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Rosneft Nine-Month Profit Hits Record High, Sees Possible 'Super Cycle' in Oil & Gas

11/12/2021 | 02:38am EST

By Jaime Llinares Taboada

Rosneft Oil Co. on Friday reported an improved profit for the third quarter of the year, bringing the nine-month result to a new record high.

The Russian oil-and-gas producer made a net profit of 314 billion rubles ($4.39 billion) for the quarter, up 35% from RUB233 billion in the second quarter.

The net profit for the nine months through the end of September was RUB696 billion, the highest on record, reflecting historically high earnings per barrel.

In addition to higher prices, Rosneft achieved average hydrocarbon production of 5.09 million oil-equivalent barrels a day in the third quarter, up 3.4% on the quarter.

Chief Executive Igor Sechin said that the company is positioned to increase profits and cash flows further, and that it will continue to accelerate investment in hydrocarbons as consumption rises.

"Despite the uncertainty in the global economy due to the difficult epidemiological situation, we observe a rapid growth in demand for traditional energy resources. As structural discrepancies between supply and demand on global energy markets are further revealed, we may witness a new super cycle on the oil and gas markets," he said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

11-12-21 0238ET

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