Rosneft beats 2013 net profit forecast after TNK-BP deal
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[February 05, 2014]
MOSCOW (Reuters) — Rosneft <ROSN.MM>,
the Russian state oil major, on Wednesday posted a forecast-beating
51 percent rise in earnings last year after its $55 billion
acquisition of Anglo-Russian oil venture TNK-BP.
Rosneft, the world's top listed oil producer by output and reserves,
said its full-year net income rose to 551 billion rubles ($15.6
billion). Analysts polled by Reuters had expected earnings of 511
The company produced 4.196 million barrels per day of oil and
liquids last year. That accounted for 40 percent of all oil output
in Russia, the world's largest producer.
"2013 was a transformational year in the company's history," said
Rosneft President Igor Sechin, a longtime ally of President Vladimir
"Despite a challenging macroeconomic situation the company delivered
record results in upstream and downstream due to increased
efficiency, skilful use of advanced technologies and business
expansion in accordance with our strategic priorities."
As of 1240 GMT, Rosneft's Moscow-traded shares rose 0.66 percent,
outperforming a 0.7 percent decline in the broader market <.MCX>.
The company's free cash flow stood at 201 billion rubles in 2013,
excluding prepayments for long-term delivery contracts.
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Revenues increased 52 percent to 4.69 trillion rubles. Earnings
before interest, taxation, depreciation and amortisation (EBITDA)
rose 53 percent to 947 billion rubles, compared to a Reuters poll
of 948 billion rubles.
(Reporting by Katya Golubkova and
Vladimir Soldatkin; editing by Douglas Busvine)
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