Rosneft earns 7,256 million until June, 13.1% more


The Russian state oil company Rosneft, the country’s largest crude oil producer, closed the first half of 2022 with an attributed net profit of 432,000 million rubles (7,256 million euros), which is equivalent to an increase of 13.1% compared with the same period last year, as can be seen from the partial accounts published by the company on Thursday.

“In the first half of 2022, Rosneft was under unprecedented pressure from adverse external factors and unfair sanctions. However, thanks to high operational efficiency and appropriate management decisions, we were able to ensure the continuity of the company and demonstrate stable results,” said Igor Sechin, Chairman of the Board and CEO of the company.

Rosneft has indicated that during the semester it strengthened cost control measures and prioritized investments in higher-yielding projects.

The turnover between January and June was 5,172 billion rubles (86,873 million euros), 32.5% more than in the first half of 2021. This large increase is due to the rise in energy prices in the markets, since sales volumes have not grown at a similar rate.

The company has indicated that hydrocarbon production stood at 4.85 million barrels of oil equivalent per day, 1.5% more than last year in comparable terms. Within this figure, gas production stands out, which grew by 9.2%, up to 1.12 million barrels equivalent per day.

However, Rosneft has also indicated that the financial performance during the half year was affected by external factors such as the higher cost of logistics, the increase in road transport tariffs and higher electricity expenses.