Rosneft reports decline in net income for 2016

Rosneft reported a decline net income in 2016 to 181 billion rubles compared with 355 billion rubles in 2015. Fourth-quarter net income of 52 billion rubles, however, doubled third-quarter net income of 26 billion.

Capital expenditures in 2016 totaled 709 billion rubles compared with 595 billion in 2015. Fourth-quarter spending reached 234 billion rubles vs. 167 billion rubles spent in the third quarter.

The average Urals price in rubles in 2016 was $2.82/bbl vs. $3.14/bbl in 2015. Fourth-quarter prices increased 7% to 3.05/bbl vs. the third quarter average of 2.85/bbl.

The Rosneft results include the consolidation of PJSOC Bashneft in the fourth quarter (OGJ Online, Oct. 14, 2016).