MD&A / Key Financial and Operating Data



Change, %

Financial results (RUB million)

Revenue 1 230 266 1 029 803 19.5
Adjusted EBITDA 323,106 300,077 7.7

RUB per toe of production

5,411.3 5,239.7 3.3

USD per boe of production

23.7 24.2 (2.3)
Profit attributable to Gazprom Neft 176,296 160,362 9.9
Net cash from operating activities 231,073 180,871 27.8
Capital expenditure 158,102 130,788 20.9
Net debt 149,105 191,628 (22.2)

Operational results

Hydrocarbon production including share in equity associates (MMboe): 439.02 421.64 4.1
Daily hydrocarbon production (MMboepd) 1.20 1.16 3.8
Crude oil production including share in equity associates (MMbbl) 373.64 368.27 1.5
Gas production including share in equity associates (bcf) 392.31 320.20 22.5
Refining throughput at own and equity associates refineries (MMtonnes) 43.34 40.49 7.0
2012 Highlights
  • Started industrial production of gas from Samburgskoye field (SeverEnergia) in April;
  • Produced first oil from pilot project at Vostochno-Messoyakhskoe field in October;
  • Produced first oil from Junin-6 block in Venezuela in September;
  • Started new catalytic cracking gasoline hydrotreating unit and new diesel hydrotreating unit at the Omsk refinery in May and December, respectively, allowing production of Euro-5 diesel and gasoline;
  • Yaroslavl refinery moved to 100% Euro-5 high-octane gasoline (AI-92 and AI-95) and 100% Euro-5 diesel from January and June, respectively;
  • Started new mild hydrocracking and distillate hydro processing (MHC/ DHT) complex at NIS in November;
  • Started industrial production of Euro-4 gasoline (AI-92 and AI-95) at the Moscow refinery in April;
  • Expanded jet fueling network by adding new airports in Russia (Kazan, Barnaul, Novy Urengoy, Ulyanovsk, Krasnoyarsk) and CIS (Kyrgyzstan); opened alternative fueling complex at Sheremetyevo airport; increased number of military airports serviced to 22;
  • Expanded and upgraded retail network;
  • Placed series 1 issue of USD 1,500 million 10-year loan participation notes in September 2012.
  • Total hydrocarbon production including the Group's share in equity associates increased 4.1% to 439.02 million boe (oil production increased 1.5% to 373.64 million bbl, and gas production increased 22.5% to 392.31 bcf) due to continued production growth at the Priobskoye field, higher associated gas output, and new production sources (Orenburg assets, SeverEnergia);
  • Refining throughput increased 7.0% in response to higher domestic downstream margins compared to export alternatives; and
  • Higher oil products prices, increased hydrocarbon production and refining throughput combined with growth in premium segment sales improved the Group's financial results: revenue increased 19.5% yearon- year, while growth in EBITDA (up 7.7% year-on-year) and profit attributable to shareholders (up 9.9% year-on-year) was held back by higher taxes (MET, excise) and higher natural monopoly tariffs.


Compared to 2011
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