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Gazprom Neft Q1 profits climb as market improvements help projects, sales

Russian oil producer PJSC Gazprom Neft reported first-quarter net profits of 69.7 billion Russian rubles, an increase of 12.4% year on year, with gains attributed to improved market conditions, new projects and increased sales.

Total revenue in the first three months grew by 14.5% year on year to 520.6 billion rubles, resulting in improved free cash flow of 11.6 billion rubles, the company reported May 29.

Adjusted EBITDA increased 32.3% year on year to 155.8 billion rubles.

As of May 28, US$1 was equivalent to 62.37 Russian rubles.