Gazprom Neft 4Q 19 - In line with consensus, but with risks for 2020e estimates
Today Gazprom Neft published its 4Q 19 results, which came in close to consensus on revenue, EBITDA and net income. At the same time, the results were slightly stronger compare to our estimates on revenue due to additional other incomes. Surprisingly stronger were net operating cash flow (NOCF) on positive effect from changes in working capital (USD 403 mn). As a result, despite capital expenditures exceeded our projections, free cash flow after interest payments came in higher than forecasted. However, excluding this effect the free cash flow (excl. changes in WC) came in weaker than we expected. Overall, we do not expect any significant market reaction to the results, as main numbers came in close to the market estimates. However, we see some risks for our 2020e estimates due to higher than expect capex.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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