Company report

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 479.98 KB

  • Document

    Gazprom corporate report

    ZIP 1.25 MB

  • Document

    Gazprom Corporate Report.xls

    XLS 3.22 MB

Table of contents

  • Executive summary
  • Strategy
  • Financial health
  • Investment
  • Resources, reserves and production
  • Economic assumptions

Tables and charts

This report includes 34 images and tables including:


  • 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
  • Evolution of Brent cash flow breakeven
  • Evolution of net debt
  • Benchmarking: cash flow breakeven
  • Benchmarking: upstream base case cash flow outlook
  • 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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