Ukrnafta slows pace of oil output decline in 7M12

Ukrnafta slows pace of oil output decline in 7M12



10 серпня 2012 года
Конкорд Капитал

Укрнафта (UNAF)


Leading Ukrainian oil producer Ukrnafta (UNAF UK) posted a 5.7% yoy decrease in oil output to 1,166 kt, a 7.3% yoy drop in gas production to 1.17 bcm, and a 14.0% yoy growth in gas condensate output to 166 kt in 7M12, Interfax reported, citing a source in Ukraine’s Energy Ministry.

Alexander Paraschiy: Assuming the ministry’s data is reliable, it suggests the rate of Ukrnafta’s oil output decline slowed over the period (vs. -6.6% yoy in 1H12) after a flat month of production yoy in July. We estimate Ukrnafta’s July oil production at 176 kt, or mom growth of 3.4%. The development looks somewhat positive for the company as it could signal an increase in 2H oil production for the first time in over 4 years.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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