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4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Gazprom PAO    GAZP   RU0007661625

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Gazprom Neft' : Neft plans to fulfill its oil production plan despite production cut deal

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05/26/2017 | 12:46pm CEST

Gazprom Neft expects to fulfill its production plan for 2017, which is 89.2 million tonnes of hydrocarbons, despite an agreement with OPEC to reduce oil production, the companys Deputy General Director for Economics and Finance Alexei Yankevich told a conference call.

"The agreement will have a certain impact on our production, but of course, when meeting these restrictions, we will try to reduce production in those projects that are less efficient than our greenfields. Most likely, the reduction will concern brownfields," he said.

"We are going to complete the plan we announced, which is 89.2 million tonnes of hydrocarbons, even taking into account these limitations, "Yankevich said.

He added that the company will not change its plan for production at new fields, in particular Novoportovskoye and Vostochno-Messoyakhskoye.

In 2016, the company increased hydrocarbon production by 8.2% to 86.2 million tonnes of oil equivalent. At the same time, head of Gazprom Neft Alexander Dyukov, said that in 2017 the company intends to increase oil production by 4.5-5% and production of hydrocarbons by the same percentage. According to him, before the agreement on the reduction of oil production, Russia entered into with OPEC countries and 10 other states, the production growth plan was more aggressive.

(c) 2017 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 104 374 M
EBIT 2017 13 362 M
Net income 2017 13 018 M
Debt 2017 41 251 M
Yield 2017 6,32%
P/E ratio 2017 3,91
P/E ratio 2018 2,98
EV / Sales 2017 0,89x
EV / Sales 2018 0,84x
Capitalization 51 191 M
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Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 2,54 $
Spread / Average Target 18%
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Managers
NameTitle
Alexei Borisovich Miller Deputy Chairman & Chairman-Management Board
Viktor Alexeevich Zubkov Chairman
Timur Askarovich Kulibayev Independent Director
Vladimir Alexandrovich Mau Director
Andrey Igorevich Akimov Director
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GAZPROM PAO51 191
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TOTAL-2.64%132 016
STATOIL ASA-3.54%58 239
ENI SPA-5.30%58 126
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