Rosneft reported on financial and operating results for 2021. Last year, the company increased its net profit by six times, EBITDA doubled, and average daily hydrocarbon production increased by 4.9% compared to 2020. The head of the company, Igor Sechin, promises record dividends.
Financial results of Rosneft:
- Net profit – 883 billion rubles. (six times more than in 2020);
- EBITDA — 2.33 trillion rubles. (growth two times);
- Specific operating costs for hydrocarbon production — $2.7/boe. (the minimum value for the last five years, 3.6% less than last year);
- Free cash flow – 1 trillion rubles. (almost 2.5 times more than last year);
- Net debt / EBITDA ratio – 1.3x (almost two times less than at the beginning of the year);
- Net financial debt and trade prepayments are down $5.5 billion year-to-date.
Production results:
- Average daily hydrocarbon production increased to 4.99 million boe. per day (by 4.9% year-on-year);
- Average daily production of liquid hydrocarbons – up to 3.91 million barrels. per day (by 2.3% year-on-year);
- The volume of oil refining at Russian refineries increased to 95.1 mmt (by 2.3% yoy);
- Retail sales at filling stations in 2021 exceeded 2020 by 11%.
- The share of field reserves discovered by the company in 2021 amounted to 75% of all discoveries in Russia.
“Together with efforts to improve operational and financial efficiency, the implementation of major oil and gas projects, as well as refinery development projects, this factor will be decisive for the stable growth in the value of Rosneft shares for years to come. Given the company’s commitment to a dividend policy, earnings for 2021 will provide a record dividend level. This fully corresponds to the goals of the company’s strategy to increase payments to shareholders and increase the profitability of shares,” Igor Sechin is quoted in a press release from the company.
The company’s shares on the Moscow Exchange show the dynamics slightly better than the market. At 10:30 Moscow time, they are reduced by 1.4% (561.35 rubles). At the same time, the Moscow Exchange index is losing more than 2%.
Read more about the activities of Rosneft in the material “Kommersant” “Cubic meter to cubic meter strife.”