Net income related to the shareholders of Gazprom Neft, according to the first half of the first half of the year, increased 26 times and amounted to the amount of 217.2 billion rubles for the first half of 2021. Adjusted EBITDA for the same period is 434.6 billion rubles, which is 2.4 times higher than 2020 compared to the same period. This follows from the consolidated data of the financial statements of Gazprom Neft, prepared in accordance with International Financial Reporting Standards (IFRS) for the first half of the year and 2nd quarter of 2021.
Net profit and corrected EBITDA after reducing the dynamics in 2020 caused by the distribution of the COVID-19 pandemic and the fall in supply for petroleum products exceeded the level of the daged first half of 2019. The ratio of net debt to the EBITDA indicator at the end of the 2nd quarter of 2021 amounted to 0.59x.
Gazprom Neft Revenue for 6 months of 2021 amounted to 1 trillion 338 billion rubles, which is 46.6 percent higher than the same period of 2020. The indicator of the corrected EBITDA1 (profit before interest, income tax and depreciation) increased by 138.8 percent – up to 434.6 billion rubles, which is associated with an increase in sales of petroleum products in the domestic market and the dynamics of oil prices and oil products at the international and domestic markets.
Hydrocarbon production Taking into account the share in Gazprom Neft joint ventures in the first half of the year 2021 amounted to 48.5 million tons of oil equivalent – at the level of last year. The production volume, in particular, is ensured by the increase in gas production by 2.7 percent due to the commissioning of the installation of comprehensive gas preparation at the East Mesmanskoye deposit in July 2020, as well as the launch of infrastructure in the Taza field – this is the first oil and gas field in Russia, which was launched in Russia Operation in a pandemic. Tazovskoye will become the center of the new mining cluster Gazprom Neft, its geological reserves are estimated at 419 million tons of oil and 225 billion cubic meters of gas, and the annual level of mining in the future will be 1.7 million tons of oil and 8 billion cubic meters of gas.
The volume of processing on its own refinery “Gazprom Neft” and oil refining assets of joint ventures in the first half of 2021 increased by 5.9 percent – up to 20.7 million tons. The growth was ensured by the restoration of demand due to the gradual removal of restrictions due to COVID-19, as well as the launch of the “Euro +” complex at the Moscow refinery.