Novatek: profits can’t buy happiness.
Edited by Rhod Mackenzie / 2016-03-01 07:39:12
Finance Oil and Gas Russia Financial results Shares Russia Oil and Gas Novatek Oil Production and Refining
Novatek reported under IFRS for 2015. As follows from the data presented, despite the unfavorable situation on the energy market, the proceeds of an independent gas producer increased by about a third, and net income almost doubled.
The results of Novatek look ambiguous: on the one hand, the production of natural gas, which is the foundation of its business, has managed to increase by almost 10% to 67.9 billion cubic meters, on the other - sales volumes decreased by 7% to 62.5 billion cubic meters. Management attributes this to the weather factor and the fact that one of the major unnamed consumers of Novatek could not take the planned contracted gas volume for technical reasons.
