Rosneft posts 2Q 2011 net income of $2.831 billion

Russian crude producer, Rosneft, has posted a 2Q 2011 net income of $2.831 billion under US GAAP.

The 2Q net result was up 10% year on year, with 2Q EBITDA rising 12% to $5.333 billion, as 2Q revenues climbed more than 50% year on year to $23.274 billion. The 2Q results made for a 1H 2011 net income of $6.773 billion, up 34% year on year, with 1H EBITDA up 30% year on year to $11.986 billion, on the back of a 43% year on year increase in 1H revenues to $43.397 billion.The company said the figures reflected a significantly higher crude prices, coupled with  2.4% increase in crude production for the half, with higher production at its Vankor and Verkhnechonsk fields, and the Sakhalin-1 project.  It also noted  a 20% increase in petroleum product production, reflecting its purchase of a 50% stake in Ruhl Oel GmbH, which owns stakes in German refineries.Rosneft’s President Eduard Khudainatov was positive about the results, flagging improved performance going forward. “We posted good results for the second quarter, including record operating figures. We closed the deal on acquisition of a stake in German refineries, which resulted in insignificant net debt rise. EBITDA reduction quarter-on-quarter was anticipated following abolition of export duty for Vankor crude. Ongoing performance improvement, investment program implementation and higher shareholder returns are our priorities for the near future.”