About the company Gazprom
Security pageGazprom is the world's largest gas company by reserves and the owner of Russia's Unified Gas Supply System: a network of trunk pipelines that physically connects the fields of Yamal and Western Siberia with consumers. Besides gas, the group produces oil and generates electricity. The shares trade on the Moscow Exchange under the ticker GAZP.
What the company does
The company's business rests on three pillars, and they differ greatly in profitability. The first is gas exports: historically the most profitable part, where the price is linked to market quotations or to the formulas of long-term contracts, and the revenue comes in foreign currency. The second is supplies to the domestic market: the volumes are enormous, but the tariff is set by the state, and profitability there is fundamentally lower.
The third pillar is the oil and power businesses: oil production and refining through a subsidiary, as well as the generation of electricity and heat. After European exports were cut, their contribution to the overall result rose markedly — not because they grew themselves, but because the main part shrank.
A particular feature of the costs: the gas transmission system requires constant investment regardless of how much gas flows through it. A pipeline built for a certain flow does not become cheaper to maintain when volumes fall.
Business lines
Gas production and sales
Fields in Western Siberia, Yamal and Eastern Siberia; supplies to the domestic market and for export.
Transportation
The Unified Gas Supply System: trunk pipelines, compressor stations, underground storage facilities.
Oil business
Production, refining and marketing of oil and petroleum products through a subsidiary.
Power generation
Generating assets that produce electricity and heat, predominantly gas-fired.
History
- 1989A state concern, the direct predecessor of the company, is created on the basis of the USSR Ministry of the Gas Industry.
- 1993The concern is transformed into a joint-stock company; the formation of the group's present structure begins.
- 2005–2006The state raises its stake to a controlling one; restrictions on the circulation of the shares for foreign investors are lifted.
- 2011–2012Launch of an offshore gas pipeline to Europe — a bet on direct exports bypassing transit countries.
- 2019Launch of a gas pipeline to China: the start of the pivot of export flows to the east.
- 2022A sharp reduction in supplies to Europe and the blowing up of the offshore gas pipelines; the company's main export market is effectively closed.
- 2023The first loss-making year in the gas business in decades; the centre of gravity shifts towards the oil business and the domestic market.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- The largest gas resource base in the world and a transportation system that is wholly its own.
- The oil division delivers stable profit regardless of the gas business.
- A monopoly on pipeline exports enshrined in law.
Weaknesses
- The loss of the European sales market, which the eastern route cannot replace quickly: a pipeline takes years to build.
- Domestic prices are regulated and do not cover the economics the way export prices do.
- The huge investment programme and the tax burden eat up cash flow, and dividends are irregular as a result.
Opportunities
- Expansion of supplies to China and other Asian countries — the only large market capable of replacing part of the lost exports.
- Growth in liquefied natural gas production removes the dependence on the pipeline as the only means of delivery.
- Gas connection of the domestic regions widens the consumption base, albeit at regulated prices.
- Indexation of domestic tariffs raises the profitability of supplies to the domestic market.
Threats
- The loss of the European market is structural rather than cyclical: the pipeline infrastructure was built for it and cannot be turned in the other direction.
- The tax burden on the industry is revised by the state and does not depend on the company's plans.
- A huge investment programme: the eastern projects require years of investment before they start bringing in money.
- The upkeep of the gas transmission system hardly depends on the volume pumped — the costs remain while revenue has fallen.
Frequently asked questions
What does Gazprom do?
The company produces natural gas, transports it through trunk pipelines and sells it to consumers in Russia and abroad. Besides gas, the group produces and refines oil, and also generates electricity and heat.
Who owns Gazprom?
Control lies with the state: directly and through state-owned companies it holds more than half of the shares. The remaining shares trade on the exchange.
Why were supplies to Europe so important for the company?
The export business brought in foreign-currency revenue at prices markedly higher than domestic ones, whereas on the domestic market the price is regulated by the state. The pipelines were built precisely for these flows, and redirecting them quickly in another direction is physically impossible.
Does Gazprom pay dividends?
The dividend policy provides for a payout of half of adjusted net profit, but the payment history has been interrupted: in certain years the shareholders' meeting decided not to make payments. The declared amounts and record dates are in the dividends section of the company card.
Issuer profile
What the company does
The company is classified under the «Oil & gas» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 21 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 7736050003. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 3 securities listed: 1 share class, 2 bond issues. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1, 2 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The single issue matures on 21 October 2043. On that date the bond stops trading and the face value is returned to the holder's brokerage account.
The largest issue by face value is RU000A0JUAN6, with a face value of 1,000.00 ₽ per bond, maturing on 21 October 2043. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2015 and 2022 the issuer made 8 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 51.03 ₽ per GAZP security (2022) with a record date of 11 October 2022. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2026 under RAS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2026 was 1.79T ₽.
That is 69.3 % less than in 2025, when revenue was 5.85T ₽. The comparison stays within one reporting standard — otherwise the decline could turn out to be a change of accounting rules and nothing more.
Net income for 2026 was 147.50B ₽.
Of every unit of revenue, 8.2 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 16.58T ₽ against total assets of 25.80T ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.
Securities of this issuer
Shares1
- GAZP"Газпром" (ПАО) ао101.94 ₽