Gazprom is finishing 2016 with one of the weakest financial results in recent years. The company’s CFO, Andrei Kruglov, recently suggested that the monopoly’s EBITDA may drop over 30% in dollar terms. We expect Gazprom’s EBITDA to reach about $19bn this year, compared to about $30bn in 2015 and $51bn in 2013. Kruglov has also hinted that Gazprom’s investments may exceed its operating cash flow; as a result, its free cash flow may be zero or negative for the year. Gazprom’s production this year will reach a new post-Soviet low: its latest adjusted forecast is 408.9 bcm, almost 10% below the original plan for 2016.