Gazprom Neft, the oil arm of Russia's energy giant Gazprom, boosted net profits 8% to $3.2 billion in 2010 to US GAAP, the firm said on Friday.
Gazprom Neft, Russia's fifth largest oil company saw 2010 revenues rise 36% to $32.772 billion year-on-year, the company said in a statement.
EBITDA grew 21% year on year to $7.226 billion.
Gazprom Neft's cash flow from operations jumped 55% to $5.392 billion.
The company's fourth quarter net profit increased by 1% on the third quarter to $873 million, while revenues in October-December grew 8% on the previous quarter to $9.063 billion. EBITDA rose 3% on the previous quarter to $2.079 billion, while operating cash flow jumped 45% on the previous quarter to $1.073 billion.
Gazprom Neft attributed the higher quarterly and annual EBITDA figures to higher refinement volumes, higher prices for oil products, and larger sales volumes in the premium distribution channels.
Revenue growth was due to higher output and refinement of hydrocarbons, and to higher oil prices, the company said.
"In 2011, management will concentrate on maintaining production at current fields, developing major upstream projects in Russia and abroad, integrating new acquisitions into Gazprom Neft's structure, modernizing refining assets and extending the ácompany's retail network," President Alexander Dyukov said.
MOSCOW, February 11 (RIA Novosti)
