Novatek’s Q3 profit surges

Russian independent LNG producer Novatek said its net profit surged to almost 113 billion roubles ($1.6 billion) in the third quarter on the back of higher oil and gas prices.

Compared to a profit of 13.1 billion roubles ($185 million) Novatek reported in the July-September period, profit rose more than eight times.

Excluding effects of foreign-exchange fluctuations and disposal of interests in subsidiaries and joint ventures, net profit rose three times to 104.9 billion roubles ($1.48 billion), according to Novatek.

Revenues also increased 69 percent to 276.7 billion roubles ($3.91 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 the launch of new production facilities in August 2020.

Novatek reported earlier this month a slight decrease in gas production for the third quarter of this year.

The company’s natural gas production dropped by 0.7 percent year-on-year to 19 billion cubic meters while total production of hydrocarbons decreased by 0.5 percent to 149.5 million barrels of oil equivalent.

Most Popular

Venture Global’s CP2 LNG to start mobilization and site preparation

Venture Global LNG's CP2 LNG has received approval from the US FERC to start mobilization and other limited activities for the LNG project in Louisiana.

Prime Infra to buy 60 percent stake in First Gen’s Batangas LNG terminal

First Gen has entered into a deal with Prime Infrastructure Capital under which the latter will acquire a 60 percent equity stake in First Gen's gas business in the Philippines, including the Batanagas LNG terminal.

Atlantic LNG shipping rates continue to decrease

Atlantic LNG freight shipping rates continued to decrease this week, while European prices also dropped compared to last week.

More News Like This

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.

Russian LNG production down in January-February

Russian liquefied natural gas (LNG) production decreased in the first two months of this year compared to the same period last year, according to the Russian statistics agency Rosstat.