Rosneft Oil Co announced improved earnings for the third quarter of the year, with the nine-month result reaching a record high.
The Russian oil and gas company posted a net profit of 314 billion rubles ($ 4.39 billion) for the quarter, up 35% from 233 billion rubles in the second quarter.
Net profit for the nine months stood at 696 billion rubles, the highest level, reflecting historically high earnings per barrel.
In addition to higher prices, Rosneft averaged 5.09 million barrels of oil per day in the third quarter, up 3.4% on a quarterly basis.
CEO Igor Sechin stressed that the company is going to further increase profits and cash flows, and that it will continue to accelerate investment in hydrocarbons as consumption increases.
“Despite the uncertainty in the global economy due to the difficult epidemiological situation, we are seeing a rapid increase in demand for traditional energy resources.
“As structural differences between supply and demand in global energy markets are revealed, we can see a new cycle in the oil and gas markets.”
Source From: Capital