Gazprom-Neft reports 2Q 2008 Net Income of $2.2 Billion

The oil producing subsidiary of Gapzrom, Gazprom-Neft, has unveiled a 2Q 2008 Net Income of $2.2 Billion under U.S. GAAP

The bottom line was up 84% on the same period 2007, and made for a 1H 2008 Net Income of $3.6 Billion, up 93% on the 2007 result.

EBITDA for 2Q came in at $3.09 Billion, on the back of Revenues of $9.8 Billion, up 70% and 92% respectively on 2007.  1H EBITDA came in at $5.1 Billion on Revenues of $17.6 Billion.

The company attributed the stronger than expected results to rising prices for oil and oil products over the half, higher refining margins, and increased sales volumes, both domestically and for export.