By Alexander Miller, consultant in energy markets. Eurasia Business News, August 27, 2025. Article n°1746.
Gazprom Neft’s earnings for the first half of 2025 fell sharply, with net profit halving year-on-year due to rising taxes and the impact of a weak ruble. Specifically, the company’s net profit attributable to shareholders dropped 54% year-on-year to 150.5 billion roubles (about $1.86 billion). Revenue also declined by 12% to 1.77 trillion roubles during the same period.
The significant profit decline was largely attributed to an increased tax burden and foreign exchange losses related to the weakening ruble. Despite producing 65 million tons of fossil fuels in the first half—a 4.9% increase year-on-year—the company faced a tough macroeconomic environment marked by inflationary pressures and worsening global economic conditions.
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Gazprom Neft’s board has recommended a dividend payout of 17.3 roubles per share, reflecting a cautious but stable approach amid these challenges. The company continues to have a significant operational footprint in Russia and neighboring markets but is navigating a complex landscape due to sanctions and currency volatility.
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