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Friday, 11 November 2016

Rosneft profits continue to slide

Rosneft profits continue to slide:

"Rosneft, the world’s largest quoted crude oil producer, became the latest energy major to report a difficult third quarter, as weak oil prices continued to drive down revenues and profits.

Net income at the state-controlled group more than halved in the first nine months of the year, to Rbs129bn ($2bn), as net income margins dropped from 7.6 per cent to 3.7 per cent. Profit margins were hit particularly hard due to a lag between changes in export duty charges in response to higher global oil prices, and the average prices received by the company.

The average oil price in the period as a whole was 26.8 per cent lower than last year, at $40 per barrel, but it picked up in the third quarter, to an average of $44."

'via Blog this'