• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 16 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 10 hours Will Uncle Sam Step Up and Cut Production
  • 3 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 1 day Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 11 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 14 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 3 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 7 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days I think I might be wrong about a 2020 shakeout
  • 2 days Kremlin Says WTO's Existence Would Be In Doubt If the U.S., Others Left
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 51 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
Oil Spikes As US Delays Tariffs On Chinese Goods

Oil Spikes As US Delays Tariffs On Chinese Goods

Oil prices continued to rally…

Trade War Turnaround Sends Oil Soaring

Trade War Turnaround Sends Oil Soaring

Oil prices saw a significant…

Russia’s Rosneft Boosts Q1 Net Profit On Higher Prices, Production

Rosneft

Russia’s largest oil producer, Rosneft, reported on Monday a higher net income in the first quarter compared to both the fourth quarter of 2018 and Q1 2018, thanks to higher oil prices and the depreciation of the Russian ruble against the U.S. dollar.

Rosneft’s net income in Q1 2019 in rubles jumped by 61.7 percent year on year, to US$2 billion (131 billion Russian rubles), mostly attributable to higher operating profit and a foreign exchange gain.

Revenues jumped by 20.6 percent on the year in rubles, thanks to higher volumes of crude oil and petroleum products sales, which grew by 7.6 percent, and to the rise in crude oil prices in rubles, up 12.7 percent on the year, on the back of the Russian currency depreciation.

“Despite the volatility and quarterly decrease in oil prices, the decline in oil production under the OPEC+ Agreement and the Agreement on stabilization of prices for petroleum products on the domestic market, in Q1 2019 the Company demonstrated healthy financial performance in terms of both earnings growth and strong free cash flow generation,” Igor Sechin, Rosneft’s Chairman of the Management Board and CEO, said in a statement.

Despite the OPEC+ agreement, Rosneft’s production rose in the first quarter of this year compared to Q1 2018, the company said in a separate press release

Rosneft’s Q1 2019 liquids production amounted to 4.74 million bpd, up by 3.9 percent from the first quarter of 2018, due to active development of greenfields and production ramp-up at several brownfields.

Related: Is This The Most Underrated Upstream Player In The Industry?

Due to the compliance with Russia’s pledge in the OPEC+ production cut deal, however, Rosneft’s output declined by 1 percent in Q1 2019 compared to Q4 2018.

Rosneft, which alongside other Russian companies is said to be reluctant to continue to cut production after June, said today that it could “promptly” raise production if restrictions are eased.  

“The Company has substantial potential to promptly increase production on the back of flexible well stock and well operations management approaches. In case of external restrictions ease the Company is able to secure over 4.8 mmbbl of average daily liquids production in Russia by the year-end,” Rosneft said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play