Seeking Alpha

Rosneft's 2013 net profit jumps 51% following TNK-BP acquisition

  • Rosneft (RNFTF) increased its 2013 net profit by 51% Y/Y to 551B rubles ($15.54B), while revenue jumped 52% to 4.69T rubles, following its acquisition of competitor TNK-BP.
  • However, Q4 net earnings fell 52% Q/Q to 134B rubles after the Q3 bottom line had been boosted by a revaluation of the TNK-BP assets it had acquired; Q4 revenue fell 0.4% Q/Q to 1.35T rubles.
  • Rosneft produced 4.196M bbl/day of oil and liquids last year, or 40% of all oil output in Russia, as it stabilized production at its largest Soviet-era fields in western Siberia and two new fields were brought on line there.

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