Gazprom’s Q1 net profit surges 91%

Russia’s OAO Gazprom Neft reported that its net profit surged 91% in the first quarter to US$1.437 billion, due to the rising value of foreign exchange derivative contracts.  OAO Gazprom Neft is the oil arm of the natural gas company OAO Gazprom.  Revenue was up 35% to US$9.865 billion due to increases in the price of crude oil and higher sales volumes.  Earnings before interest, taxes, depreciation and amortization (Ebitda) was up US$2.47 billion, an increase of 56% over last year, while Ebitda per barrel of oil equivalent was up 45% year-on-year to US$24.2.  According to the company, Ebitda growth was due to an increase in refining throughput, in addition to higher revenues from petroleum product sales in the domestic market. (May 12, 2011)