However, the financial performance at this period benefited from cost reduction programs (decline in operating costs by 11% Q-o-Q).