• 3 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 5 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 5 hours Clean Energy Is Canceling Gas Plants
  • 43 mins Rethinking election outcomes for oil.
  • 6 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 1 min The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 8 mins China leaders meet to discuss proposed 5 year economic plan.
  • 3 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 21 hours Video Evidence that the CCP controls Joe Biden
  • 2 days America's Frontline Doctors - Safely Start Living Again!
  • 4 mins Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 1 day OP article : "Trump blasts Biden Fracking Plan . . . "
  • 1 day GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 7 hours Irina Slav has a good article - Regarding Investors & Oil
  • 16 mins Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 1 day Biden denies fracking ban
  • 2 days Is the coal industry on the way out?
The 3 Hottest Renewable Energy IPOs

The 3 Hottest Renewable Energy IPOs

Investors have been betting the…

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

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