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    Rosneft Q3 Profits Soar Despite Lower Output, Prices


Rosneft benefitted from lower financial expenses, although core earnings slumped because of low prices, higher upstream expenses and output decline.

by: Joseph Murphy

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Rosneft Q3 Profits Soar Despite Lower Output, Prices

Russia’s state oil and gas producer Rosneft posted a 58% yr/yr growth in net profits in the third quarter to rubles 225bn ($3.54bn), according to results published on November 6, thanks to a reduction in financial expenses.

Ebitda slide to rubles 554bn, however, down from rubles 643bn a year earlier, owing to a drop in revenues to rubles 2.24 trillion, from rubles 2.29 trillion, on the back of weaker oil prices and lower production. Upstream operating expenses also crept up to rubles 206 per barrel, from rubles 193.

Free cash flow slumped to rubles 281bn, versus rubles 509bn a year earlier, despite a decline in capital spending to rubles 198bn from rubles 227bn.