MOSCOW (Reuters) - Russian state oil company Rosneft said first quarter net profit fell less than expected, to 112 billion roubles ($3.81 billion), beating analyst expectations of 88.6 billion roubles.
Oil and gas producer BP reported a sharp rise in second quarter profits on Tuesday but warned that further Western sanctions on Russia could harm its business there and its relationship with Russian state oil company Rosneft.
BP said that to date, the sanctions had not had a significant effect on its business in Russia, where it makes about a third of its crude oil output, but that could change.
Exxon Mobil Corp. posted higher-than- expected profit as international sanctions against Russian interests clouded the U.S. oil explorer’s efforts to tap some of the world’s biggest crude reserves.
First-quarter net income was US$9.1-billion, or US$2.10 a share, compared with US$9.5-billion, or US$2.12, a year earlier, the Irving, Texas-based company said in a statement Thursday. Per-share profit exceeded all 20 estimates from analysts in a Bloomberg survey and surpassed the average by 22 cents.
BP Plc kicked off the results season for top global oil firms on Tuesday with forecast-beating profits and a dose of what the industry’s investors want – a dividend hike, plans for asset sales, and a promise to keep a lid on spending.
The world No. 5 among investor-controlled oil and gas groups worldwide scaled back its guidance on capital spending next year to $24-$25-billion compared with previous guidance of $24-$27-billion for the years up to 2020.
YUZHNO-SAKHALINSK, Russia — Top Russian oil producer Rosneft said it expected to confirm resources of around 14 billion tonnes of oil equivalent at new fields in Russia’s eastern offshore zones, providing crude it could use to supply Asian markets.
Rosneft President Igor Sechin, standing on an oil platform at Sakhalin-1 with senior ExxonMobil executives, told President Vladimir Putin by video conference that exploration works were under way at some of the fields.
MOSCOW — Russia’s top crude oil producer Rosneft wants to break the monopoly of another state-owned energy champion, Gazprom, to export gas via pipelines, sources said on Friday, signalling a flare-up between powerful clans.
Igor Sechin, a long-standing ally of Russian President Vladimir Putin, transformed Rosneft into the world’s top publicly traded oil producer through the US$50-billion purchase of Anglo-Russian firm TNK-BP last year.
ST PETERSBURG — Russia’s Rosneft agreed to double oil supplies to China, in a deal it valued at $270 billion on Friday, as the Kremlin energy champion shifts its focus to Asia from saturated and crisis-hit European markets.
Rosneft will supply China with 300,000 barrels per day over 25 years starting in the second half of the decade, on top of the 300,000 bpd it already ships to the world’s largest energy consumer.