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Bashneft posts 9M 2010 net income of $857 million

Bashneft posts 9M 2010 net income of $857 million
Russian oil producer, Bashneft, has posted a net income after minority interest of $857 million under IFRS.

­The net result is up 344% year on year from the 9M 2009 net income of $193 million, with 9M OIBDA up 155% year on year to $1.98 billion, as 9M revenues climbed 133% year on year to $9.746 billion.

For 3Q 2010 Bashneft posted a net income after minority interest of $278 million, which was down 17.7% quarter on quarter, with 3Q OIBDA falling 2.3% quarter on quarter, as 3Q revenues rose 5.3% quarter on quarter to $3.506 billion.

The company noted the fall in 3Q OIBDA and net income reflected provisions made for legal action, increasing interest payments and foreign exchange losses, while the 9M results reflected increasing production in a stronger price environment. 

Viktor Khoroshavtsev, President of Bashneft, noted strategic progress and retail network development.

“We continue integrating our upstream and downstream segments in line with our stated strategy. We maintained our leading positions in the growth of production volumes, while the optimisation of oil processing and development of a retail network allow us to further improve the margins in our business.”