Cash flow soars for Russia’s Gazprom Neft

Russian oil producer Gazprom Neft said Thursday its free cash flow improved more than 70 percent from last year, though production increased by 2 percent.

The company in its second-half announcement said revenues increased 24.4 percent from the same period last year and free cash flow of $708 million marked a 77 percent increase over the first six months of 2017.

“This performance reflected positive market conditions for oil and oil products, production growth at the company’s new projects, and effective management initiatives,” its statement read…

 

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