Gazprom Neft’s Revenue for the First Half of 2024 Exceeded RUB 2 Trillion
Gazprom Neft’s revenue for the first half of 2024 amounted to RUB 2 trillion, an increase of 30.1% compared to the first half of 2023;
Gazprom Neft’s net profit in the first half of 2024 increased by 7.9%, amounting to RUB 328.5 billion.
Gazprom Neft publishes consolidated data of the disclosed condensed interim financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for the first half and second quarter of 2024.
Thanks to effective project portfolio management and changes in macro parameters, Gazprom Neft ensured record revenue growth in the first half of 2024. This figure amounted to RUB 2 trillion, which is 30.1% higher than the result for the same period last year. Adjusted EBITDA (earnings before interest, income tax, depreciation and amortization) for the first six months of 2024 reached RUB 704.1 billion, an increase of 11.9% compared to the first half of 2023. Free cash flow increased by 76.8% to RUB 161.2 billion. Net profit attributable to the company’s shareholders increased by 7.9% to RUB 328.5 billion.
One of the most significant events of the first half of 2024 was the commissioning by Gazprom Neft of infrastructure for industrial hydrocarbon production at section 3A of the Achimov deposits of the Urengoy field in the Yamal-Nenets Autonomous Okrug – the company is developing this section under a long-term risk operator agreement with the license holder, Gazprom Dobycha Urengoy LLC. In the Tomsk Region, Gazprom Neft has discovered a new field with geological reserves of about 30 million tons of hydrocarbons and has begun developing the Chonsky cluster, the largest undeveloped group of license areas in Eastern Siberia.
In the first half of 2024, the company ensured high efficiency of oil refining at its refineries for reliable supplies of fuel, lubricants and high-tech bitumen to the domestic market. Gazprom Neft continues to actively implement environmental solutions: the project for the production of biofuels for marine vessels and air transport has been expanded, and the country’s first electric-powered fuel tanker has begun operating. In the city of Gatchina in the Leningrad Region, the company’s first plant for processing plastic packaging materials into secondary granules has been put into operation.
An important event in the reporting period was the successful testing of the first domestic fleet for hydraulic fracturing, which Gazprom Neft carried out jointly with its partners. The test results will allow the start of serial production of a new set of equipment for the main method of enhancing oil recovery. A number of other technological projects are being implemented that are significant on a sector-wide scale.
To train new specialists, the company is developing its own system of support for higher and secondary vocational education. In the first half of the year, the “League of Colleges” project expanded to 17 educational institutions in 9 regions of Russia. A similar project of Gazprom Neft for higher education institutions, the “League of Universities,” has been in operation for several years and unites 37 key Russian universities.
