Stephen Simpson, CFA • 27 Comments
Stephen Simpson, CFA • 38 Comments
Fri, Jan. 15, 8:23 AM
- Gazprom (OTCPK:OGZPY) reports a smaller than expected loss in its FQ3, with the weak ruble boosting export revenues and offsetting foreign exchange losses.
- Gazprom says it lost 2B rubles ($26.1M) in the quarter that ended in September, vs. a profit of 105.7B rubles a year ago, exceeding the consensus estimate of a loss of 17.6B rubles, while EBITDA rose 3% Y/Y to a higher than expected 491B rubles.
- While revenue from gas supplies to the European market fell more than 25% last year to ~$38B, full-year sales may hit a record in ruble terms; FQ3 revenue rose 14% Y/Y to 1.29T rubles.
- Worse may be ahead for Gazprom, given that oil prices, which natural gas prices are tied to, have plunged again since the quarter.
Aug. 13, 2015, 12:57 PM
- Gazprom's (OTCPK:OGZPY) oil unit says Q2 profit rose 47% Y/Y to 73.2B rubles ($1.1B) from 49.8B rubles in the year-ago quarter, citing higher production as the state-run company ramps up projects in Siberia, Arctic waters and Iraq.
- However, sales fell 1.4% to 423.2B rubles.
- Russian oil producers have been able to shrug off the global crude price slump as tax rates adjust to the weaker market while ruble depreciation has cut the cost of services.
- Q2 hydrocarbon output totaled 146.9M boe, up 25% Y/Y, thanks to increases at mature fields, recently launched fields and assets consolidation.
- Gazprom forecasts hydrocarbon output growing by no less than 10% in 2015.
Aug. 10, 2015, 8:22 AM
- Gazprom (OTCPK:OGZPY) says its FQ1 net profit surged 71% Y/Y to 382B rubles ($5.97B), exceeding analyst estimates, as weakness in the ruble more than offset a drop in sales volumes to Europe.
- Revenue for the quarter rose 5.7% Y/Y to 1.65T rubles despite a 10% fall in sales volume, with the average price of foreign sales soaring amid the weak ruble; shipments to Europe fell 16% to 39.1B cm, and volumes to former Soviet countries and domestic customers also fell.
- While gas prices in Europe fell 24%to $284.2 per 1,000 cm during the quarter, the same figure in ruble terms rose 37%.
- Analysts say the quarter is likely to be the year's best for Gazprom, with the price of gas for European customers expected to fall in H2, as it is tied to the price of oil, which has plunged in recent months.
Apr. 29, 2015, 12:31 PM
- Gazprom (OTCPK:OGZPY) reports its 2014 net profit collapsed by 86% to 159B rubles (~$3.1B) from 1.1T rubles (~$20B) after being hit by the fall in the value of the ruble as well as lower oil prices.
- But results met expectations and the state-run company was able to generate record cash flow of $17.2B, helped by the ruble’s fall; Gazprom sells its gas in dollars and reports its profit in rubles.
- "They've generated good cash flow for the second year in a row" after coming in at $5.9B in Q4, says Sberbanks Alex Fak.
- “Underlying profitability looks strong," says Renaissance Capital's Ildar Davletshin. “If you clean up the numbers from one-offs, impairments charges in the fourth quarter and the foreign exchange loss, there is a positive net income."
Oct. 14, 2014, 7:56 AM
- Gazprom (OTCPK:OGZPY) says Q2 earnings rose 13% Y/Y on higher sales and prices, but missed analyst estimates after increasing a provision to cover Ukraine’s non-payment of debt for fuel supplies.
- Gazprom reports net income of 228B rubles ($5.63B) from 202B rubles a year earlier as sales of oil products rose, but analyst consensus was ~266B; Q2 revenue rose 19% to 1.32T rubles.
- The company added 144.5B rubles to a provision for doubtful trade accounts receivable, primarily from Ukraine.
- Profit for H1 slipped 23% to 450.6B rubles, but revenue rose by 7% to 1.59T rubles, as foreign volumes and prices rose.
Sep. 11, 2014, 8:18 AM
- Gazprom (OTCPK:OGZPY) reports a 41% Y/Y drop in FQ1 net profit to 223B rubles (~$6B) from 381B rubles, citing a foreign currency loss and Ukraine’s debt for natural gas supplies.
- Last year's FQ1 results were helped as the state-owned entity paid less back to European clients in retroactive discounts than expected.
- Gazprom, which provides 30% of the EU’s gas, halted supplies to Ukraine in June over unpaid bills, and now estimates it is owed $5.3B after raising the price for Ukraine to a level higher than it charges Germany, which Ukraine's government says is unfair.
- Gazprom says it lost 172B rubles on depreciation of the Russian currency as well as a 71.3B ruble provision for “doubtful trade accounts” mainly related to Ukrainian gas debt.
Sep. 3, 2013, 9:15 AM
- Gazprom (OGZPY.PK) says its FQ1 net profit rose 5% Y/Y 380B rubles ($11.4B) from 361B as a result of higher revenue from gas sales.
- Revenue rose 19% to 1.46T rubles; gas sales to Europe, Gazprom's most lucrative market, rose 6% to 45.4B cu. meters, while gas sales in Russia fell 9% to 90.3B cu. meters.
- Booked one-time revenue gain of 73.4B rubles from earlier provisions related to retroactive price adjustments for European customers.
Apr. 30, 2013, 6:29 AMNet profits fall 9.5% to $38.06B in 2012 for Gazprom (OGZPY.PK) even as revenues rose 2.7% on the year. Total natural gas sales at the world's largest producer fell to 482B cubic meters from 519B in 2011. For Q4, net profit attributable to shareholders comes in at $11.9B on a 5% increase in revenues. | Apr. 30, 2013, 6:29 AM
Sep. 6, 2012, 8:28 AM
Gazprom (OGZPY.PK) says FQ1 net profit fell 23.5% Y/Y on lower exports and retroactive payments to European customers that negotiated discounts. It's more bad news for the Russian gas giant, as the EC's probe into alleged breaches of antitrust rules shows how the emergence of other gas sources has emboldened Europeans to oppose Gazprom's habit of linking gas prices to oil.| Sep. 6, 2012, 8:28 AM