Rosneft succumbed to a drop in revenue and net income for 1H 2015, however came out ahead in its 2Q 2015 results with an increase of as much as 150%.
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Image from Rosneft. |
Revenue for 1H came in at US$46.2 billion, a 42.5% drop of 1H 2014’s $80.3 billion. The company’s adjusted net income for the period was $3.5 billion, a 36.1% decrease from $5.9 billion in 1H 2014.
Revenue for 2Q 2015 was $25.2 billion, a 20% jump from $21 billion in 2Q 2014. The adjusted net income for this quarter came in at $2.5 billion, a heavy increase of $150% from $1 billion in 1Q 2015.
“The period of 1H 2015 was characterized by high fluctuation of oil price and exchange rate, increased transportation tariffs and tax burden, high interest expenses due to change in interest base rate,” Igor Sechin, Rosneft chairman of the board said. “In these conditions the company undertaken efforts on maintaining current production capacity with continued program aimed at optimization of operational, administrative costs and capital expenses and setting priorities to financing of new projects development. Thus, the company demonstrated better dynamics of revenues, EBITDA and adjusted net income in 1H 2015 compared to 1H 2014 taking into consideration change in average oil prices (both in RUB and US dollar term).”
In its upstream sector, Rosneft reached a hydrocarbon production total of 5.15 MMboe/d in 2Q with the drilling of new wells, and implementing new technologies, that the company said enabled production growth for 1H by 2% compared to 1H 2014.
Cost optimization measures and control adjusted earnings before interests, tax and depreciation (EBITDA) amounted to $6.3 billion and increased by 14.0%. The adjusted EBITDАmargin reached 24.8% in 2Q 2015 compared to 1Q, and adjusted EBITDA for the 1H 2015 increased by 3.2% compared to 1H 2014 up to $9.3 billion.
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