Gazprom Neft posts 1Q 2010 net profit of $727 million

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Gazprom’s oil producing arm, Gazprom Neft, has posted a 1Q 2010 net profit of $727 million under US GAAP.

The bottom line shot up 117% year-on-year from the $335 million net profit posted for 1Q 2009, with EBITDA rising 65.7% to $1.586 billion, and revenue up 72% to $7.296 billion.

Alexander Dyukov, Gazprom Neft Chief Executive Officer, commented that growth was driven by oil and oil product price rises together with increases in oil production and processing.

‘Production growth of 9.4 per cent in the first quarter of 2010 over Q1 2009 is a good outcome. We will continue to focus on cost reductions, which have already started to yield planned results. We expect to build on the positive momentum achieved in the first quarter by maintaining production at existing fields and through the development of new fields. Our plans also include modernization of plants and the completion of the rebranding of our petrol stations network.”