Gazprom Neft, the oil producing arm of Russian energy giant Gazprom, said on Tuesday its U.S. GAAP net profit decreased 50% year-on-year in January-September 2009 to $2.38 billion.

Revenue in the reporting period fell 37.5% to $16.6 billion, the company said in a statement.

In the third quarter of 2009, Gazprom Neft’s net profit decreased 29%,
quarter-on-quarter, to $846 million and fell 47% compared to the net
profit of $1.59 billion in the third quarter of 2008, the company said
in a statement.

Adjusted for one-off items in the second quarter 2009, net profit in
the third quarter increased 16.5%, quarter-on-quarter, the statement
said.

“Improvements in key financial results in the third quarter of 2009
compared to the second quarter of 2009 were driven largely by an
increase in crude oil prices, growth in refining margins, and Sibir
Energy’s consolidation,” Gazprom Neft said.

“The decline in the financial results for the first nine months of 2009
compared to the same period of 2008 resulted from a decrease in oil and
petrochemical prices,” the statement said.

Gazprom Neft is Russia’s fifth largest oil producer in terms of crude
oil output. In 2008, the company produced 30.8 million metric tons
(225.8 million barrels) of crude oil (a decline of 5.8% on the previous
year) and refined 28.4 metric tons (208 million barrels), representing
an increase of 8.4% on last year’s figure.

Source: RIA Novosti

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