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Russian oil firm Rosneft reports big gain in quarterly profit

Russia's PJSC Rosneft Oil Co. said May 14 that its first-quarter profit jumped seven-fold year over year as higher oil prices and improved sales channels lifted revenues.

Net income attributable to Rosneft shareholders surged to 81 billion Russian rubles in the quarter through March from 11 billion rubles in the year-ago period.

Adjusted for foreign exchange effects and one-off items, net income attributable to shareholders soared 64% to 123 billion rubles in the quarter from 75 billion rubles a year earlier.

First-quarter EBITDA increased 15.6% year on year to 385 billion rubles from 333 billion rubles, and revenue rose 22.1% to 1.722 trillion rubles from 1.410 trillion rubles.

Rosneft said the average price of the Russian flagship oil blend Urals was 3,710 rubles per barrel in the first quarter, up 20.7% from 3,070 rubles per barrel a year ago.

The company's oil and liquids production declined 1.2% year over year to 4.57 million barrels per day from 4.62 million barrels per day, and gas output fell 2.0% to 1.14 million barrels of oil equivalent per day from 1.17 million barrels of oil equivalent per day.

As of May 14, US$1 was equivalent to 61.78 Russian rubles.