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Rosneft Posts 2Q Profit But Underlying Earnings Plunged on Weak Prices

By Jaime Llinares Taboada

 

Rosneft Oil Co. on Friday posted a profit for the second quarter but lower oil production and prices hit underlying performance.

The Russian oil and gas company made a net profit of 43 billion rubles ($589.9 million) for the three months ended June 30, swinging from a RUB156 billion loss in the first quarter of 2020.

Earnings before interest, taxes, depreciation and amortization plunged 45% to RUB170 billion, as the company had to cut production due to the new OPEC+ agreement. In addition, dollar-denominated realized oil prices fell 35% quarter-on-quarter as the pandemic hit energy demand.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

August 14, 2020 03:37 ET (07:37 GMT)

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