At the end of the first half of 2021, “Rosneft” received one of the highest net profit indicators in its history, increased EBITDA and free cash flow indicators more than twice,” said Igor Sechin, Chairman of the Board of “Rosneft”, commenting on the company’s performance in the first half of 2021.
The company’s net profit in the first half of the year amounted to 382 billion rubles against a loss of 113 billion rubles a year earlier. “Rosneft’s” net profit increased more than 5 times.
“Rosneft’s” revenue increased by 39.6% year-on-year due to higher oil prices.
According to the company, the average price of Urals, the main export grade of Russian oil, in January-June 2021 rose to $ 63 / bbl. – 58.9% more than in January – June last year.
EBITDA (operating profit) of the company in the first half of the year increased by more than 100% in rubles and by 85.1% in US dollars, reaching 1,016 billion rubles and $ 13.7 billion, respectively. EBITDA for the reporting period increased almost 3.5 times.
“Rosneft’s” capital expenditures in the first half of 2021 increased by 25.9% year-on-year, reaching RUB 462 billion ($ 13.7 billion). The increase in capital expenditures by more than a quarter is primarily due to the implementation of the ambitious Vostok Oil project (the project includes the development of 13 fields), which requires large investments.
In the second quarter of this year, production-operating costs were only RUB 194 ($ 2.6).
Caspian Barrel
