OGZPY - Gazprom forecasts higher full-year revenues; monthly gas production rises

Gazprom's ( OTCPK:OGZPY ) full-year 2022 revenues will exceed last year's result , CEO Alexey Miller said on Wednesday after reporting a record half-year profit of 2.5T rubles in H1 2022 with its board recommending an interim dividend after skipping its annual payout.

Production so far this year reached 288.1B cm, including 82.2B cm in exports outside the former Soviet Union, Miller said without providing comparisons; Gazprom ( OTCPK:OGZPY ) has said YTD output through August 15 fell by 13.2%, while exports to non-CIS countries plunged 36.2% Y/Y amid Western sanctions over Russia's war in Ukraine.

According to Bloomberg, the group pumped 829M cm/day in August, up 7.1% from a multiyear low July and rising for the first time in seven months.

Miller said Western countries had made a mistake by refusing long-term Russian gas supply contracts, and reiterated his warning that spot gas prices may exceed all-time highs to more than $4K per thousand cm, or ~€385/MWh.

European benchmark gas futures currently trade near €246/MWh, nearly 5x higher than a year ago, although prices have dropped in recent days as the European Union met its goal of filling up its gas storage two months earlier than planned .

For further details see: