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.
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.
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.
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.
British oil firm BP raised its quarterly dividend and said further share buy-backs were on the cards as it posted quarterly profit slightly above forecasts despite difficulties in Russia.
The company on Tuesday posted underlying replacement cost profit of US$3.2-billion in the first quarter, down from US$4.2-billion in the same period a year ago, but slightly ahead of a consensus forecast of US$3.1-billion.
Exxon Mobil Corp. reported a steep drop in fourth-quarter profit on lower prices and declining production as the rout in oil ushered in an era of frugality for an industry that reaped US$3.2-trillion in sales last year.