In the face of external pressure and a volatile macro environment, Rosneft once again demonstrated operational efficiency in 2022 and confirmed the sustainability of its business model. This was expressed by Rosneft CEO Igor Sechin, commenting on the results of the company’s activities last year presented by Rosneft, his words were quoted by the press service.
According to the results published by Rosneft for the 12-month period of 2022, prepared according to International Financial Reporting Standards (IFRS), the company’s hydrocarbon production increased by 2.3% compared to the previous year.
According to Igor Sechin, this figure was 5.10 million barrels of oil equivalent (boe) per day. At the same time, thanks to the resumption of production on the Sakhalin-1 project in the 4th quarter. 2022 average daily hydrocarbon production rose to 5.50 million barrels.
“After the previous operator’s departure, we quickly returned to production and started tanker shipments and the drilling program was restarted. In addition, more than 3,000 high-quality jobs were saved,” he said.
He also noted that they managed to keep the growth in unit costs for hydrocarbon production below the industrial producer price inflation in 2022, thanks to strict cost control and efficiency improvement efforts.
The report also states that the company managed to achieve growth in a number of key financial performance indicators last year.
“In the reporting year, revenue and EBITDA increased, while debt and commercial liabilities decreased by 0.7 trillion rubles. since the beginning of the year,” commented the head of Rosneft.
It was noted that revenues increased by 3.2%, while EBITDA increased by 9.5%. Net profit attributable to shareholders for 2022 was RUB 813 billion.
Also, as Sechin emphasized, the company continued its active investment program – in 2022 the volume of capital investments exceeded 1.1 trillion rubles.
He also reminded that, following the principles of dividend policy, Rosneft completed a total of more than 216 billion rubles of interim dividend payments in February 2023; this corresponds to 50% of IFRS net profit for the first half of last year. year.
“The positive result in terms of net profit in 2022 lays the foundation for continued stable payments to shareholders based on business results throughout the entire reporting period,” Sechin said.
The oil company’s shares rose 4.05% to 380 rubles at an auction on the Moscow Stock Exchange on Monday. for paper, according to trade data at 17:00 Moscow time. Quotations accelerated growth with the release of IFRS financials for 2022.
Analysts of BCS World Investments noted that Rosneft’s results on key indicators exceeded market expectations, especially in terms of net profit, which exceeded the forecast of experts. The investment company believes that the results will positively affect the further growth of Rosneft shares.
“Sinara” analysts adhere to a similar view.
“The publication of the financial results should support Rosneft’s share price in our opinion. Net profit for the second half of the year assumes a dividend of 18 rubles. per share (4.8% return), 20% above our estimate. We endorse the Al rating for the issuer’s shares, the company said in a report.
Source: Gazeta
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