Company report
| |
21 Pages

Gazprom corporate report


Gazprom corporate report

Report summary

Gazprom’s strong financial performance flies in the face of numerous challenges the company faces on multiple fronts. The company has sustainable cash flow breakevens, with an average Brent price of US$51/bbl needed for the company's upstream business to be cash flow neutral in 2017/2018 in our base case. Its gearing of 16% is also one of the lowest in the sector. Despite 2016 being a record year for Russian gas exports to Europe, the company’s share price performance continues to lag the Russian peers. Gazprom now trades at a 67% discount to our base-case valuation.  

What's included?

This report includes 2 file(s)

  • Gazprom corporate report PDF - 479.98 KB 21 Pages, 7 Tables, 27 Figures
  • Gazprom Corporate Report.xls XLS - 3.22 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
  • Strategy
  • Overview
  • Financial health
  • Investment
  • Resources, reserves and production
    • Resources and reserves overview
    • Production overview
  • Economic assumptions
    • Wood Mackenzie Corporate Service: our response to low oil prices
    • Economic assumptions

In this report there are 34 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Strategy
  • Overview
    • Relative share price performance
    • Market premium to WM valuation
    • Europe gas supply mix
    • Russia pipe cost to Europe
    • Gazprom’s piped gas exports
    • China gas supply and demand balance
    • Gazprom’s share of Russian domestic market
    • Gazprom's cash flow* sensitivity to domestic prices
    • Strategy: Table 1
    • Gazprom's portfolio value by resource theme
    • Gazprom LNG supply
  • Financial health
    • Evolution of Brent cash flow breakeven
    • Evolution of net debt
    • Benchmarking: cash flow breakeven
    • Benchmarking: upstream base case cash flow outlook
  • Investment
    • Gazprom: upstream investment (2017 to 2021)
    • Gazprom's greenfield projects by capex (to 2030)
    • Benchmark: development spend (2017-2021)
    • Benchmark: return on new projects
  • Resources, reserves and production
    • Gazprom 2p liquid reserves by region
    • Gazprom 2p gas reserves by region
    • Benchmarking: reserves and resources detail
    • Gazprom reserves and resources life
    • Production outlook
    • Benchmarking: production forecast
    • Benchmarking: production growth
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions
Requester's name : .............
Department : .............
Authoriser's Name : .............
Authoriser's signature : .............
Date : .............
Cost Centre : .............

Questions about this report?

Frequently Asked Questions

Mailenquiries@woodmac.com
  • Europe: +44 131 243 4699
  • Americas: +1 713 470 1900
  • Asia Pacific: +61 2 8224 8898
contact us

Why Wood Mackenzie?

As the trusted source of commercial intelligence for the world's natural resources sector for more than 40 years, we empower clients to make better strategic decisions with objective analysis and advice. Find out more...