Commodities
Kazakhstan's KazMunayGas Sees Net Income Surge 69% Amid Lower Production
Kazakhstan's state-owned oil company NC KazMunayGas JSC (KMG) reported a significant increase in net income for the first half of 2026, reaching KZT 904 billion ($1.96 billion), up 69.1 percent from the same period last year.
The growth was driven by higher oil prices, which offset lower production levels. Net profit adjusted for joint ventures and associates rose 31.4 percent to KZT 867 billion.
However, oil and gas condensate production fell 4.6 percent to 12.44 million metric tons in H1 2026, while gas production dropped 4.7 percent to 5.46 billion cubic meters (192.82 billion cubic feet).