Company Report
Gazprom corporate report
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Report summary
The coronavirus pandemic will have a severe impact on Gazprom’s operating and financial performance in 2020. The first quarter results offer a glimpse into the rest of the year, with the company posting a US$1.7 billion loss in Q1 2020. Gas demand in Europe fell by 6% in the first half of the year, resulting in gas spot prices dropping by more than 50%. We forecast European annual gas consumption at 504 bcm in 2020, 3% down year-on-year. Gazprom’s oil-linked gas contracts will also be negatively affected, with oil prices dropping 40% year-on-year. Gazprom responded swiftly to the crisis by introducing cost cutting measures, with reductions in both capex and opex set at around 20% in 2020.
Table of contents
- Overview
-
Strategic markets
- 1. Europe: low cost gas is Gazprom’s key differentiator
- 3. Russia: Gazprom dominates, although its export monopoly is weakening
- 4. LNG: Covid-19 and the energy transition will challenge Gazprom’s LNG strategy
- Expansion of the trading portfolio is a key strategic goal
- Overview
- Company targets
- Financial outlook
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Current strategic position
- Overview
-
Production outlook
- Overview
-
Investment and new project returns
- Overview
- Hydrogen: Gazprom’s trump card in the EU?
- Power generation: growing strategic importance
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Valuation
- Wood Mackenzie base case valuation metrics
-
Investment
- Wood Mackenzie base case investment and cost metrics
-
Production
- Wood Mackenzie base case production metrics
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Reserves and resources
- Wood Mackenzie base case reserves and resources metrics
Tables and charts
This report includes 39 images and tables including:
- Relative share price performance
- Market premium to WM valuation
- Gazprom’s upstream capital investment
- Benchmarking: capex intensity
- Gazprom: return on new projects
- Benchmarking: return on pre-FID projects
- Europe gas supply-demand balance (H2 2019 view and key risks)
- Gazprom’s gas exports
- China gas balance
- Gazprom’s share of Russian domestic market
- Gazprom's gas sales volumes and revenues
- Gazprom's portfolio value by resource theme
- Effective liquefaction capacity (mmtpa)
- Gazprom: cash flow breakeven
- Benchmarking: upstream cash flow breakevens (2020-22)
- Gazprom: net debt outlook
- Benchmarking: WM upstream cash flow
- Strategic fit for Gazprom’s global portfolio
- Gazprom production outlook by status
- Benchmarking: production outlook
- Upstream EV vs. Upstream NPV,10
- Upstream portfolio sensitivities vs. NPV,10
- Forecast development expenditure (nominal)
- Forecast operating expenditure (nominal)
- New project returns
- Reported development costs
- Reported and WM forecasted production
- Production: Oil vs. Gas
- Liquid production
- Gas production
- Wood Mackenzie reserves by region
- Reserve life: reported vs Wood Mackenzie
- 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
What's included
This report contains:
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