February 21, 2019 / 8:55 AM / 8 months ago

Russia's Gazprom Neft says 2018 net profit up 49 percent

FILE PHOTO: A man fills the tank of a car at a fuel station of Gazprom Neft oil company in Moscow, Russia, May 30, 2016. REUTERS/Maxim Zmeyev

MOSCOW (Reuters) - Gazprom Neft, the oil arm of Russian gas producer Gazprom, on Thursday reported a 48.7 percent jump in 2018 net profit to 376.7 billion roubles ($5.8 billion) buoyed by higher prices and output.

Russia’s fastest-growing oil producer by output, Gazprom Neft said it expects production to rise by 2 percent this year despite a global deal to curb production.

Output in 2018 rose 3.5 percent to 688.4 million barrels of oil equivalent, or 92.88 million tonnes.

It reiterated a hydrocarbon production target of 100 million tonnes of oil equivalent by 2020 and expects oil prices of around $60 per barrel through to 2030 in its base scenario.

Gazprom Neft reported a 45.1 percent jump in 2018 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to 799.5 billion roubles.

Revenue rose by 28.7 percent to 2.49 trillion roubles on production, including shares in joint ventures.

Reporting by Vladimir Soldatkin and Andrey Ostroukh; editing by David Goodman and Jason Neely

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