Rosneft Oil 2Q Net Income, Revenue Rose

By Joe Hoppe

Rosneft Oil Co. said Friday that second-quarter net income and revenue rose on quarter, and that first-half earnings increased on year.

The Russian oil and gas company said net income attributable to shareholders rose to 233 billion rubles ($3.17 billion) for the three months ended June 30 compared with RUB149 billion for the first quarter.

The company--which BP PLC holds a 19.75% stake in--attributed the rise in net profit to improvements in the macroeconomic environment in the second quarter, and particularly to a recovery in price of crude oil and petroleum products on international markets.

Second-quarter revenue and equity share in profits from associates and joint ventures rose to RUB2.167 trillion from RUB1.737 trillion the previous quarter, largely due to a production growth program and higher crude prices, Rosneft said.

For the first half, earnings before interest, taxes, depreciation and amortization rose to RUB1.016 trillion from RUB479 billion a year prior.

"The high level of operating and production efficiency enabled the company to significantly improve its financial performance and continue a consistent reduction of the financial debt," Chief Executive Igor Sechin said.

Shares at 1215 GMT were down 1.4% at RUB557.80.

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(END) Dow Jones Newswires

08-13-21 0850ET