OAO Gazprom Neft, the oil producer controlled by Russia’s natural-gas export monopoly, said second- quarter profit climbed 56 percent on higher crude prices. Net income rose to $1.17 billion from $747 million in the year-earlier period, the Moscow-based company said today in a statement. That missed the $1.23 billion average estimate of four analysts surveyed by Bloomberg. Urals crude prices for northwest Europe averaged $113.87 barrel in the quarter, about 48 percent higher than a year earlier, according to Bloomberg data. Gazprom Neft increased refining by 9.3 percent compared with the previous three-month period, while crude export volumes outside the Commonwealth of Independent States fell 5.8 percent. Adjusted earnings before interest, income tax, depreciation and amortization jumped 60 percent to $2.48 billion from a year earlier. Revenue gained 43 percent to $11.5 billion. Gazprom Neft fell 1.5 percent to 135.60 rubles as of 1:20 p.m. in Moscow. The stock is up 5.7 percent this year. To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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