Gazprom Neft posts 1Q 2011 net profit of $1.437 billion

Gazprom Neft posts 1Q 2011 net profit of $1.437 billion (RIA Novosti / Alexey Kudenko)
Russian oil producer, Gazprom Neft, has posted a 1Q 2011 net profit of $1.437 billion under US GAAP.

The net result is up 91% year on year, with 1Q 2011 EBITDA rising 56% year on year to 2.467 billion as 1Q 2011 revenues rose 35% year on year to $9.865 billion.

Gazprom Neft said the results reflected higher crude sales against a backdrop of higher global crude prices, with increased refining volumes and revenues from oil products sales partially offset by higher excises and rising production costs.