Rosneft Release Financial results for 2Q 2018 and 1H 2018

Posted On August 7th, 2018 - 5:03 pm | by Oil and gas press

Revenues and equity share in profits of associates and joint ventures

2Q 2018 revenue amounted to RUB 2,065 bln (USD 33.9 bln) increasing by 19.9% QoQ, on the back of higher crude oil prices – 11.1% growth in USD terms and 20.7% increase in RUB terms.

In 1H 2018 revenue increased by 29.3% in USD terms YoY, mainly driven by market price improvement.

EBITDA

2Q 2018 EBITDA rose 1.5 times QoQ and reached RUB 565 bln (USD 9.1 bln). The significant QoQ EBITDA growth was achieved on the back of a significant increase in oil prices and a positive effect of export duty lag. The management’s efforts, favorable price dynamics and increased equity share in profits of Russian and international projects (RUB 32 bln) contributed to 1H 2018 EBITDA growth up to RUB 950 bln.

Lifting costs were at 192 RUB/boe (or 3.1 USD/boe) in 2Q 2018 compared to 185 RUB/boe (or 3.3 USD/boe) in 1Q 2018. The cost dynamics is mainly explained by seasonality in upstream. 1H 2018 YoY increase in lifting costs (from 176 to 189 RUB/boe) was mainly driven by higher energy tariffs and increased repair and maintenance costs.

Net income attributable to Rosneft shareholders

2Q 2018 net income attributable to Rosneft shareholders jumped by 2.8 times QoQ and reached RUB 228 bln (USD 3.6 bln) on the back of operating income growth, FX impact and one-off gain from recognizing net income from the share acquisition in upstream JV with a foreign partner and recognition of fair value of previously held interest in JV.

In 1H 2018 net income attributable to Rosneft shareholders amounted to RUB 309 bln (USD 5.1 bln) exceeding 2017 level by 1.4 times, allowing for considerable growth in dividend base for interim 1H 2018 dividend payment.

Capital expenditures

Capital expenditures amounted to RUB 229 bln (USD 3.7 bln) in 2Q 2018 and RUB 452 bln (USD 7.6 bln) in 1H 2018. Its 9% growth (in USD terms) in 1H 2018 was driven by the development of Russian and international projects in accordance with the Company’s business plan and strategy.

Free cash flow

1H 2018 free cash flow doubled YoY and reached RUB 363 bln (USD 6.1 bln) on the back of substantial EBITDA growth. In 2Q 2018 free cash flow amounted to RUB 221 bln (USD 3.6 bln).

Source / More : Rosneft

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