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

Excelerate buys NFE’s Jamaica business for $1.05 billion

US FSRU player Excelerate Energy has entered into a definitive agreement with compatriot LNG player New Fortress Energy to acquire NFE’s business in Jamaica for $1.055 billion in cash.

Snam’s Ravenna FSRU to get first LNG shipment

Snam's 170,000-cbm FSRU BW Singapore, located off Italy's Ravenna, is set to receive the first LNG cargo from the US as part of its commissioning activities.

Argentina’s Enarsa gets offers for LNG cargo tender

Argentina's state-owned LNG importer Energia Argentina (Enarsa) has received seven offers for its first LNG cargo tender in 2025.

More News Like This

Novatek’s 2024 profit climbs to $5.19 billion

Russian LNG producer Novatek said its net profit rose to about $5.19 billion in 2024.

Novatek’s gas sales drop in 2024

Novatek said in its preliminary report issued on Thursday that the company’s natural gas sales reached 77.76 bcm in...

US sanctions two Russian LNG terminal operators

The Department of State announced on Friday that the US is sanctioning major targets in Russia’s energy sector, imposing...

Russian LNG production slightly down in November

Rosstat’s data show that the country’s LNG terminals produced about 3 million mt in November, down 0.4 percent compared...