Rosneft's Q1 core earnings beat estimates but net profit falls 75%

• Rosneft (OTCPK:RNFTF) reports Q1 EBITDA fell 14.4% Y/Y to 273B rubles ($4.2B) from 319B rubles in the year-ago quarter while net profit tumbled 75% to 14B rubles; the EBITDA result was better than analysts had expected but net profit came in far short.
• Rosneft says its Q1 extraction costs fell to 155 rubles/bbl, helping to drive the EBITDA margin to 26% from 24% a year earlier; free cash flow for the quarter totaled ~$1.5B.
• Rosneft also says it reduced net debt by 45% Y/Y to $23.9B; oil and gas output was little changed at 5.21M boe/day in the period.