BP Stock- BP : Rosneft swings to $2 bln first-quarter net income
MOSCOW, May 14 (Reuters) – Russia’s largest oil producer
Rosneft on Friday reported first-quarter net income of
149 billion roubles ($2 billion), buoyed by a recovery in oil
prices, after a $2.1 billion loss a year earlier.
Earnings at the group, which is around one-fifth is owned by
BP, have been boosted by a 20% annual increase in oil
prices, supported by a global deal on production cuts.
The deal was also partly behind a first-quarter decline in
Rosneft’s oil and gas condensate production to 3.75 million
barrels per day (bpd) from 4.64 million bpd a year ago, though
output edged up 1% from the previous quarter.
Production was also pressured by Rosneft’s sale of some
brownfield, or mature, assets, in southern Russia, along with
underperforming brownfields elsewhere, to raise capital to
develop its giant northern Vostok Oil project.
“We think catalysts for Rosneft are related to the
development of Vostok Oil, along with meaningful moves in
commodity prices,” Sova Capital brokerage said earlier this
Rosneft’s revenue for the January to March quarter edged
down 1.2% to 1.7 trillion roubles, while earnings before
interest, tax, depreciation and amortisation (EBITDA) rose to
445 billion roubles, up 44% year on year.
($1 = 73.9200 roubles)
(Reporting by Olesya Astakhova and Vladimir Soldatkin; Editing
by David Goodman and Jan Harvey)