Gazprom Neft on Tuesday posted a 47 percent year-on-year decline in third-quarter net profit, missing analyst forecasts, as a result of lower oil and petroleum product prices.
Gazprom Neft, the oil arm of state-run gas giant Gazprom, said in a statement that net profit for the three months to end-September totaled $846 million. This was below the $902 million average forecast of 11 analysts polled by Reuters.
Gazprom Neft said its revenues and EBITDA bounced back in the third quarter from the preceding three-month period. Quarterly revenues of $7.09 billion, though down 31 percent year on year, were 35 percent higher than in the second quarter. The company attributed the quarter-on-quarter increase to higher crude oil prices, better refining margins and the consolidation of newly acquired oil firm Sibir Energy.
Adjusted earnings before interest, taxation, depreciation and amortization were $1.82 billion in the third quarter. Quarterly EBITDA was down 34 percent year on year, but rose 21 percent from the second quarter.
Gazprom Neft also said Tuesday that it was buying access to three oil fields in western Siberia in a $118 million deal to acquire the main production unit of Swedish company Malka Oil.