Hydrocarbon production (including production by fully and proportionally consolidated subsidiaries and share in production by affiliates) increased by 82.8% in H1 2013 and reached 4,804 th. boepd. H1 crude oil production reached 4,183 th. bpd, which represents a 73.5% increase Y-o-Y, while gas production more than doubled and reached 15.3 bcm. Consolidated crude oil production by the united company totaled 96 mln tons in H1 2013. The organic growth of the united Company production reached 0.4% in H1 2013. Growth of hydrocarbon production is due to the acquisition of new assets, as well as organic growth at Vankorneft and Samaraneftegaz fields.
The daily crude oil production remained almost flat in Q2 2013, while daily gas production slid by 5.2% due to the seasonal reduction of demand.
Throughput at Rosneft’s Russian and international refineries amounted to 39.45 mln tons of crude oil in H1 2013, up 33.4% Y-o-Y. The growth is largely due to the acquisition of new refining capacities in Russia and abroad. Refinery throughput of the united Company totaled 47 mln tons year to date. The organic growth of the united Company refinery throughput amounted to 2.0% in H1 2013.
Refining volumes in Q2 2013 rose 49.1% Q-o-Q and reached 23.61 million tons, with growth totaling 55.8% at Russian and 15.5% at international facilities of the Company. In addition to the expansion of the production facilities, the Q-o-Q growth is due to the seasonal surge of the demand for petroleum products, as well as the reduction of the scope of planned turnarounds at Komsomolsk, Syzran and Tuapse refineries.
Revenues (including equity share in profits of associates and joint ventures) increased by 34.0% to RUB 1,988 bln in H1 2013. The growth is mainly due to the expansion of the Company’s operations on the domestic and international markets, partly curbed by the weakening on the global oil and petroleum product markets.
Earnings before interest, taxation, depreciation and amortization (EBITDA) leapt by 36.4% in H1 2013 and reached RUB 371 bln. The positive effect from business expansion was partly offset by the indexation of the basic rate of MET and the tariffs of natural monopolies, as well as by one-off costs related to fund raising in the accounted period.
Despite the negative effects of currency exchange rate and the growth of spending to uphold commitments related to borrowings, the net income of the Company increased by 18.1% in H1 2013 and reached RUB 137 bln.
Rosneft has been generating a free cash flow of over RUB 30 bln for the second quarter in a row. As a result, the free cash flow amounted to RUB 68 bln in H1 2013, versus negative cash flow of RUB 20 bln in the same period last year.
Commenting on Q2 2013 results, Rosneft President Igor Sechin said: “The results of the second quarter demonstrate the effectiveness of integration of new acquired assets into the operating and financial activities of Rosneft. Despite the complexities of the process we have managed to create a Company with uniform business processes and a single center for the planning of all production activities within just several months. As a result, despite the deterioration of the macroeconomic situation, Rosneft demonstrates a growth of revenues, EBITDA and free cash flow. The financial stability of the Company combined with its active international cooperation, showcased during the St Petersburg economic forum, laid firm groundwork for further efficient operations, which ensures the increase in the Company shareholder value and consolidation of its leading positions on the global energy market. Strong financial results reflect the fruitful efforts taken by Rosneft to improve and optimize its staff structure. Rosneft gas division has been significantly enhanced and the Company has considerably expanded its scope of interests in the area of its gas strategy implementation. Rosneft consolidated 100% of Itera, which resulted in a significant synergy.”
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