Bashneft posts 1Q 2011 net income of $370 million

Bashneft, Russian oil producer, has posted a net income of $370 million under IFRS.

The 1Q net result was up 52.9% year on year from the 1Q 2010 net income of $242 million, with 1Q OIBDA rising 39.4% to $856 million from $614 million in the 1Q 2010, as revenues grew 42% year on year to $4.135 billion.The company said the growth reflects an increase in sales volumes and the pricing of crude oil and petroleum products. The company noted that the biggest part of revenue was generated from crude export which increased 53.3% in the 1Q 2011 and totaled $653 million reflecting growth of both volumes of export sales and prices. Sales of crude oil outside Russia totaled 900,000 tons in the 1Q 2011, which is 12.5% more than in the same period of 2010.  The company increased domestic sales of crude oil to 255,000 tons year on year from 131,000 tons reported for the 1Q 2010.