Gazprom Neft Reports Q1 2010 Results

Net income increased by 117% to USD 727 mln (Q1 2009: USD 335 mln), although the Q1 2009 was impacted by a major one off foreign exchange loss.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for Q1 2010 were up 66% to USD 1,586 mln (Q1 2009: USD 957 mln). EBITDA growth was impacted by ruble appreciation and rises in tariffs.
Alexander Dyukov, Gazprom Neft Chief Executive Officer, commented: "Production growth of 9.4 per cent in the first quarter of 2010 over Q1 2009 is a good outcome. We will continue to focus on cost reductions, which have already started to yield planned results. We expect to build on the positive momentum achieved in the first quarter by maintaining production at existing fields and through the development of new fields. Our plans also include modernisation of plants and the completion of the rebranding of our petrol stations network.”