print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Rosneft Oil Company press releases

Rosneft Oil Company

April 30, 2013

Rosneft reports EBITDA growth up to RUB 156 bln, hydrocarbon daily production increase by 82.4% and TNK-BP acquisition completion*

On 30 April 2013 Rosneft publishes its consolidated IFRS financial statements for Q1 2013.

Operating and financial highlights

 

Q1 2013

Q4 2012

Change, %

Q1 2013

Q1 2012

Change, %

 

Operating results

 

 

 

Hydrocarbon production, th. boepd

4,804

2,823

70.2%

4,804

2,634

82.4%

 

 

 

Crude oil production, th. boepd

4,169

2,479

68.2%

4,169

2,408

73.1%

 

 

 

Commercial gas production, th. boepd

635

344

84.6%

635

226

180.9%

 

 

 

Refinery throughput, mln t

15.84

15.91

(0.4%)

15.84

15.54

1.9%

 

 

 

 

Financial results, RUB bln

 

 

 

Revenues and equity share in profits of associates and joint ventures

812

792

2.5%

812

759

7.0%

 

 

 

EBITDA

156

145

7.6%

156

176

(11.4%)

 

 

 

Net profit

102

62

64.5%

102

117

(12.8%)

 

 

 

Capital expenditures

95

123

(22.8%)

95

120

(20.8%)

 

 

 

Adjusted free cash flow

33**

13

153.8%

33**

(45)

-

 

 

 

*TNK-BP financial and operational results are incorporated into reporting from the acquisition date up to the end of the reporting period (11 days).
** Excluding one-off effect from receipts under long term oil contracts of RUB 232 billion.

Rosneft President Igor Sechin commented on the results of Q1 2013: «The key event for Rosneft in the reporting period was the acquisition of 100% equity interest in TNK-BP. The Company has strengthened its leading positions in development of the Russian shelf and signed a number of significant long-term agreements on monetization of hydrocarbon production. Dynamic business development had a positive impact on our operational performance – sustainable production growth and building up our reserve base. We have maintained our solid financial position and will continue to work efficiently to increase the shareholder value and investment appeal of our company».

Hydrocarbon production (including production by fully and proportionally consolidated subsidiaries and share in production by affiliates) in Q1 2013 increased by 82.4% compared to Q1 2012 to 4,804 th. boepd. The increase in crude oil production was largely due to TNK-BP acquisition impact of 18.4 mln bbl. Excluding TNK-BP impact, daily production increased by 0.6% due to organic oil production growth at Vankor field driven mainly by the launch of new wells. Gas production reached 5.97 bcm, a 11.2% increase compared to the Q4 2012. Gas production increase of 0.53 bcm is largely due to TNK-BP Group acquisition impact. Excluding TNK-BP impact, gas production increased by 1.3%. Gas production increase in Q1 2013 was at Itera and Yuganskneftegas.

Throughput at Rosneft’s Russian and international refineries was 15.84 mln tonnes in Q1 of the year, inclusive TNK-BP acquired assets. Decrease by 0.4% in throughput is due to maintenance of crude oil distillation unit at Tuapse refinery (expected to be launched in June 2013), loading optimization of Komsomolsk and other refineries in winter period due to lower demand on petroleum products and also due to maintenance of Gelsenkirchen refinery in Q1 2013.

Revenues in Q1 2013 were up 2.5% at RUB 812 bln. Excluding acquisition impact, revenues decreased by 3.7% in comparison with Q4 2012 to RUB 763 bln, largely due to a seasonal decrease in sales volumes of petroleum products, determined by market dynamics, which was partially compensated by an increase of crude oil sales.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in Q1 2013 increased by 7.6% to RUB 156 bln. Excluding TNK-BP acquisition impact, positive influence on EBITDA was due to: (à) a seasonal decrease of exploration expenses, (b) a decrease of general administrative expenses, (c) partially offset by an increase of MET, excise tax rates and transportation tariffs. Procurement expenses and capital expenditures per unit are being reduced.

Rosneft’s Q1 2013 net profit amounted to RUB 102 bln, including TNK-BP acquisition impact in the amount of RUB 51 bln, in comparison with Q4 2012 net profit of RUB 62 bln. Q1 2012 net profit amounted to RUB 117 bln. Excluding TNK-BP assets operations from the acquisition date, net profit decrease was due to: (à) FOREX loss, (b) increase in net finance expenses, (c) was compensated by an increase in value of non-controlling share in OJSC Verkhnechonskneftegaz to its fair value.

Operational cash flow of the Company (excluding the impact of long-term advance payments for crude oil supplies and TNK-BP acquisition) increased by 8.8% to RUB 146 bln.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer