Gazprom Neft’s nine-month net income calculated under Russian Accounting Standards (RAS) fell by 17.7% year-on-year to 369.6 billion roubles ($4 billion), the oil arm of Kremlin-controlled energy giant Gazprom GAZP.MM said on Monday.

Several major oil producers saw profits fall in the January-September period due to weaker international oil and gas prices.

Unlike International Financial Reporting Standards, RAS do not typically include financials from subsidiaries.

Gazprom Neft also said in a regulatory filing that its January-September revenue under RAS fell to 2.4 trillion roubles, from 2.5 trillion roubles in the year-earlier period.

Last week, the market capitalisation of Gazprom, the world’s biggest natural gas company by output and reserves, dipped below that of Gazprom Neft amid high oil prices and after a dividend announcement by the subsidiary.
Source: Reuters (Reporting by Vladimir Soldatkin; Editing by Alexander Smith)