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☆ Gazprom: Russian oil giant posts first annual loss in 20 years as sales to Europe collapse
▼ + stars: | 2024-05-03 | by ( ) edition.cnn.com time to read: +2 min

Moscow — Kremlin-owned gas giant Gazprom plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, as sales to Europe plummeted in the wake of Russia’s war in Ukraine. Analysts had expected net income of 447 billion rubles ($4.9 billion) in 2023, according to Interfax news agency. The company made a net profit of 1.2 trillion ($13.1 billion) rubles in 2022, the year Russia launched its full-scale invasion of Ukraine. Russia’s gas exports to Europe, once its primary export market, have slumped largely because of the political fallout from the conflict in Ukraine. The company’s core profit, or earnings before interest, taxes, depreciation and amortization known as EBITDA, dropped to 618.38 billion rubles ($6.7 billion) last year from 2.79 trillion rubles ($30.4 billion) in 2022, according to Reuters’ calculations.

Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Analysts, Reuters, BCS Global Markets Locations: Moscow, Ukraine, Russia, St . Petersburg, Europe

☆ Gazprom plunges to first annual loss in 20 years as trade with Europe hit
▼ + stars: | 2024-05-02 | by ( ) www.cnbc.com time to read: +2 min

Kremlin-owned gas giant Gazprom said on Thursday it plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, amid dwindling gas trade with Europe, once its main sales market. Analysts had expected net income of 447 billion rubles, according to Interfax news agency. Gazprom's 2023 loss followed a net profit of 1.2 trillion roubles in 2022. It said on Thursday it made a net loss of 364 billion roubles from sales in 2023, in contrast to a profit of 1.9 trillion roubles in 2022. Its total revenue fell to 8.5 trillion rubles last year from 11.7 trillion in 2022.

Persons: Alexei Miller, Vladimir Putin, Ronald Smith Organizations: Gazprom, Saint Petersburg, Soviet, Analysts, BCS Global Locations: Saint Petersburg, Russia, Europe, Soviet Union, Ukraine, Moldova, St . Petersburg, Moscow

Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna. Robust global oil prices this year and Moscow's growing use of a shadow tanker fleet have meant that much Russian oil has traded mostly above the Western oil cap price. Moscow-based independent oil analyst Alexei Kokin said the oil prices declined from "very comfortable" levels to "just comfortable" levels. Russia has budgeted the price of Urals, its flagship oil grade, at 4,788 roubles ($53.36) per barrel this year. However, the share of energy sales in the federal budget proceeds - which used to exceed 50% of total budget revenue - has drastically declined.

Persons: Alexander Manzyuk, Vladimir Putin, Alexei Kokin, Ronald Smith, Vladimir Soldatkin, Guy Faulconbridge, Jason Neely Organizations: REUTERS, Energy, OPEC, Organization of, Petroleum, BCS, Investments, Brent, Thomson Locations: Republic of Tatarstan, Russia, MOSCOW, Vienna, OPEC, U.S, China, Saudi Arabia, United States, Moscow

Russia's gas, in contrast to its oil, is not subject to Western sanctions, although Brussels is considering extending its embargo on Russian fuel. Gazprom's gas exports, mainly to Europe, almost halved last year because of the political crisis over Ukraine and after undersea Nord Stream pipelines were damaged by unexplained blasts last September. Timchenko had long challenged Gazprom's monopoly on Russian gas exports, saying in 2012 that Europeans wanted to have an alternative to Gazprom. "I believe that Gazprom Export's marketing campaign led to its European share decrease ... Liquefied natural gas has already come to the market. In essence, a new, cheaper gas market is emerging; one has to see such things," Timchenko told the Forbes magazine in 2012.

Persons: Maxim Shemetov, Russia's, Ronald Smith of, Novatek, Vladimir Putin, Alexei Miller, Putin, Miller, Gennady Timchenko, Timchenko, Oksana Kobzeva, Vladimir Soldatkin, Barbara Lewis Organizations: Gazprom, REUTERS, Stream, EU, Kremlin, European Union, Novatek, BCS, Forbes, Thomson Locations: Russia, Europe, MOSCOW, Ukraine, Brussels, Siberia, LNG, Ronald Smith of Moscow, Germany, Italy, Soviet, St Petersburg, Moscow, Russian

☆ Weak gas prices worsen outlook for Gazprom's revenues from sales to Europe
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

Gazprom's gas sales to Europe, once its primary source of foreign currency revenues, have plummeted due to the crisis in relations between Moscow and the West. Gazprom has not provided forecasts for gas exports this year and has not replied to a request for comment. Ronald Smith, a seasoned analyst at Moscow-based BCS brokerage, expects Russian gas prices in Europe to average $445 per 1,000 cubic metres this year. He forecasts Russian gas exports to Europe and Turkey will reach 50 bcm this year. If Russia keeps its gas exports to Turkey steady, it might reach 22 bcm in 2023, then sales to Europe would total 28 bcm.

Persons: Ronald Smith, That's, Oksana Kobzeva, Vladimir Soldatkin, Christina Fincher Organizations: Gazprom PAO, Gazprom, Economy Ministry, Thomson Locations: MOSCOW, Europe, Ukraine, Moscow, Turkey, Russia

☆ Analysis: Gazprom's export revenue may fall by 50% in 2023
▼ + stars: | 2023-02-14 | by ( Oksana Kobzeva | ) www.reuters.com time to read: +5 min

If the trend continues, Gazprom's export revenues for the whole year could be halved compared to 2022 when its export volumes also declined by nearly half. LOWER REVENUESIn 2022, Gazprom's export volumes fell by 46%, according to the company. Gazprom has not provided forecasts for gas exports for this year. Gazprom's exports outside ex-Soviet Union fell by more than 45% to 100.9 bcm in 2022 from 185.1 bcm in 2021. The Economy Ministry forecasts Gazprom's export price for 2023 at $700 per 1,000 cubic metres.

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