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Gazprom Neft Third-Quarter Net Income Rises 47%, Misses Estimate

OAO Gazprom Neft, the oil producer controlled by Russia’s natural-gas export monopoly, said third-quarter profit jumped 47 percent from a year earlier after crude oil prices rose, while missing analyst estimates.

Net income climbed to $1.27 billion from $865 million a year earlier, the oil producer, which is moving its headquarters to St. Petersburg from Moscow, said today on its website. That compares with an average estimate of $1.4 billion from 10 analysts surveyed by Bloomberg. The shares trimmed gains.

Russian crude producers benefited from a 48 percent jump in the price of Urals, the benchmark export blend, in the period. OAO Rosneft, the country’s biggest oil company, boosted net income 12 percent, while TNK-BP, the venture half owned by BP Plc, had profit soar 57 percent.

Foreign exchange losses cut into Gazprom Neft’s reported net income, Vadim Mitroshin, an oil and gas analyst at Otkritie Capital, said by phone. The producer reported its net foreign exchange loss widened to $299 million from $32 million.

“Investors should pay attention to the fact that Gazprom Neft is continuing to improve its cash flow generation,” Mitroshin said. “The company generated a very solid free cash flow in the third quarter, about $1.3 billion, higher than in the second quarter.”

Gazprom Neft shares trimmed gains after rising as much as 2.1 percent, trading up 0.8 percent at 132.93 rubles at 12:24 p.m. in Moscow.

Cash flow from operating activities rose 24 percent to $2.43 billion, according to the statement. Revenue gained 38 percent to $11.6 billion, and adjusted earnings before interest, income tax, depreciation and amortization jumped 37 percent to $2.76 billion from a year earlier.

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