Financial results

In 2018, Gazprom Neft showed sustainable growth in key financial indicators. The Company's revenue went up by 28.7% to ₽ 2.49 tn on the back of a favourable price environment, greater operational efficiency, and continuing production growth at the Novoportovskoye, Prirazlomnoye and Vostochno-Messoyakhskoye fields.

In 2018, adjusted EBITDA increased by 45%. The growth was driven by favourable oil prices globally and domestically, successful development of new upstream projects, and increased operating efficiency.

In 2018, the Company’s net profit grew by almost 49%, driven by stronger oil and petroleum product prices as per unit upstream and refining expenses went down. Cost cutting was made possible by an upgrade of refineries and introduction of innovations in the upstream segment.

Key financial indicators (₽ bn)

Source: Company data