Gazprom Neft Q4 21 - WC release pushed Q4 21 FCF above expectations
EBITDA and net income were in line with projectionsWe estimate final DPS for 2021 at RUB 15.4
Free cash flow exceeded estimates thanks to a positive WC effect of USD 0.85 bn
Q4 21 results are considered as slightly positive for the stock
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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