“Gazprom Neft”, as informed and “Rosneft” has finished the first quarter of 2020 with a loss. It amounted to almost 14 billion rubles against net profit of 107.8 billion roubles a year ago. The company explained that the loss effect of exchange differences and a decrease in EBITDA due to the decline in oil prices.”Gazprom Neft” has received a loss for the first quarter of 2020 in the amount of 13.8 billion RUB compared to sales profit of 107.8 billion RUB over the same period last year, said the oil company in its report under IFRS. The company says that this result is attributable mainly to exchange rate differences due to the weakening of the ruble, as well as lower EBITDA. Adjusted EBITDA of the company decreased by almost 50% to 99,1 bln, mainly due to the decline in oil prices and the negative impact of the time lag for the calculation of export duty. “Gazprom Neft” has also reduced revenues by 12% to 514,6 billion. Free cash flow to oil company decreased 74.5% to 22 billion rubles While production of “Gazprom oil” in the first quarter increased by 4% year-on-year, to 15.9 million tons of oil and gas condensate. This was due to new wells and increased production from the oil rims project, in November the region and new fields in KHMAO. “We were prepared for the unprecedented situation caused by the pandemic COVID-19 and a decline in global demand and oil prices. “Gazprom oil” have quickly adapted to the new conditions”,— commented the company’s head Alexander Dyukov. Quotes “Gazprom oil” reacted with restraint to the publication of the report. 12:00 shares of oil companies on the Moscow stock exchange rose by 0.1%, to 334 rubles. apiece.”Gazprom Neft” became the second largest oil company, reported first-quarter 2020. Prior to this, Rosneft announced the company’s loss during this period 156 billion rubles Dmitry Kozlov
Austin Weather Forecast
25.8 ° C
Latest News & Headlines
Children and young people have to gradually learn how to handle money responsibly – especially in an increasingly digital world. A 21-year-old founder now...