Gazprom cuts 2026 investment plan to 1.096 trillion
JSC Gazprom reduced the size of the investment program for the 2026 fiscal year for its holding company for financing to 1.096 trillion rubles from 1.1 trillion rubles, the company announced following the board of directors meeting on this issue.
Consensus
- The board of directors of PJSC Gazprom approved the revised investment program and budget for 2026.
- The investment program for 2026 was reduced to 1.096 trillion rubles, down from 1.1 trillion rubles.
- The reduction was part of a planned adjustment, as the initial version also included a 515 billion ruble decrease compared to 2025.
- Capital expenditures are fully covered by operating cash flow.
- Operational expenses for 2026 remain at the initially approved level.
- Gazprom continues to control the growth of operating and investment costs.
- The company expects high financial results in 2026 due to current global hydrocarbon prices and product processing prices.
- Increased gas exports to countries of the near abroad and China are factored into the revised budget.
- The revised financial parameters ensure high financial stability of Gazprom.
- The company plans to maintain debt burden at a comfortable level, defined as up to 2.5x.
Points of divergence
- The CFO emphasized that the budget and investment program are balanced, ensure achievement of strategic goals, and cover all obligations without deficit. — interfax
- Gazprom's revenue for the first half of the year under IFRS was 5.3 trillion rubles, up 6% year-on-year, driven by higher energy prices; gas sales revenue on the domestic market rose 17% to 863 billion rubles; profit was 932.88 billion rubles (-10%); EBITDA increased by 28% to 1.98 trillion rubles. — vedomosti
Coverage (2 sources)
- Gazprom symbolically reduced its investment program for 2026 — Интерфакс
- Board of Directors of Gazprom Adjusted Investment Program and Budget for 2026 — Ведомости