Saratovneftegaz ups net profit 1.8-fold in 2011
Saratov. In 2011 OAO Saratovneftegaz (RTS:SNFG) (NK RussNeft subsidiary (RTS:RUSN) net profit made 3 billion 172.243 million rubles, the company said in a statement.
In 2010 Saratovneftegaz net profit made 1 billion 731.399 million rubles. Therefore, this figure increased 1.8-fold last year. Saratovneftegaz explained the jump by an increase in revenue from oil and gas sales as a result of growth in gas sales volumes and prices.
That said in Q4 2011 Saratovneftegaz had net profit of 840.775 million rubles, up 17.2% over Q3 due to increased revenue from oil and gas sales. In Q4 2010 Saratovneftegaz had net profit of 623.317 million rubles. Thus, net profit in Q4 2011 increased by 34.9% over the same period of 2010.
Saratovneftegaz produces oil and gas in the Saratov and Volgograd regions.
As of July 1, 2011 Saratovneftegaz had produced oil with gas condensate at 35 oil fields, 34 of which are currently under commercial development. Most of its oil comes from fields with hard to recover reserves in conditions of high watercut and well production rate decrease, therefore the company is searching for ways to minimize capital and operational expenditures and to increase oil production through the use of new technologies and equipment.