GZPFY - Gazprom Neft: Constrained By Bottlenecks
Note: Some links in this article are in Russian.
Source: Neftegaz.ru
Back in pre-covid days, Gazprom Neft (GZPFY) was one of my most favorite Russian O&G companies. Unlike the established O&G majors, Gazprom Neft looked promising with its little though consistent production growth. Unlike its traditionally mismanaged bigger brother, Gazprom (OGZPY), Gazprom Neft is more transparent and more prudent in its capital allocation. However, the coronavirus pandemic and the subsequent OPEC+ deal pushed the stock to the bottom where it stays today.
Besides oil prices, a nasty risk recently appeared as the Ministry of Finance