Gazprom expects higher revenues for the full year; monthly increases in gas production (OTCMKTS:OGZPY)

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Gazprom’s (OTCPK:OGZPY) revenue for the full year 2022 will exceed last year’s results, CEO Alexey Miller said on Wednesday after announcing record half-year profit of 2.5T rubles in the first half of 2022 with its board of directors recommending an interim dividend after skipping its annual payment.

So far this year, production has reached 288.1 billion cc, including 82.2 billion cc of exports outside the former Soviet Union, Miller said without providing comparisons; Gazprom (OTCPK:OGZPY) said YTD production through August 15 fell 13.2%, while exports to non-CIS countries plunged 36.2% Y/Y amid Western sanctions over Russia’s war in Ukraine.

According to Bloomberg, the group pumped 829 million cc/day in August, up 7.1% from a multi-year low in July and up for the first time in seven months.

Miller said Western countries erred in refusing long-term Russian gas supply contracts, and reiterated his warning that spot gas prices could rise above all-time highs at more than $4,000 a month. thousand cm, i.e. ~ €385/MWh.

European benchmark gas futures are currently trading at almost €246/MWh, almost 5 times higher than a year ago, although prices have fallen in recent days as the European Union has achieved its goal of filling its gas storage two months ahead of schedule.

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