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Novatek Sells More Gas in 1H 2017

Novatek Sells More Gas In 1H 2017

Russian independent gas and liquids producer Novatek reported Gas Sales of 14.4bn m³ in the second quarter 2017 and 33.1bn m³ in the first half of this year. Compared with last year, this is a rise of 2.3% and 4.1% respectively, due to higher demand from end-customers as a result of colder temperatures, among other factors.

Excluding the distorting effect of the sale of a 9.9% stake in Yamal LNG in Q1 2016 and of foreign exchange rates, normalised profit attributable to Novatek shareholders totalled Rubles 33.8bn ($563mn) in 2Q2017 and rubles 78.1bn in 1H2017, representing increases of 14.1% and 17.5% respectively compared to the corresponding periods of 2016.

Revenues for 2Q were little changed at rubles 128.83bn, compared with rubles 127.388bn the year before; likewise, operating profit was also more or less unchanged at rubles 35.148bn compared with rubles 35.638bn the year before. The attributable profit saw the biggest difference, owing to last year's sale: it only rubles 3.243bn, down from 45.934bn the year before.

The growth in revenues and earnings before interest, tax, depreciation and amortisation (Ebitda) in 1H2017 was largely driven by higher natural gas sales volumes and higher liquids sales prices. Ebitda in the second quarter 2017 was significantly affected by lower average realised prices in Russian rouble terms for most of its liquid hydrocarbon products as well as lower liquid hydrocarbons sales volumes.

William Powell

This post first appeared on Natural Gas Asia - Asia's Unconventional Gas And O, please read the originial post: here

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Novatek Sells More Gas in 1H 2017


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