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 email@example.com; @JaimeLlinaresT
(END) Dow Jones Newswires
August 14, 2020 03:37 ET (07:37 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.