Profits leap at Russian oil major
The strong figures are being attributed to maintaining high daily oil production rates. The crude oil output increased by 23.9% to 2.125 million barrels per day in the same period – including 6.3% in organic growth – compared to the first quarter of 2007.
High oil prices have also contributed to the company’s financial success.
Sales revenue totaled $US 16.368 billion while the company’s profit before tax and amortization (EBITDA) grew to $US 4.7 billion.
But the rapid growth of Rosneft’s financial results could be hampered by the high tax burden. Total tax paid in Q1 came to $US 8.904 billion – that’s nearly twice as much as the same period last year.
Rosneft has reduced its net debt by $US 2.7 billion, down to $US 23.575 billion.
Gas production has fallen in comparison with the first three months of last year – down 15% to 2.39 billion cubic meters.
But petrochemical output jumped by 81.2% to 11.96 million tonnes as a result of increased production at the Tuapse and Komsomolsk refineries as well as the acquisition of new refineries and major upstream assets.