OREANDA-NEWS. August 4, 2011. Gazprom Neft publishes today on its website (ir.gazprom-neft.com) its consolidated financial results in accordance with US GAAP for H1 2011.

Increased sales volumes and higher crude and petroleum prices drove the Company’s revenue up by 39% to USD 21,341 mln in H1 2011 compared to H1 2010 (Q2 2011 revenue of USD 11,476 mln is 43% higher than in Q2 2010).

Earnings before interest, income tax, depreciation and amortization (EBITDA)* in H1 2011 comprised USD 4,945 mln or 58% higher than in H1 2010 due to an increase in refining throughput, product mix optimization and improved market conditions. In Q2 2011 EBITDA increased by 60% to USD 2,478 mln compared to Q2 2010.

Net income in H1 2011 increased by 74% to USD 2,604 mln versus H1 2010 driven primarily by growth in EBITDA. Q2 2011 resulted in USD 1,167 mln in net income (56% higher than in Q2 2010).

The increase in net income resulted in a 6% growth in net cash provided by operating activities H1 2011 compared to the same period of 2010 or USD 2,512 mln. Net cash provided by operating activities reached USD 1,891 mln in Q2 2011 or 28% higher than in Q2 2010.

 

2Q
2011

2Q
2010

∆, %

1H 2011

1H 2010

∆, %
2011-2010

Revenue

11,476

8,026

43.0

21,341

15,322

39.3

Adjusted EBITDA*

2,478

1,550

59.9

4,945

3,136

57.7

Cash flow from operating activities

1,891

1,483

27.5

2,512

2,364

6.3

Net income

1,167

747

56.2

2,604

1,501

73.5

EBITDA/Bbl

24.0

16.2

48.4

24.1

16.5

46.4

*EBITDA is defined as Earnings before Interest, Income Tax, Depreciation, Amortization, non-controlling interest, foreign exchange gain, other non-operating expenses and includes the Company share in EBITDA of equity affiliates.