Moscow, Russia – Gazprom Neft, the oil arm of Russian energy giant Gazprom, reported a 47% year-on-year increase in third-quarter net profit, reaching 69.1 billion roubles ($885.95 million), the company announced on Friday.

The profit surge was primarily driven by a decline in tax obligations, which helped offset pressures from lower revenue. Gazprom Neft’s Q3 revenue totaled 928 billion roubles, down 9% compared with the same period in 2024.

The results reflect the broader challenges facing Russian energy companies, as they navigate global market volatility, fluctuating oil prices, and ongoing geopolitical uncertainties.