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Gazprom

Company

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Gazprom is the largest company in Russia, which has a monopoly on gas exports abroad.

Owners:
Federal Agency for State Property Management (Federal Property Management Agency) - 38,37%
Rosneftegaz - 10,97%
Rosgazification (0.89%), ADR holders (26.86%), other legal entities and individuals (22.91%) - as of April 2018
Revenue and Net Profit billions Thousand rub

Number of employees

Assets

Owners

+ Gazprom
+ Federal Agency for State Property Management (Federal Property Management Agency)
+ Rosneft of the Tax Code

Company History

Main article: History of Gazprom

Ministry of Gas Industry of the USSR, which became the largest company in post-Soviet Russia. The history of Gazprom is the history of the state in the state.

Role in the Russian economy

Before the 1998 crisis, it was reported that Gazprom provided 20% of the total Russian budget[1]

Gas production

Main article: Gas production in Russia

Performance indicators

2021

Record profit - 2.68 trillion rubles

In 2021, Gazprom got rid of losses, registering a record net profit of 2.68 trillion rubles. In 2020, the company's net losses were measured at almost 707 billion rubles. The company's annual revenue increased by 57.3% and reached 6.39 trillion rubles. Such data on Russian accounting standards were published in March 2022.

{{quote 'The main factor that influenced the financial result was the increase in gas and oil prices. The result of this was an increase in sales revenue, as well as an increase in expenses for purchased gas and oil, Gazprom said in a press release. }}

Gazprom got rid of losses

Net revenue from the sale of gas increased by 85% to 5.7 trillion rubles, and from the sale of oil and gas products - by 44% and amounted to 2.6 trillion rubles. The growth in revenues from the sale of oil and gas processing products in the company is also explained by the increase in average prices "in all geographical segments."

Gazprom's net debt at the end of 2021 decreased by 26%, or 1 trillion rubles, compared to the beginning of the year, to 2.9 trillion rubles.

The main reason for significant revenue and profit growth is record high gas prices in Europe, senior analyst at BCS Global Markets Ronald Smith told Vedomosti. Deputy General Director of the National Energy Security Fund Alexei Grivach agrees with him. Gas prices in Europe in 2021 on average increased by about 2 times compared to 2020, he recalls. The company's management policy to curb the growth of operating expenses of the group also played a role, the expert said. They grew by only 35%, while sales revenue - by more than 60%, he says.

According to the deputy chairman of the board of Gazprom, Famil Sadygov, the average price of export deliveries for the whole of 2021 increased to $298 per 1 thousand cubic meters (2 times higher than a year earlier).[2]

Gazprom produced a record gas volume in 13 years

In 2021, Gazprom managed to produce 514.8 billion cubic meters of gas. This figure became the maximum for 13 years and turned out to be 62.2 billion cubic meters more than in 2020. This was announced in early January 2022 by the head of Gazprom Alexei Miller.

According to him, Gazprom's production growth covered the lion's share of global gas consumption growth in 2021. Miller noted that the company supplied 257.8 billion cubic meters of gas to the Russian market from the gas transmission system (a record result since 2013), and exported 185.1 billion cubic meters to countries far abroad.

In 2021, Gazprom managed to produce 514.8 billion cubic meters of gas

At the same time, the purchase of Russian pipeline gas last year was increased by 15 countries. The largest growth was provided by its largest consumers - Germany (+ 10.5%), Turkey (+ 63%), Italy (+ 20.3%), said Alexey Miller.

From January 1, 2022, Gazprom reached a new level of gas supplies to China under the Power of Siberia, as provided for by a long-term bilateral sales agreement.

File:Aquote1.png
Modern offshore gas pipelines Nord Stream and Turkish Stream play a significant role in ensuring reliable supplies of Russian gas to Europe. Therefore, it is especially important that from December 29, 2021, another offshore gas pipeline, Nord Stream 2, with a design capacity of 55 billion cubic meters of gas per year, is fully ready for work, "said Gazprom's chairman of the board[3]
File:Aquote2.png

In the fall of 2021, gas prices in Europe began to rise sharply. By December 21, the price of January futures at the TTF hub in the Netherlands broke a historical record and reached $2194 per 1 thousand cubic meters. m. This happened after Gazprom stopped pumping gas through the Yamal-Europe gas pipeline . By December 27, their value, according to the London ICE Exchange, fell to $1160 per 1 thousand cubic meters. m (€97.95 for 1 MWh).

