Gazprom 4Q 19 - FCF stronger than expected, but still negative
Today, Gazprom published its 4Q 19 and FY 19 financial results, which came in close to our estimates on revenue, EBITDA and net income. The companys earnings in 4Q 19 were negatively affected by significantly weaker yoy export gas prices on the back of the drop in spot gas prices in Europe and also by higher yoy operating expenses. At the same time, Gazproms 4Q 19 free cash flow came in stronger than our expectations due to higher than expected net operating cash flow (adjusted on changes in deposits), while capex was almost in line with our forecasts. Anyway, 4Q 19 FCF came in negative as it was projected, resulting in negative free cash flow of USD 2.9 bn in 2019.PJSC Gazprom is a gas company based in Russia. Co.'s principal activity is the sale of gas. Co. is also involved in other types of activities which include leasing of assets, gas transportation and storage services, sale of gas condensate and refined products. Co. and its subsidiaries and associates operates gas pipelines systems in Russia. Co. is responsible for substantially all gas production and high pressure gas transportation in the Russian Federation. Co. is also a major exporter of gas to European countries. Co. is directly involved in exploration and drilling for hydrocarbons, production of gas and other hydrocarbons and domestic and export sale of gas and other hydrocarbons.
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