Gazprom's net profit declines in first half

Russian energy company Gazprom’s net profit fell by 88 percent in the first half of the year compared to the same period last year, falling to 296 billion rubles (about $3 billion). Russia’s largest oil company, Rosneft, reported a net profit of 652 billion rubles (about $6.8 billion) in the first half of the year. Gazprom said in a statement that the company earned 4.1 trillion rubles (about $43 billion) in revenue in the first half of the year. The statement, which included information that the company’s net profit in the first half of the year fell by 88 percent compared to 2022, falling to 296 billion rubles, pointed to the depreciation of the ruble against the dollar and the euro as the reason for the decline. The statement noted that the decrease in the amount of natural gas the company shipped to Europe was “partially offset” by increased natural gas exports to China. Many countries in Europe had decided to stop or reduce their imports of Russian gas due to the war in Ukraine. Rosneft, Russia’s largest oil company, reported a net profit of 652 billion rubles (about $6.8 billion) in the first half of the year. Rosneft said in a written statement that the company earned 3.9 trillion rubles (about $40 billion) in revenue in the first half of the year. The statement noted that the company’s net profit reached 652 billion rubles in the first half of the year, while capital expenditures amounted to 599 billion rubles. The statement also noted that the company produced 4 million barrels of oil per day during the period in question.