Gazprom Neft’s NIS announces net profit for Q1
Consolidated net income came in at 261 million dinars ($2.4 million) compared with a 4.7 billion dinar loss in 2015 thanks to cost cuts of 1.3 billion dinars. Meanwhile, oil and gas production from the company fell by 5% to 377,000 tons of oil and gas equivalent in the first quarter while refining rose by 13% to 776,000 tons. Capital expenditures dropped to 4.6 billion dinars compared with 7 billion dinars a year earlier.
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