Corrected: Gazprom's consolidated net profit up 25% to $40 bln in 2011
(to adjust consolidated net profit figure in para 1)
MOSCOW. Feb 1 (Interfax) - Gazprom forecasts its consolidated net profit for 2011 at $40 billion, or 25% more than in 2010, the company said in a statement.
The gas major forecasts that its revenue grew 27% to $150 billion ($98 billion of which came from foreign currency revenue from exports), and that its earnings before taxes, depreciation and amortization (EBITDA) was up 33% to $60 billion.
Gazprom's forecast coincides with market assessments - as of today, the average market forecast for Gazprom's 2011 net profit in the SPARK system on the basis of 19 banks' calculations comes to $41 billion. Its revenue totals $148.9 billion, and EBITDA - $62.65 billion.
As a result of geological exploration work conducted by Gazprom in 2011, natural gas reserves growth reached a record 686.4 billion cubic meters (bcm), topping production by 33.8%. Half of the reserves growth was provided by geological exploration in eastern Russia (including on the Sakhalin shelf), where Gazprom is forming new gas production centers.
Gas consumption grew on the domestic market. The majority of gas consumption growth in industry occurred in agrochemicals (by 1.9 bcm, or 9%, to 22.8 bcm) and cement (by 0.6 bcm, or 8%, to 8.3 bcm). Power enterprises boosted gas purchases by 4.8 bcm to 168.1 bcm - purchases from Gazprom's gas transport system were up by 3.4 bcm to 154.1 bcm.
Gas supply volumes abroad also increased. In 2011, they totaled 150 bcm, which tops the 2010 figure by 11.4 bcm, or 8.2%.
Gas supplies to the Commonwealth of Independent States (CIS) grew by 3.08 bcm to 71.1 bcm.
By the beginning of the 2011-2012 heating season, Gazprom had increased gas selection from underground storage facilities to record figures. The highest daily output as of the beginning of the season was 647.7 million cu m of gas. In December-February, consumers received up to 522.1 million cu m of gas per day from underground storage facilities. An operational gas reserve totaling 65.2 bcm was established, which is 1.2 bcm higher than last year and the highest amount in the entire history of the domestic gas industry.
According to preliminary data, Gazprom produced 32.28 million tonnes of oil last year (0.27 million tonnes more than the year before) and 12.07 million tonnes of condensate (0.78 million tonnes, or 6.9% more than 2010).