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Rosneft revenue jumps 41.2%

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Staff Writer |
Rosneft
Rosneft   Rosneft 4Q 2018 revenue amounted to RUB 2,165 bn

Rosneft 12М 2018 revenue boosted by more than 1.4 times YoY up to RUB 8,238 bn (USD 133.7 bn) mainly due to favorable world price dynamics (+41.2% in RUB terms and 31.4% in USD terms) and growth of equity share in profits of the Russian and international projects (+44% YoY).

Rosneft 4Q 2018 revenue amounted to RUB 2,165 bn (USD 33.1 bn) reduced by 5.3% QoQ in RUB terms due to significant Urals price drop (-8.0% in RUB terms and -9.3% in USD terms) which was partially compensated by higher volumes of crude oil production and sales.

Rosneft 12M 2018 EBITDA grew up to RUB 2,081 bn (USD 33.1 bn) that is in 1.5 times higher compared to 12M 2017. Growth was driven by improvement of the Company’s efficiency, by favorable external market environment and by easing of restriction under OPEC+ Agreement.

Rosneft 12M 2018 YoY increase of 4.9% in lifting costs (from 185 to 194 RUB/boe) was much lower of industrial inflation in Russia (11.9%). The growth was mainly caused by higher repairs and maintenance costs of the growing well stock, oilfield works and higher tariffs of natural monopolies.

EBITDA margin was up to 25% in 12M 2018 on the back of the above factors and the Company’s efforts.

4Q 2018 EBITDA was RUB 488 bn (USD 7.4 bn). EBITDA reduction is mainly caused by the negative impact of export duty lag effect on the back of substantial drop of crude oil price and higher seasonal costs.

4Q 2018 lifting costs were at 205 RUB/boe (3.1 USD/boe) if compared to 193 RUB/boe (2.9 USD/boe) in 3Q 2018. Higher lifting costs in RUB term were mainly caused by higher tariffs of natural monopolies, increased costs in technological transport and production growth after removing of restriction under OPEC+ Agreement.

In 12M 2018 net income attributable to Rosneft shareholders increased by 2.5 times YoY and amounted to RUB 549 bn (USD 8.9 bn) despite the recognition of impairment. On the back of higher operating income net income growth was driven by positive FX impact and one-off gain from the share acquisition in upstream JV with a foreign partner and fair value recognition of previously held interest in JV.

4Q 2018 net income attributable to Rosneft shareholders amounted to RUB 109 bn (USD 1.6 bn) compared to RUB 142 bn (USD 2.3 bn) in 3Q 2018. The decrease is mainly due to negative dynamics of operating income (-31.5% to 3Q 2018) and lower positive effect of forex and other income.


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