Net income of Rosneft under US GAAP in the first quarter of 2011 surged by 58.2% compared to January-March of 2010, to $ 3,942 million, the Company’s press release said.
Rosneft’s revenues in Q1 2011 increased by 36.3% year-on-year, to $20,123 million, operating income soared by 64.6% to 5,178 million, EBITDA - by 49.7% to 6,653 million. Capital expenditures shrank by 57.4% to 2,761 million.
Rosneft’s material free cash flow increased by more than 6 times year-on-year and reached a record high of $3,291 million. As a result, the Company’s net debt decreased to $11,097bn. The increase was due to higher crude oil and petroleum product prices as well as due to the growth in sales volumes by 4.9%.
Rosneft is the leader of the Russian oil industry and one of the largest public oil and gas companies worldwide. The principal activities of Rosneft are exploration and production of oil and gas, petroleum products and petrochemicals, and marketing of these products. The company is included in the list of Russian strategic enterprises. State-owned Rosneftegaz holds a 75.16-percent stake in Rosneft as at April 1, 2011.