Gazprom neft’s 2021 net profit reaches an all-time high

Gazprom Neft’s financial performance for FY2021 was at an all-time high, with revenue reaching ₽3.068 trillion in FY2021, up 53.5% y-o-y. Adjusted EBITDA¹ (earnings before interest, taxes, depreciation, and amortisation) reached ₽986.1 billion, demonstrating a two-fold increase year-on-year, which was driven by positive trends in the pricing environment for oil and petroleum products, as well as by effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders saw a four-fold increase for FY2021, reaching a record ₽503.4 billion. Effective operational activities delivered free cash flow (FCF) of ₽500.1 billion for FY2021.

Key highlights

₽503.4 billion

net profit

in 2021

₽986.1 billion

adjusted EBITDA

in 2021

₽500.1 billion

free cash flow

in 2021

Recovering demand for oil, as well as a swift and effective response to the changing market environment, helped us deliver a record performance.

These results have also allowed us to increase dividend payments. The Board of Directors has recommended dividend payments in the amount of ₽40 per ordinary share for 9M 2021, which is another all-time high. Going forward, we intend to continue paying interim dividends.

We continue to develop new exploration and production projects in response to growing demand for oil and petroleum products. The company is also implementing a wide range of initiatives aimed at reducing our carbon footprint — both from our own operations and activities of businesses in other sectors of the economy. As one example, we plan to implement a major pilot carbon capture and storage (CCS) project in the Orenburg Region.

¹ Adjusted EBITDA includes the share of EBITDA of associated and jointly controlled companies accounted for under the equity method