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Rosneft has net loss of RUB 113 billion ($1.5 billion) in first six month of 2020

Rosneft has net loss of RUB 113 billion ($1.5 billion) in first six month of 2020

Moscow, August 14 - Neftegaz.RU. Rosneft posted today a reduction of financial debt and trading obligations in the first half of 2020, the company announced it kept low level of operating expenses and demonstrated a material free cash flow.

Net loss in 1H 2020 was RUB 113 billion ($1.5 billion), while it had a net income of 325 billion rubles ($4.4 billion) in the same period of 2019.

The decrease in EBITDA compared to 1H 2019 was due to a significant drop of world crude oil prices, reduction in delivery volumes of crude oil and a negative damper effect (RUB -142 billion).

“The reporting period was characterized by unprecedented macroeconomic conditions including a sharp reduction of prices due to failing demand on the back of COVID-19 pandemic and lower production volumes due to realization of the new OPEC+ agreement," Rosneft Chairman and CEO Igor Sechin said in the statement.

Capital expenditure totaled RUB 367 billion ($5.3 billion) in 1H, down around 16% from a year ago.

Free cash flow reached 206 billion rubles ($2.8 billion) in 1H 2020, down 41% year-on-year.

"Crude oil and gas production as well as refining volumes came under severe pressure in 2Q 2020 which led to the deterioration of financial metrics," Sechin noted.

In 1H 2020 financial debt and trading obligations decreased by $4.3 billion or 5.3%. In July 2020 Rosneft completed the payment of record-high dividends, for 2019 amounted to RUB 354 billion ($4.8 billion).

To read the full story in Russian.

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