October 2, 2022

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Gazprom expects an increase in revenues in 2022

The Russian gas producer Gazprom recorded very good results in the first half of the current year, and revenues in 2022 will exceed those in 2021, announced CEO Alexey Miller, as the increase in gas prices compensates for the decrease in production and exports , reports Reuters.

Gazprom’s natural gas production stood at 288.1 billion cubic meters (bcm) in the first eight months of 2022, while Gazprom’s exports to countries outside the Commonwealth of Independent States (CIS) accounted for 82.2 bcm, Miller said, without providing comparisons. Exports to China rose at an annual rate of 60%.

Gazprom’s production between January 1 and August 15 decreased by 13.2%, while exports outside the former Soviet Union registered a decline of 36.2%.

Miller: At the moment the gas storage capacities in Russia are filled to the extent of 92%

Miller, a longtime ally of President Vladimir Putin, said the West had made a mistake by rejecting long-term supply contracts for Russian gas. He reiterated that the spot price of gas could exceed an all-time high due to sanctions and wrong decisions made by Western regulators.

“According to conservative estimates, if current market trends continue, the peak level of prices towards the end of the year could exceed 4,000 dollars per 1,000 cubic meters”the head of Gazprom appreciated, meaning the equivalent of approximately 390 dollars for a Megawatt hour (MWh).

At the TTF hub in Amsterdam, where reference prices for natural gas in Europe are set, quotations reached a record level last week, over 300 euros ($300) for a Megawatt hour (MWh), in the context of reduced supplies from Russia.

Gazprom recorded a record net profit in the first half of 2022

Gazprom recorded a record net profit of 2.5 trillion rubles ($41.75 billion) in the first half of 2022, and its Board of Directors recommended the distribution of interim dividends.

At the Annual General Meeting in July, Gazprom shareholders voted against granting dividends worth 1,240 billion rubles for 2021, considering that their payment would not be a reasonable move in the current context. It was the first time since 1998 that Gazprom did not distribute dividends.

“Despite the pressure of sanctions and the unfavorable external environment, Gazprom Group reported record revenues and profits in the first half of 2022, while minimizing its net debt and leverage”. After the adjustments, the basis for the payment of dividends reached 2,400 billion rubles, announced Famil Sadygov, deputy head of Gazprom, according to Agerpres.

Gazprom intends to continue its dividend policy

Gazprom’s board recommended for the first half of 2022 the distribution of dividends of 51.03 rubles ($0.8558) per ordinary share, so that the total value of dividends reaches 1,208 billion rubles ($20.26 billion) .

And the shareholders must decide on the payment of dividends. The Extraordinary General Assembly is scheduled for September 30.

Sadygov also stated that Gazprom intends to continue its dividend policy, which aims to pay at least 50% of adjusted net profit as dividends.

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