Bashneft announced earnings results for the third quarter and nine months ended September 2016. The company had net profit of RUB 4.76 billion to International Financial Reporting Standards (IFRS) in third quarter of 2016, down from RUB 21.98 billion a year earlier. Profit fell due to an increase in production and operating expenses by 36.1% to RUB 27.3 billion, following a rise in Other Expenses related to an increase in provisions for environmental obligations. Operating profit fell to RUB 16.598 billion in third quarter of 2016 from RUB 30.403 billion a year previously, and pre-tax profit plummeted to RUB 8.973 billion from RUB 29.524 billion. Revenue was RUB 161.9 billion, down 3% from RUB 167.6 billion for the same period last year, while EBITDA totaled RUB 28 billion, down 23.1% from RUB 37.5 billion.

Net profit in January-September 2016 amounted to RUB 34 billion in comparison with RUB 51.3 billion a year earlier. Revenue was RUB 435 billion, down 6.1%, while EBITDA fell by 9.8% to RUB 89.9 billion.

Oil production in the nine months grew 8.6% year-on-year to 15.9 million tonnes. It rose most of all at the Trebs-Titov fields, by 73% to 1.7 million tonnes and at the Sorovskoye field, by 40% to 1.7 million tonnes also, while production at mature fields rose 0.5% to 12.55 million tonnes.