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Rosneft Q1 revenues $27.6 billion

Christian Fernsby ▼ | May 16, 2020
Rosneft 1Q 2020 revenues amounted to RUB 1,765 bln (USD 27.6 bln).
Rosneft
Rosneft   The reduction in sales in RUB terms
The reduction in sales in RUB terms compared with 4Q 2019 (-20.6%) was driven by a crude oil price drop (-18.5%) as a result of lower demand due to coronavirus pandemic, negative market expectations ahead of termination of the OPEC+ Agreement as well as a reduction in sales volumes of crude oil and oil products.

Topics: Rosneft

Sales decrease of 15.0% compared to 1Q 2019 was mainly due to a decline in world crude oil prices (-23.6%) and was partially offset by higher sales volumes.

1Q 2020 EBITDA amounted to RUB 309 bln (USD 4.9 bln), a decrease of 36.7% in RUB terms compared with 4Q 2019.

The decrease was driven by a drop of crude oil prices, a negative lag effect of export duties (RUB 98 bln), a reduction in the damper effect (RUB 53 bln) as a result of the fall in export netback price and the establishment of a premium on the domestic market of motor fuel, which was partially offset by an increase in refining margins and an increase in retail sales margins, as well as a reduction in administrative expenses.

The decrease in EBITDA compared to 1Q 2019 was caused by a significant drop of world oil prices (-23.6%) and was partially offset by a decrease in administrative expenses.


 

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