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Rosneft's Q2 earnings slide despite higher revenues, flat production

Russian oil and gas producer Rosneft Oil Co. PJSC on Aug. 21 reported second-quarter net income attributable to shareholders of 194 billion Russian rubles, a decrease from 217 billion rubles in the year-ago quarter.

Total revenues and equity share in profits of associates and joint ventures amounted to 2.14 trillion rubles, up from 2.07 trillion rubles in the same quarter a year ago.

Capital expenditures for the quarter totaled 222 billion rubles, a slight decrease from 229 billion rubles in the second quarter of 2018.

Free cash flow amounted to 135 billion rubles, falling from 221 billion rubles in the year-ago quarter.

Rosneft posted hydrocarbon production of 5.7 million barrels of oil equivalent per day in the second quarter, remaining flat year over year.

As of Aug. 20, US$1 was equivalent to 66.64 Russian rubles.