Rosneft Posts 2Q Profit But Underlying Earnings Plunged on Weak Prices
By Jaime Llinares Taboada
Rosneft Oil Co. on Friday posted a profit for the second quarter
but lower oil production and prices hit underlying performance.
The Russian oil and gas company made a net profit of 43 billion
rubles ($589.9 million) for the three months ended June 30,
swinging from a RUB156 billion loss in the first quarter of
Earnings before interest, taxes, depreciation and amortization
plunged 45% to RUB170 billion, as the company had to cut production
due to the new OPEC+ agreement. In addition, dollar-denominated
realized oil prices fell 35% quarter-on-quarter as the pandemic hit
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(END) Dow Jones Newswires
August 14, 2020 03:37 ET (07:37 GMT)
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