• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days Does Toyota Know Something That We Don’t?
  • 3 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 5 days America should go after China but it should be done in a wise way.
  • 5 hours World could get rid of Putin and Russia but nobody is bold enough
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 13 days China is using Chinese Names of Cities on their Border with Russia.
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 13 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population

Russian Oil Firm Gazprom Neft Sees Profit Plummeting 43%

Gazprom Neft, the oil arm of Russian state gas giant Gazprom, reported a 43% annual slump in its second-quarter net profit amid lower sales.

For the first half of 2023, Gazprom Neft’s net income fell by 40% to $3.2 billion (304 billion Russian rubles), but was higher than analyst estimates, according to Russian news agency Interfax.

Last year, Gazprom Neft did not publish an annual results report. Analysts had expected worse performance so far this year than the results the company announced on Thursday, Interfax reports.

For the second quarter of 2023 alone, Gazprom Neft’s net profit dipped by 43% to $1.5 billion (140.1 billion rubles). Revenues were also lower, as sanctions on Russia’s exports, and the lower oil prices this year compared to last year’s highs in the spring, resulted in a decline in realized prices for the company’s production.

This past quarter, all major companies in the West also reported lower earnings, primarily due to the lower crude oil prices compared to the triple digits seen last year after the Russian invasion of Ukraine.

Russia’s total crude oil exports by sea slumped to a 21-month low in July, according to estimates by Energy Intelligence from earlier this week. Last month, Russia was estimated to have shipped 4.62 million barrels per day (bpd) of crude, the lowest level since November 2021.

It looks like Russia is trying to abide by its pledge to reduce its crude oil exports in August and September. Russia has promised a cut to its shipments by 300,000 bpd in September after a 500,000 bpd reduction in August.

Total Russian crude oil and refined products exports remained steady at around 7.3 million bpd in July, while higher oil prices and narrower price differentials for Russian crude pushed Moscow’s revenues higher compared to June, according to estimates by the International Energy Agency (IEA).

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News