Novatek’s Q2 profit jumps

Russia’s independent LNG producer Novatek said Wednesday its net profit more than doubled in the second quarter on the back of higher oil and gas prices.

Novatek said its profit reached 99.3 billion roubles ($1.34 billion) in the April-June period, compared to 41.5 billion roubles it logged in the year before.

Excluding effects of foreign-exchange fluctuations and disposal of interests in subsidiaries and joint ventures, net profit rose more than four times to 88.9 billion roubles ($1.20 billion), according to Novatek.

Revenues also increased 83.7 percent to 264.5 billion roubles ($3.58 billion).

The LNG producer attributed the rise in profit to improved macroeconomic conditions, which resulted in an increase in the firm’s hydrocarbons sales prices, as well as an increase in natural gas and gas condensate production volumes.

Novatek reported earlier this month a rise in both gas production and sales for the second quarter of this year.

The company’s natural gas production increased by 7.8 percent year-on-year to 19.95 billion cubic meters while total production of hydrocarbons rose by 7.8 percent to 156.7 million barrels of oil equivalent.

Most Popular

Cheniere takes FID on two more Corpus Christi LNG trains

US LNG exporting giant Cheniere has made a positive final investment decision to build two more midscale trains at its Corpus Christi LNG plant in Texas. The company has also issued full notice to proceed to Bechtel.

Golar progresses FLNG growth plans

Golar LNG said it had signed a final engineering study to confirm EPC price and delivery for a 5 mtpa MKIII FLNG.

Mexico Pacific seeks DOE extension

Mexico Pacific, the developer of the planned 15 mtpa Saguaro Energia LNG export project, is seeking a seven-year extension of its export deadline from the US Department of Energy.

More News Like This

Russia’s Novatek in LNG truck move

Russian LNG producer Novatek and compatriot National Carrier (NATCAR) are joining fores to develop the market for LNG as fuel for trucks.

Russian LNG production drops in April

Russian liquefied natural gas (LNG) production decreased in April compared to last year, according to the Russian statistics agency Rosstat.

Russian LNG production down in Q1

Russian liquefied natural gas (LNG) production decreased in the first quarter of this year, according to the Russian statistics agency Rosstat.

Novatek’s gas sales slightly up in Q1

Russian LNG exporter Novatek reported a slight increase in its natural gas sales, including LNG, in the first quarter of this year.