The FINANCIAL -- Rosneft posted excellent
operational and financial results in 2011. According to Rosneft, average daily hydrocarbon production rose
by 2.6% to 2,586 th. boe. In Q4 2011, hydrocarbon production hit a
record of 2,622 th. boe per day.
Average crude oil output increased to 2,380 th. bpd in 2011, which represents a 2.5% growth year-on-year. The increase reflects higher production at the Vankor and Verkhnechonsk fields in East Siberia and as part of the Sakhalin-1 project. Crude oil production amounted to 2,396 th. bpd in Q4 2011.
Marketable gas production in 2011 increased by 3.6% year-on-year to 12.79 bcm thanks to higher gas production at Yuganskneftegaz, Samaraneftegaz and Vankorneft fields. In Q4 2011, marketable gas output grew by 17.7% quarter-on-quarter to 3.53 bcm mainly due to the launch of a booster station at the Priobskoye field of Yuganskneftegaz in November 2011.
Petroleum product output totalled 55.4 mln t in 2011, which is an increase of 15.6% year-on-year. The growth reflects acquisition of a stake in Ruhr Oel GmbH in May 2011. In Q4 2011, petroleum product output was 15.21 mln t, up 1.5% quarter-on-quarter.
Rosneft’s revenue amounted to USD 92.0 billion in 2011, which represents a 46% increase year-on-year. The increase resulted from higher crude oil and petroleum product prices as well as from higher hydrocarbon production and refinery throughput. In Q4 2011, the Company’s revenue was USD 24.0 billion, a drop of 3% from the previous quarter. The reduction was caused by lower global crude oil and petroleum product prices and lower sales volumes.
In 2011, Rosneft’s EBITDA increased by 15% year-on-year, reaching all-time high of USD 22.0 billion. The increase was tempered by various external factors, including rise of transportation tariffs, strengthening of the rouble and increase in the tax burden particularly due to the expiration of MET and export duty holidays for Vankor crude.
In Q4 2011, EBITDA decreased by 10.0% quarter-on-quarter. The decrease was primarily attributable to the end of Vankor MET holidays (less USD 315 million), lower global crude oil and petroleum product prices (less USD 419 million), expediting of the Company’s exploration program (less USD 160 million), increase in product inventories. The negative impact of these factors was partly offset by the change in the export duty calculation formula for crude oil and petroleum products as well as by rouble depreciation against the dollar.
Cash flow from operations in Q4 2011 was up 22% totalling USD 3,505 mln as compared to USD 2,864 mln in Q3. The increase reflects reduction in accounts payable and lower income tax.
The Company’s net income reached USD 12.45 bln in 2011, which is 19.7% higher year-on-year. Q4 2011 net income was USD 2.99 bln.
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