Gazprom Neft profit jumps as production increases

Gazprom Neft profit jumps as production increases:

"Gazprom Neft, Russia’s fourth largest oil producer, reported net profit of 200bn roubles ($3.49bn) in 2016, up 82.5 per cent on 2016, on increased production and lower local costs. EBITDA in the fourth quarter of the year rose 8.2 per cent to 131bn roubles, beating forecasts by VTB Capital of $1.6bn, on higher than expected production. The company, owned by gas producer Gazprom, said production last year rose 8.2 per cent to 86.2m tonnes of oil equivalent, in a year that ended with promises from Russia to join an OPEC-led cut to global oil production."



'via Blog this'