Page 147 - RusRPTJul23

9.2 Major corporate news 9.2.1 Oil & gas corporate news
● Gazprom
The Gazprom Board of Directors approved the long-term corporate development program for 2024-2033 and asked Chief Executive Officer Aleksey Miller to exclude the share of the European gas market from the strategic planning system, the gas holding said on Thursday. It was reported earlier Gazprom investments in 2023 could total record high RUB3.06 trillion rubles ($37.7bn).
● Rosneft
Russian oil major Rosneft has reported a significant increase in net profit for the first quarter of the year. According to the company's statement, net profit attributable to shareholders surged by 43% to reach 323bn rubles under International Financial Reporting Standards (IFRS).
While the company experienced a slight decrease in revenue, down by 1.1% to 1.823 trillion rubles, capital expenditures saw a more significant decline of 11.3% to 275bn rubles. However, Rosneft's earnings before interest, taxes, depreciation, and amortization (EBITDA) displayed positive growth, rising by 25.1% to 672bn rubles.
Maintaining a healthy financial position, the net financial debt/EBITDA ratio remained at 1.3x as of March 31, indicating a manageable level of debt.
In terms of production, Rosneft achieved an increase in hydrocarbon output, with a rise of 1.3% to 5.6mn barrels of oil equivalent per day. The output of gas also witnessed growth, up by 2.7% to 1.5mn barrels of oil equivalent per day, while liquid output increased by 0.8% to 4mn barrels per day. Additionally, the company processed 22.6mn tonnes of oil during the period.
Rosneft's filling stations in the Russian market continued to maintain prices that remained below the inflation rate, as highlighted by the company.
CEO Igor Sechin highlighted the positive contribution of the Sakhalin-1 project to Rosneft's hydrocarbon production. Daily production from the project increased by 1.8 times during the period, becoming a significant driver of overall output. However, Sechin also noted that a forced outage resulting from the withdrawal of US partner ExxonMobil had a negative impact on the project's technical conditions for field development.
147 RUSSIA Country Report July 2023 www.intellinews.com