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.

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