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Gazprom Neft posts 3Q 2009 Net Income of $846 million

Gazprom Neft posts 3Q 2009 Net Income of $846 million
Russian crude oil producer Gazprom Neft has posted a 3Q 2009 Net Income of $846 million under U.S. GAAP.

The 3Q bottom line is down 47% year on year, with EBITDA down 34% year on year to $1.82 billion, on the back of a 34.5% year on year fall in revenues to $7.08 billion.

The 3Q results made for a 9M Net Income of $2.37 billion, down 54% year on year, with 9M EBITDA down 48% to $4.28 billion, and 9M Revenues down 42% to $16.59 billion.

The company attributed both the 3Q and 9M result to changes in the crude oil price over the last year, focusing on the 35% quarter on quarter jump in revenues during 3Q, and the 21% quarter on quarter increase in EBITDA. It also pointed to improving refining margins, higher crude prices and the consolidation of Sibir energy.