"Rosneft" managed to refinance 1 trillion rubles. from short-term debt to long-term debt, which led to a reduction in its short-term liabilities by almost a third, to 2.79 trillion rubles. Also, the oil company increased its net profit for the first quarter of 2018 seven times, to 81 billion rubles. At the same time, due to the OPEC deal, Rosneft's oil and condensate production decreased by 1%, to 55 million tons.
Short-term obligations of Rosneft for the three months of 2018 decreased by 27%, to 2.79 trillion rubles, follows from its financial statements. Most of the debt is repaid on loans - 1.14 trillion rubles. The company reduced them almost twice by the end of the first quarter, mainly due to refinancing with long-term loans. Thus, long-term obligations of Rosneft increased by 19%, to 5.17 trillion rubles.
Recall, Rosneft has one of the highest levels of debt load in the industry, formed due to the attraction of funds for acquisitions in the 2010s, as well as due to received prepayments for the supply of oil.
Rosneft's net profit for the first quarter of 2018 increased more than seven times year on year, to 81 billion rubles. Revenue of the oil company grew by 22%, to 1.7 trillion rubles, EBITDA - by 16%, to 385 billion rubles. In the first quarter, Rosneft produced 1.2% less oil and condensate than last year, 55.5 million tonnes, which the company attributes to its obligations under the OPEC deal. Gas production for the same period decreased by 2%, to 16.87 billion cubic meters. The capex of Rosneft increased by 16%, to 223 billion rubles, which is due to increased investment in the projects Kondaneft and Zohr.
Bashneft, whose controlling stake was acquired by Rosneft in 2016, also published financial results. Thus, the revenue of the oil company grew by 14%, to 178.4 billion rubles., Net profit increased by 64%, to 14.4 billion rubles.