Rosneft profit drops 18.4% in first half 2026
Rosneft's net profit for the first half of 2026 fell by 18.4% year-on-year to 200 billion rubles, attributed to non-cash and one-time factors, while EBITDA rose by 23% and oil production increased due to offshore projects and reduced output restrictions.
Consensus
- Rosneft's net profit for the first six months of 2026 was 200 billion rubles.
- The year-on-year decline in net profit was 18.4%.
- The decline in profit was due to non-cash and one-time factors such as exchange rate differences and asset write-downs.
- EBITDA increased by 23% year-on-year to 1.296 trillion rubles.
- Capital expenditures rose by 11.6% to 858 billion rubles.
- Oil production reached 89.8 million tons (3.69 million barrels per day).
- Gas production increased to 42.28 billion cubic meters.
- Oil refining volume decreased to 35.5 million tons compared to 38.7 million tons in the same period of 2025.
- The reduction in refining volume was due to repair work and logistical constraints.
Points of divergence
- The increase in oil production was linked to offshore projects, completion of repairs on certain assets, and reduced output restrictions in line with Russian government decisions. — m24
- The increase in gas production was due to higher output from new projects in the Yamalo-Nenets Autonomous Okrug. — m24
- Sinopec increased purchases of Russian oil, acquiring between 30 to 40 batches of ESPO crude, equivalent to 241–320 thousand barrels per day, or 5–6% of Sinopec's refining capacity. — m24
- The increase in capital expenditures was driven by the intensification of the investment program on the 'Vostok Oil' project. — m24
- The decline in oil refining volume was 9% year-on-year, compared to 8.3% as stated in m24. — kommersant
Coverage (2 sources)
- Net profit of 'Rosneft' in the first half of the year decreased by 18.4% — Москва 24
- Net profit of 'Rosneft' for six months decreased by almost 20% — Коммерсантъ