Gazprom reported a huge surge in second-quarter nets profit following the disclosure of its latest financial performance. Fiscal analysts had not projected such positive results for the Russian conglomerate, but it has pointed to the increase in energy prices as the main contributory factor in its Q2 success.

Gazprom’s Q2 net profit jumped to $2.95bn which represented a significant increase from the same period in the previous year.

In addition to this, it was also disclosed that Gazprom’s share price was given a timely boost following with shares up 1.1 percent following the publication of the results.

Its share prices outperformed the broader Moscow stock market .IMOEX, which was 0.8 percent higher.

Gazprom has shipped more than 101 billion cubic meters of natural gas to both the EU and Turkish markets in the first half of the year, which represents an increase of 6% year-on-year - and accounts for around a 34 percent share of Europe’s overall gas market.

A representative for the Russian oil colossus said its average gas export price rose by a quarter to 13,858 roubles per 1,000 cubic meters in the first-half of this year.

Total sales in April-June increased to 1.83 trillion roubles, from 1.39 trillion roubles in the second quarter of 2017.