Rosneft Q1 revenues $27.6 billionChristian Fernsby ▼ | May 16, 2020
Rosneft 1Q 2020 revenues amounted to RUB 1,765 bln (USD 27.6 bln).
Rosneft The reduction in sales in RUB terms
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. ■