Gazprom's profit in 2025 fell by half compared to 2024

The net profit of the Gazprom Neft corporation by the end of 2025 amounted to 246 billion rubles, according to the company’s press release. This is 49% less than in 2024, when Gazprom Neft earned 479.5 billion rubles.

Gazprom Neft's profits have fallen for the third year in a row, although the last time the corporation faced losses was back in 1999. In 2023, annual revenues of the parent company Gazprom fell by only 7%.

In addition to the loss of the European market after the invasion of Ukraine, experts explained the fall in overall revenues of Gazprom's structures by the increase in the mineral extraction tax to finance military expenses.

In 2024, Russian authorities discussed a plan to merge Gazprom Neft with Rosneft and Lukoil into a single national company. It was assumed that Rosneft would absorb Gazprom Neft and Lukoil, but some corporate executives opposed the merger.

Gazprom's management promised to restructure the company and reduce its headquarters to combat record losses, but in fact nothing has changed in the company's structure. This is partly due to the fact that the Kremlin often uses the corporation to carry out special assignments: in addition to its core business, the company is engaged in political propaganda, construction of sports facilities and beautification of cities.