2019 financial results

Adjusted EBITDA, ₽ billion
Factor analysis of the adjusted EBITDAIncluding the Gazprom Neft share in the EBITDA of associates and joint ventures. 2019 vs 2018, ₽ billion

The figures may not constitute final amounts due to rounding.

Cash flow in 2019, ₽ billion

Peak investments in refining projects and the expansion of the production project portfolio have resulted in higher capital expenditure

Capital expenditure at brownfields increased by 18.9% due to:

  • an increase in drilling and workover at new fields in traditional production regions.

Capital expenditure at greenfields increased by 17.5% due to:

  • an increase in drilling and construction of infrastructure facilities;
  • seismic surveys at new licence blocks;
  • commencing oil rim projects.

The growth of capital expenditure in the downstream segment amounted to 21.3% year on year, and is related to an active phase of deep conversion projects at the Omsk Refinery, and construction of a catalyst plant.

Investments,The figures may not constitute final amounts due to rounding. ₽ billion
Net debt, ₽ billion, and Net debt/EBITDA

Credit ratings

  • In February 2019, Moody's upgraded the company rating to Baa2, and revised the outlook to "stable"
  • In August 2019, Fitch Ratings upgraded the company rating to BBB, with the "stable" outlook

In late December 2019, all Gazprom Neft ratings were investment-grade.

Debt portfolio

  • In November 2019, the company successfully placed five-year bonds worth ₽25 billion, with a coupon of 6.85% per annum.
  • In December 2019, the company successfully placed 10-year bonds worth ₽20 billion, with a coupon of 7.15% per annum.

The coupon rates were the lowest in the history of the Russian marketPlacement for comparable periods.