Rosneft Financial and Operating Results for Q2 2015:
- Increase in daily HC production by 2.0% up to 5.15 mboed in H1 2015, increase in production drilling meterage by more than 30%
- Maintaining operating expenses per unit of 158 RUB/boe in two consecutive quarters in terms of industry inflation rate of 11.5%
- Sustainable positive free cash flow up to RUB 210 bln in Q2 2015 and RUB 340 bln in H1 2015 (+45.9% to H1 2014)
- Net debt in USD term down by 7.9% for Q2 2015 and 9% starting the year of 2015
In commenting the results of H1 2015, I.I. Sechin, Chairman of Rosneft Management Board, said:
«The period of H1 2015 was characterized by high fluctuation of oil price and exchange rate, increased transportation tariffs and tax burden, high interest expenses due to change in interest base rate. In these conditions the Company undertaken efforts on maintaining current production capacity with continued program aimed at optimization of operational, administrative costs and capital expenses and setting priorities to financing of new projects development. Thus, the Company demonstrated better dynamics of revenues, EBITDA and adjusted net income in H1 2015 compared to H1 2014 taking into consideration change in average oil prices (both in RUB and US dollar term)».
