Rosneft Profit Falls Less Than Expected After Druzhba Crisis - Bloomberg

Rosneft Profit Falls Less Than Expected After Druzhba Crisis - Bloomberg:

Rosneft PJSC’s second-quarter net income fell as the Russian giant suffered the effects of weaker oil prices and production cuts, but the decline was less severe than analysts expected.

While the results show the impact on Rosneft of the Druzhba crisis, in which millions of barrels of exports to central Europe via the Soviet-era pipeline were contaminated with chemicals, shares rose as investors eyed the company’s pledged payout.

“Rosneft shares are growing on the dividend recommendation for the first half of the year, which turned out higher than expected,” Angelina Glazova, an oil and gas analyst at Atonline Ltd., said by phone. The dividend size was supported by the company’s robust net income, she added.