Within three months, Rosneft earned 170 billion rubles (approx. PLN 8 billion 200 million) compared to PLN 399 billion (approx. PLN 19 billion 300 million) in the first quarter of last year. The company's revenues fell by 12 percent, up to 2 trillion 283 billion rubles (approx. PLN 111 billion). In terms of cash flows, Rosneft was in the minus: 365 billion rubles (approx. PLN 17 billion 600 million) brought it, which was not enough to cover all investment outlays – 403 billion rubles (approx. PLN 19 billion 500 million).
“In the reporting period, the company operated in conditions of further deterioration of the macroeconomic economic situation, including a decrease in the prices of Russian oil Urals and extensions of discounts, new sanction restrictions, as well as the strengthening of the ruble ” – emphasizes Rosneft in a message.
In addition, as the company complains, The increase in the basic interest rate by the Central Bank had an impact on poor results: interest on loans over a quarter has increased almost twice. To cover all expenses, Rosneft took 1 trillion of rubles (about PLN 50 billion) in three months – four times more than in the first quarter of 2024.
“Strengthening of the ruble and a decrease in oil prices had a significant impact on the results of rosneft”, Alfa-ban analysts write. The main Russian Urals variety during the quarter got cheaper by nine percent, and the Premium Vsto oil, which Rosneft exports to China – by 11 percent. The price of oil in rubles dropped by a quarter by a quarter – up to 5,000 rubles (approx. PLN 241) for a barrel in March.
In April and May, the situation became even more difficult: the price of Urals dropped to 4,000. rubles (around PLN 193), that is, by 40 percent Below the level assumed by the government in the budget. “The decrease in oil prices in rubles had a main negative impact on” Rosneft “”, notes the analyst “Finam” Sergei Kaufman.
In addition, according to the expert, sanctions were influenced by sanctions, as a result of which Rosneft had to increase oil discounts for China, as well as an increase in income tax and an increase in interest costs.
Rosneft can always count on state support and is the only oil company in Russia, which has prospects for launching new mining powerresembles Alfa-Bank: it develops the “Wostok Oil” project, which is in fact the last large unused oil deposit in the country.
