Rosneft posted 147 billion rubles in net profit for 2020
This result allowed to create a reserve to pay dividends for the last year in the amount of 50%
At the meeting with Russian President Vladimir Putin, Rosneft CEO and Chairman of the Management Board Igor Sechin said the company posted 147 billion rubles in net profit for 2020, in contrast with a number of international majors, including respected companies such as ExxonMobil, Chevron, Shell, Total (they closed the year in the red).
“Despite the deterioration in the macro environment, this result allowed us to create a reserve to pay dividends for the last year in the amount of 50 percent”, said Igor Sechin adding that Rosneft is the only company from the global oil and gas sector that is still profitable today.
According to him, the company was able to find solutions, to reduce operating costs, overhead costs, despite the reduction in capital expenditure, and still make a profit as well as to further reduce the financial debt by almost $10 billion.
According to the reports, 2020 production volumes totalled 256.2 million tonnes of oil equivalent. “We were able to expand the output of liquid hydrocarbons by 1.4 percent; and oil and gas production are up 0.2 and 6.4 percent, respectively”, said Igor Sechin.
Unit operating costs in production came down 9.7 percent compared to 2019, to $2.8 per barrel of oil equivalent as of now. As for general and administrative expenses, those have gone down by almost a third, and interest expenses, by 15 percent.
