Rosneft strong results in H1 2013

Russian giant Rosneft has posted first-half net profits of $4.17 billion, up 18 percent on this time last year on the back of the acquisition of Anglo-Russian venture TNK-BP. The multi-billion acquisition also saw overall output ramp up by more than 82 percent compared to the first six months of 2012 at 4.8 million barrels of oil equivalent per day. Revenues rose 34 percent to $60.03 billion. Rosneft president Igor Sechin said the results showed how effectively the company had integrated the new TNK-BP assets into its operational and financial activity since the deal completed in late March. « Despite the complexities of the process we have managed to create a company with uniform business processes and a single centre for the planning of all production activities within just several months,” he said.

For the second quarter, net profits of $1.06 billion beat analysts’ expectations of $953.37 million, according to Reuters. However, the results were negatively influenced by a 6 percent decline in oil prices year-on-year as well as higher export duties. This time last year Rosneft posted a surprise second-quarter loss of $247 million it blamed on volatile oil and rouble markets as well as a higher tax bill. On a quarter by quarter basis, crude output was largely flat at 4.185 million barrels per day over the past three months, and gas production fell 5.52 percent to 602 million boe per day.

The company is working on the construction of the Far East Petrochemical Company and an LNG facility, as well as a large scale modernization of the Komsomolsk refinery and participation in the Sakhalin-1 project. It has recently started exploring the license areas of East Prinovozemelsky 1 and 2 (the Kara Sea) and began field seismic survey at the license areas of Fedynsky and Central Barentsevsky (the Barents Sea).

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