Gazprom Neft's Q3 Profit Climbs 67%

Gazprom Neft said third-quarter profit advanced 67 percent on higher prices and greater refining volumes.

Net income climbed to $1.59 billion from $957 million a year earlier, it said Monday. Sales jumped to $9.64 billion from $5.44 billion.

Urals crude rose to a record high in July before falling 33 percent by the end of the third quarter. The company may have to cut spending on exploration by as much as 50 percent next year because of the drop in prices and the credit crisis, deputy CEO Boris Zilbermints said Dec. 9.

Gazprom Neft, Russia's fifth-largest oil producer, is struggling alongside its larger peers as output declines at older fields in western Siberia.

The company trimmed crude production forecasts for this year to 46.3 million metric tons, even as it pursues a strategy to double output by 2020.

Gazprom Neft expects its refining volumes to increase 8.6 percent this year.