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Gazprom corporate report

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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 contains

  • Document

    Gazprom corporate report

    PDF 492.77 KB

  • Document

    Gazprom corporate report

    ZIP 1.25 MB

  • Document

    Gazprom Corporate Report.xls

    XLS 3.22 MB

Table of contents

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

Tables and charts

This report includes 34 images and tables including:


  • Evolution of Brent cash flow breakeven
  • Evolution of net debt
  • Benchmarking: cash flow breakeven
  • Benchmarking: upstream base case cash flow outlook
  • 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
  • Gazprom's portfolio value by resource theme
  • Gazprom LNG supply
  • Gazprom: upstream investment (2017 to 2021)
  • Gazprom's greenfield projects by capex (to 2030)
  • Benchmark: development spend (2017-2021)
  • Benchmark: return on new projects
  • 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
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)


  • Executive summary: Table 1
  • Strategy: Table 1
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

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