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Rosneft sees net profit jump sevenfold on higher oil prices | |
(about 2 hours later) | |
Russia’s largest oil producer, state-controlled Rosneft, reported on Monday a sevenfold jump in its net profit for Q1 2018, on the back of significantly higher oil prices compared to the same period of 2017. | Russia’s largest oil producer, state-controlled Rosneft, reported on Monday a sevenfold jump in its net profit for Q1 2018, on the back of significantly higher oil prices compared to the same period of 2017. |
Rosneft’s net income soared to $1.3 billion (81 billion Russian rubles), more than seven times higher compared to Q1 2017, and exceeding a Reuters forecast of $1.25 billion (76.8 billion rubles). | Rosneft’s net income soared to $1.3 billion (81 billion Russian rubles), more than seven times higher compared to Q1 2017, and exceeding a Reuters forecast of $1.25 billion (76.8 billion rubles). |
Revenues at Rosneft jumped by 22.1 percent on the year, to $28 billion (1.722 trillion rubles), driven by higher oil prices and sales channel optimizations despite a 1.2-percent decline in average daily liquids production that was constrained by Russia’s commitment in the OPEC/non-OPEC production cut pact, Rosneft said. | Revenues at Rosneft jumped by 22.1 percent on the year, to $28 billion (1.722 trillion rubles), driven by higher oil prices and sales channel optimizations despite a 1.2-percent decline in average daily liquids production that was constrained by Russia’s commitment in the OPEC/non-OPEC production cut pact, Rosneft said. |
The average price of the Urals crude grade was $65.20 in the first quarter this year, up from $60.50 in Q4 2017, and up from the Q1 2017 average price of $52.30, Rosneft’s financials show. | The average price of the Urals crude grade was $65.20 in the first quarter this year, up from $60.50 in Q4 2017, and up from the Q1 2017 average price of $52.30, Rosneft’s financials show. |
Spare capacity at the company exceeded 100,000 bpd at the end of the first quarter this year. | Spare capacity at the company exceeded 100,000 bpd at the end of the first quarter this year. |
Free cash flow in rubles jumped threefold compared to Q4 2017 and increased by 40.6 percent from Q1 2017. | Free cash flow in rubles jumped threefold compared to Q4 2017 and increased by 40.6 percent from Q1 2017. |
On the conference call, Rosneft’s First Vice President for Economics and Finance, Pavel Fyodorov, said that the company would reveal details of its planned share buyback in June this year. | On the conference call, Rosneft’s First Vice President for Economics and Finance, Pavel Fyodorov, said that the company would reveal details of its planned share buyback in June this year. |
Earlier this month, Rosneft said that its management was proposing a share buyback program of $2 billion in the period 2018 to 2020, as part of its strategy to boost shareholder returns. Rosneft plans to finance the medium-term buy-back plan with organic free cash flow generation and divestments of non-core assets, the company said, adding that the execution of the share repurchase program would start in the second quarter this year, pending receipt of customary corporate approvals. | Earlier this month, Rosneft said that its management was proposing a share buyback program of $2 billion in the period 2018 to 2020, as part of its strategy to boost shareholder returns. Rosneft plans to finance the medium-term buy-back plan with organic free cash flow generation and divestments of non-core assets, the company said, adding that the execution of the share repurchase program would start in the second quarter this year, pending receipt of customary corporate approvals. |
As part of the plan to boost shareholder returns, Rosneft also plans to carry out a strategic review of its asset portfolio focused on decreasing the share of tail and non-core assets, “the disposal of which should provide incremental net cash flow to the shareholders.” | As part of the plan to boost shareholder returns, Rosneft also plans to carry out a strategic review of its asset portfolio focused on decreasing the share of tail and non-core assets, “the disposal of which should provide incremental net cash flow to the shareholders.” |
This article was originally published on Oilprice.com | This article was originally published on Oilprice.com |
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