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Gazprom Neft Gains as Quarterly Net Jumps 24%, Beating Estimates

OAO Gazprom Neft, the oil arm of Russia’s natural gas exporter, climbed the most in a week after quarterly profit rose 24 percent, beating analyst estimates.

Gazprom Neft rose as much as 1.6 percent, the biggest gain since Nov. 1, and traded up 1.1 percent at 152.98 rubles by 4:03 p.m. in Moscow. The Micex index fell 0.8 percent to 1,411.76.

The amount of shares traded was 103,530, equivalent to 52 percent of the three-month average. The 10-day volatility jumped to 21.41, the highest since Oct. 1.

Net income advanced to 56 billion rubles ($1.8 billion) from 45.3 billion rubles a year earlier, the St. Petersburg, Russia-based company said on its website. That beat the average estimate of 49.3 billion rubles from five analysts surveyed by Bloomberg. Revenue gained 23 percent to 333.1 billion rubles.

OAO Rosneft, Russia’s largest oil producer, more than tripled net income in the third quarter after a loss in the previous quarter. TNK-BP, the third-largest, also rose as export taxes lagged crude price increases.

“What we like is that the company is delivering good results steadily versus its peers,” Ekaterina Rodina, an oil and gas analyst at VTB Capital, said today. “Premium sales” of lubricants and retail products has also increased while costs have remained unchanged, she said.

Gazprom Neft’s output increased 4.9 percent to 1.18 million barrels of oil equivalent a day in the period as it started the SeverEnergia project, a gas and condensate production venture with Eni SpA, Enel SpA and OAO Novatek in western Siberian.

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