Dollar profit “Rosneft” has fallen by a third

Net profit “Rosneft” in terms of dollars by the end of 2015 amounted to $6.1 billion, which is 34,4% less than the year before, follows from the report of the company prepared in accordance with international financial reporting standards (IFRS).

While dollar sales of Rosneft from the sale of oil, gas and petroleum products declined for the year by 40.8%, from $146.7 billion to $86.9 billion this sharp decline is attributable to the drop in world oil prices — while in 2014 the average price of a barrel of Russian oil Urals reached $97,6 in 2015 it dropped to $51,4, approximately 47.3% on the year.

Due to the devaluation of the ruble rouble profit “Rosneft” in 2015, despite falling oil prices, increased by 2% to 355 billion rubles. the company noted that it improves the basis for dividend payments.

Net debt of “Rosneft” for 2015 declined in dollar terms by 47% to us $23.2 billion the company explained that the reduction in debt was due to repayment of a substantial part of short-term debt “as a result, generate operating cash flow and receipt of funds under long-term contracts for the supply of oil”.

At the same time in the report of “Rosneft” stressed that the negative effect of the fall in oil prices has been limited due to the increase volumes of gas sales (3.8 per cent) and refined petroleum products and petrochemicals (+1%), increase high-margin oil supplies in the Eastern direction (+18.5 per cent).

“The company continues to improve its efficiency to meet the challenges of the global market. Growth in operating profit before depreciation 17.8% in 2015 amid falling dollar and rouble-denominated oil prices suggest efficient control of operating costs, which enabled the company to significantly reduce its debt burden, increasing significantly the sustainability of the business in difficult macroeconomic conditions”, — said the Chairman of the Board of “Rosneft” Igor Sechin.

Yesterday Rosneft reported an increase in total hydrocarbon production in 2015 by 1% to 5,106 million barrels of oil equivalent (b.N. e.) to 5,159 million b.N. uh. a day. For the year as a whole “Rosneft” has produced oil and gas in the amount 254,2 million tons of oil equivalent, with gas production for the year grew by 10.2% (62,54 billion cubic meters).