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Rosneft posted a rise in profits in 2017

Net profit in the Q4 of 2017 more than doubled on the previous quarter.

Rosneft posted a rise in profits in 2017 Rosneft posted a rise in profits in 2017


Moscow, 19 March - Neftegaz.RU. Rosneft said higher oil prices and increase production helped the company increase its adjusted earnings by almost 10% last year, net profit in the Q4 of 2017 more than doubled on the previous quarter.

 

The company said that hydrocarbon production in 2017 grew 6.5% to 5.72 million barrels of oil equivalent per day, compared with production in 2016. The company’s operating expenses were $3 per barrel in 2017.

 

Rosneft CEO Igor Sechin said: «The company continued to improve considerably its operating and financial performance, integrating efficiently the acquired assets and improving profitability across the business value chain.  With 2017 daily hydrocarbon production growth at 6.5% YoY, revenue increased by 20.6% and EBITDA - by 9.8%»

 

4Q 2017 revenue rose to RUB 1,709 bln ($30.1 bln), or up by 14.2% QoQ, driven mainly by higher crude oil price and increased sales volumes of hydrocarbons and petroleum products.

 

12M 2017 revenue amounted to RUB 6,014 bln, rising by 20.6% YoY (106.4 bln in USD terms, or up by 37.8%) on the back of the new assets integration, positive implications from macro-economic indicators, improving the sales mix and expanding trading activity with significantly faster growth in domestic oil and oil products supplies.

 

«Entering the new markets in Egypt and in India will substantially accelerate the company’s international business platform development... Gas production start at the Zohr field and acquiring a stake in Essar Oil has already improved the business financial performance», Igor Sechin said.

 

To read the full story in Russian.

 

Source : Neftegaz.RU