As some of you know, after being long Gazprom (OGZPY) a few times, I have been warning that natural gas pricing in Europe has seen significant deterioration. Since the European export market is the source of most of Gazprom's profits, this development greatly increases the risk of investing in Gazprom shares for now. Only very recently did this risk truly start flowing through Gazprom's profit and loss statement.
Gazprom just had its Investor Day (February 11). In the context of this Investor Day, Gazprom provided several figures which allow us to roughly