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29 Aug, 2008 07:36

Rosneft reports Net Income of $4.31 Billion for 2Q 2008

Rosneft reports Net Income of $4.31 Billion for 2Q 2008

Russia’s largest oil producer, Rosneft, has posted a 2Q 2008 Net Income of $4.31 Billion under U.S. GAAP.

EBITDA for the quarter came in at $7.05 Billion, up 97% year on year, on the back of Revenues of $21.13 Billion, up 96%.  The quarterly results made for a 1H Net Income of $6.87 Billion, up 187% year on year, with EBITDA of $11.75 Billion (up 121%) on Revenue of $37.5 Billion (up 97%).

The results benefited from rising global crude prices, as well as increased production, which was up 15% on 2007.  The company also says its improved vertical integration, after acquisitions made during 2007, and focus on cost control, made for the better than expected performance.