Gazprom Neft posts 2Q 2009 Net Profit of $1.2 billion

Russian crude producer Gazprom Neft has posted a 2Q 2009 Net Profit of $1.2 billion under U.S. GAAP.

The bottom line is down 45% from the $2.19 billion Net result posted for 2Q 2008, with EBITDA falling 53% year on year to $1.5 billion as 2Q sales slumped 48% year on year to $5.18 billion.

The 2Q results did show a marked upturn from 1Q 2009 for the oil production arm of Gapzrom and helped it to a 1H 2009 Net Profit of $1.534 billion, down from $3.607 billion a year earlier, as 1H 2009 EBITDA fell 55% year on year to $2.459 billion, and 1H 2009 Sales declined 47% to $9.365 billion.

The company attributed the year on year decline to the global reduction in prices for crude and oil products.