- Gazprom (OTCPK:OGZPY) says its Q2 net income fell 17% Y/Y to 244.9B rubles ($3.8B), but that's a less than expected reduction as a strengthening ruble helped ease the debt burden at the world’s biggest natural gas producer.
- Q2 revenue rose 4.9% Y/Y to 1.33T rubles, while net debt fell 15% from the start or the year to 1.76T rubles, mostly because of the currency strengthening.
- “The second quarter was the worst for Gazprom this year, [but] the results are better than expected,” says an analyst at Raiffeisen Bank in Moscow. "Gazprom even has a chance to see a positive cash flow - close to zero but still positive - if oil remains at about $50 a barrel and depending on the cold season.”
- The average gas price for Europe and other countries fell 18% to nearly 13K rubles per thousand cm during H1, while supply volumes grew to 109.4B cm from 80.4B cm in the year-earlier period.