has discontinued publication of its segment expenses
by quarter. Company's financial report for Q1-2009 is less
transparent than previous quarterly reports starting from Q3-2002.
In fact, the segment
expenses have raised too many questions uncomfortable for Gazprom
executives. Often the reported trends and numbers were just
impossible. For instance, the growing gas production volume could be
accompanied by the declining total
production expense. It did look like the reported numbers were
altered to meet a certain target.
The lower reporting
standard makes life easier for the top managers of Gazprom, but more
complicated for the shareholders of the Russian gas giant.
August 26, 2009