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Gazprom Neft posts 2Q 2010 net income of $747 million

Gazprom Neft posts 2Q 2010 net income of $747 million
Russian oil producer Gazprom Neft, has posted a 2Q 2010 net income of $747 million under US GAAP.

The bottom line is up 3% year on year from the 2Q 2009 net income of $725 million, with 2Q 2010 EBITDA also up 3% to $1.55 billion as revenues climbed 52% year on year to $8.026 billion.

The 2Q figures made for a 1H net income of $1.501 billion, up 42% year on year from the 1H 2009 net income of $1.060 billion, with 1H 2010 EBITDA up 28% year on year to $3.136 billion, as 1H revenues jumped 61% year on year to $15.322 billion.

The company said the results reflected an 8% rise in production, coupled with higher prices over the reporting period.

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