Gazprom Neft 1Q 20 Earnings Preview - Drop in EBITDA and remaining high capex left FCF in red
Top line and EBITDA: Despite higher qoq consolidated crude oil production (+2.6% qoq to 12.3 mn tons), Gazprom Nefts 1Q 20e results are expected to be weaker qoq mainly on the back of the fall in crude oil prices (Urals went down by 22.4% qoq to USD 48.1/bbl) and negative export duty lag effect, which resulted in the drop in crude oil netbacks. Besides, we also expect the hike in the companys excise expenses because of increase in excises for oil products and due to the negative effect from damper on both gasoline and diesel.Gazprom Neft PJSC is vertically integrated oil company operating in the Russian Federation, CIS and internationally. Co.'s principal activities include exploration, production and development of crude oil and gas, production of refined petroleum products and distribution and market ing operations through its retail outlets. Co.'s Upstream segment includes the exploration, development and production of crude oil and natural gas (including joint ventures results), oil field services. Co.'s Downstream segment processes crude into refined products and purchases and sells and transports crude and refined petroleum products (refining and marketing).
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