OGZPY - Gazprom jumps to quarterly profit lifted by European gas prices

Gazprom (OGZPY) says it swung to a Q1 net profit of 447.2B rubles ($6.1B) from a loss of 116B in the year-ago quarter, aided by higher prices and sales as well as a favorable foreign exchange rate.Total Q1 sales rose 35% Y/Y to 2.29T rubles and EBITDA rose 38% to 700.6B rubles.The company says gas sales to Europe rose 25% in the period to 64.5B cm of gas, with the average price around a third higher.Q1 net revenues from European gas sales totaled 730B rubles and income from the domestic Russian market came in at 398B rubles.Gazprom says sales were driven by a harsh winter as well as the easing of COVID-19 lockdowns, and it forecasts 2021 gas production at a 10-year high above 506.5B cm.The German government recently confirmed that the U.S. would waive sanctions on the construction of the Nord Stream 2 pipeline.

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Gazprom jumps to quarterly profit, lifted by European gas prices