2020

Decrease in revenue by 14.7% to 4.06 trillion rubles, losses under RAS - 706.9 billion rubles

Gazprom's revenue in 2020 reached 4.06 trillion rubles, which is 14.7% less than a year earlier. Gas sales during this time decreased from 3.31 trillion to 2.64 trillion rubles. Also, according to the results of 2020, the company earned:

  • 801.61 billion rubles for the provision of property for rent (in 2019 - 779.7 billion rubles);
  • 258.92 billion rubles for the sale of oil and gas products (in 2019 - 290.06 billion rubles);
  • 243.64 billion rubles for the provision of gas transportation services (in 2019 - 241.3 billion rubles);
  • 100.93 billion rubles for the sale of gas condensate (in 2019 - 123.17 billion rubles);
  • 4.1 billion rubles for the provision of gas storage services (in 2019 - 1.92 billion rubles).

In the list of the largest oil and gas companies in the world

Gazprom registered its first loss since 1998 - in 2020 it reached 706.9 billion rubles. The company also recalculated the financial result for 2019. Initially, Gazprom's profit was estimated at 651.1 billion rubles, in the new report it grew to 733.9 billion rubles. The company explained the conversion by a decrease of 81 billion rubles in the amount of deferred income tax.

Gazprom received its first loss since 1998

The main reason for the losses in 2020 was a decrease in the market value of Gazprom Neft shares by 466.34  billion rubles - Gazprom has been taking into account a change in the quotations of its packages in RAS reporting since this year. However, without taking this revaluation into account, the company's loss remains significant and is associated with a drop in both the volume and price of gas exports due to the coronavirus pandemic. COVID-19

According to IFRS, according to the results of 2020, Gazprom's profit decreased by 88.7% compared to the previous year. Such data are given in the consolidated annual report of the corporation according to IFRS standards. If in 2019 the profit amounted to more than 1.2 trillion rubles, then in 2020 - only 135.3 billion rubles.

By the end of December 2020, Gazprom's receivables amounted to 2.174 trillion rubles against 1.877 trillion rubles a year earlier. Accounts payable decreased to 852.768 billion rubles from 908.361 billion rubles at the end of 2019, the company reported.

Gazprom reporting for 2020

Debt growth by 16% to 3.68 trillion rubles

Gazprom's net debt for the first half of 2020 year grew by 16% and as of June 30 amounted to 3.68 trillion rubles.

First quarterly loss in company history

Gazprom received a loss of 306 billion rubles for the first quarter of 2020. The company became unprofitable under RAS for the first time in its history.

The company closed the first quarter with a loss of 116.2 billion rubles under IFRS.

Gazprom's exports in Q1 2020 decreased by 19.2% YoY.

2019

Payment of 360 billion rubles of dividends

Gazprom shareholders, including the Russian Federation, will receive dividends close to record dividends from the company before their possible significant decline or even pause caused by the collapse of world markets amid the coronavirus pandemic. COVID-19

Gazprom shareholders at the corporation's first-ever absentee annual meeting approved the payment of dividends for 2019 in the amount of 15.24 rubles per share, the company reports.

The total amount of dividends will amount to 360.784 billion rubles, including the state directly to the stake of the Federal Property Management Agency (38.373%) will receive 138.445 billion rubles, another 42.784 billion rubles will be received by the holders of the controlling state package - Rosneftegaz JSC and Rosgazification JSC.

Revenue reduction by 6.8% to 7.65 trillion rubles

Mega-buildings for the construction of pipelines to China, Turkey and bypassing Ukraine, along with falling gas prices in Europe, dealt a heavy blow to Gazprom's budget.

The gas holding, which has a monopoly on the export of Russian pipeline gas, ended 2019 with a record "hole" in cash flows in its history.

Having lost 6.8% of revenue (it decreased from 8.224 to 7.659 trillion rubles) and faced a drop in sales both in Europe ( by 1.2%) and in Russia (by 1.5%), Gazprom  reported  a drop in net profit by 17%, to 1.269 trillion rubles.

At the same time, the company became unprofitable in terms of cash flow in accounts. Having received 1.709 trillion rubles from operating activities, Gazprom spent 1.938 trillion on investments, including capital construction and issuing loans to subsidiaries.

Among the 20 most profitable companies in the world

The 20 most profitable companies in the world. Profit per day, 2019
2019

Board

2020: Board member earns 643 thousand rubles a day

Gazprom decided not to buy up on the remuneration of top managers for work in the first half of 2020, which ended with a net loss of almost 300 billion rubles for the company.

For 6 months, 14 members of the board of a company with a monopoly on the export of Russian pipeline gas earned 1.054 billion rubles, Gazprom said in a report on RAS in August 2020.

Salaries of top managers were reduced by 17.2%, to 363.5 million rubles. However, the company compensated for the "shortage" with bonuses, the total size was increased by almost 2 times and amounted to 602.9 million rubles (compared to 338.1 million last year).

"Other types of remuneration," which Gazprom does not specify, soared almost 6 times - from 15.3 to 88.4 million rubles.

As a result, total payments increased by 33%. On average, one member of the company's board earned about 643 thousand rubles a day, 80 thousand rubles an hour in January-June (if you take into account only working days lasting 8 hours).

Departments

As of January 2021, the company's departments include:

  • 307 (gas production),
  • 308 (Transportation and Storage)
  • 353 (processing).

Gas pipelines

Nord Stream

Main article: Nord Stream AG (Nord Stream)

Nord Stream is a route for exporting Russian gas to Europe. The main target gas supply markets through the gas pipeline are Germany, Great Britain, the Netherlands, France and Denmark.

Turkish stream

Main article: Turkish Stream

Gas pipeline projects


Existing and projected gas pipelines to Europe for August 2016

As of August 2016

Gas exports

Main article: Gas exports from Russia

Gazprom's business in Belarus

Шаблон:Main 'Gazprom's business in Belarus

On November 25, 2011, it became known that Russia and Belarus signed a contract for the supply of Russian gas to the republic and its transit through the territory of Belarus for the period 2012-2014. The document was signed by the heads of Gazprom OJSC and Beltransgaz OJSC in the presence of the Presidents of the Russian Federation and the Republic of Belarus Dmitry Medvedev and Alexander Lukashenko[4]

Under the terms of the contract, deliveries of Russian gas to Belarus in 2012. will amount to 22.5 billion cubic meters. m, in 2013 and 2014. - 23 billion cubic meters each. l.

At the same time, Gazprom brought its stake in Beltransgaz to 100% from the already existing 50%: the main transit pipe to the EU - Yamal - Europe - belonged to the Russian concern (he himself built it), now the remaining gas pipelines to the western border, gas distribution networks, as well as domestic consumers of Belarus have been added to it. The parties agreed that the concern acquires this package for $2.5 billion - for the same amount as the first stake in the Belarusian company. The deal is tied to the signing of a new gas contract between the Russian Federation and Belarus.

Gazprom's business in Ukraine

Шаблон:Main 'Gazprom's business in Ukraine

On June 7, 2012, the head of Gazprom Corporation Alexei Miller told reporters about the signing of an agreement to provide Gazprom with an advance of $2 billion. Neftegaz of Ukraine for gas transit.

Gazprom's business in Serbia

Шаблон:Main 'Gazprom's business in Serbia

Serbia is an important participant in the South Stream AG gas pipeline.

Gazprom owns 51% of the capital of the joint venture PCG Banatsky Dvor.

Gazprom Neft owns 51% in the capital of NIS-Gazprom Neft JSC. It is one of the largest vertically integrated oil companies in Central Europe, is engaged in oil processing and sale of petroleum products, and produces hydrocarbons in Serbia and Angola.

Information technology

Main article: Information technology at Gazprom

See also

Notes