Press releases - https://www.rosneft.com/press/releases https://www.rosneft.com/press/releases ru-ru rss_generator Tue, 25 Nov 2025 14:32:27 +0300 /media/img/logo.png / <p>Rosneft Oil Company (hereinafter &ndash; Rosneft, the Company) publishes its results for first half 2025, prepared in accordance with the International Financial Reporting Standards (IFRS)</p> Sat, 30 Aug 2025 10:35:00 +0300 https://www.rosneft.com/press/releases/item/222714/ <ul> <li>HYDROCARBON PRODUCTION OF 121.6&nbsp;MLN TOE</li> <li>LIQUID HYDROCARBON PRODUCTION OF 89.3&nbsp;MLN TONS</li> <li>GAS PRODUCTION OF 39.3&nbsp;BCM&nbsp;</li> <li>EBITDA OF RUB 1,054&nbsp;BLN</li> <li>NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS OF RUB 245 BLN</li> <li>FREE CASH FLOW OF RUB 173 BLN</li> </ul> <p>Rosneft Oil Company (hereinafter &ndash; Rosneft, the Company) publishes its results for first half 2025, prepared in accordance with the International Financial Reporting Standards (IFRS).</p> <div align="center"> <table align="center" class="data-table" style="width: 100%;" border="1" cellspacing="0" cellpadding="0"> <tbody> <tr><th rowspan="2"><b>&nbsp;</b></th><th style="text-align: center;"><b>H1</b> <b>2025</b></th><th style="text-align: center;"><b>H1</b> <b>2024</b></th><th style="text-align: center;" rowspan="2"><b>% change</b></th></tr> <tr><th valign="top" style="text-align: center;" colspan="2">RUB bln</th></tr> <tr> <td>Revenues from sales and equity share in profits of associates and joint ventures</td> <td style="text-align: center;">4,263</td> <td style="text-align: center;">5,174</td> <td style="text-align: center;">(17.6)%</td> </tr> <tr> <td>EBITDA</td> <td style="text-align: center;">1,054</td> <td style="text-align: center;">1,650</td> <td style="text-align: center;">(36.1)%</td> </tr> <tr> <td>Net income attributable to Rosneft shareholders</td> <td style="text-align: center;">245</td> <td style="text-align: center;">773</td> <td style="text-align: center;">(68.3)%</td> </tr> <tr> <td>CAPEX</td> <td style="text-align: center;">769</td> <td style="text-align: center;">696</td> <td style="text-align: center;">10.5%</td> </tr> <tr> <td>Adjusted free cash flow</td> <td style="text-align: center;">173</td> <td style="text-align: center;">700</td> <td style="text-align: center;">(75.3)%</td> </tr> </tbody> </table> </div> <p>Commenting on the results for the first half of 2025, Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft noted:</p> <p>&ldquo;<em>The first half of this year was characterized by a decline in oil prices primarily due to oil oversupply. The main reason is the active production build-up by OPEC countries, including Saudi Arabia, UAE, Iraq, Kuwait, while production growth is also observed in Brazil and other countries. According to our estimates and expectations of leading energy agencies, the oil market surplus will amount to 2.6 mln bpd in Q4 2025 and 2.2 mln bpd in 2026.</em></p> <p><em>In addition, there was a widening of discounts on Russian crude oil due to tighter EU and US sanction restrictions and a significant ruble strengthening, which impacted the financial results of exporting companies. It should be noted that non-market formation of the national currency rate ultimately leads to non-market non-transparent pricing of oil and petroleum products both domestically and internationally.</em></p> <p><em>Moreover, I would like to note the outstripping growth in natural monopolies tariffs, which is putting additional pressure on the oil industry in the challenging market conditions. There has been indexation of Transneft transportation tariffs for crude oil by 9.9% and oil products by 13.8% and RZhD freight rail transport tariffs by 13.8% since the beginning of the year, as well as indexation of Gazprom&rsquo;s regulated wholesale gas prices by 10.2% and tariffs for transmission services by 11.6% since July.</em></p> <p><em>Excessive indexation of tariffs regulated by the Russian Government accelerates cost-push inflation, encourages higher prices and is one of the reasons for the slower reduction of the key interest rate. Despite the decisions taken by the Bank of Russia in June-July, the pace of interest rate cut is clearly insufficient.</em></p> <p><em>One of the consequences of a long period of the elevated key rate is the excessive ruble strengthening, which inflicts losses on both the Russian budget and the exporting companies. In addition, the high key rate leads to incremental interest expenses, which harms the financial stability of corporate borrowers, reduces profits and undermines their investment potential.</em></p> <p><em>Under these conditions, Rosneft forms its budget based on realistic assumptions, using an oil price of $45/bbl. We continuously monitor, analyze and rank our portfolio. We are optimizing production and focusing on high-margin projects with a special tax regime, including Vostok Oil and Sakhalin-1, to create a source of dividend payments. At the same time, a number of other companies are paying dividends by raising debt.</em></p> <p><em>For reference. Change in hydrocarbon production by major global oil and gas companies in H1 2025 as compared to H1 2024: bp (-5%), Shell (-4%), Chevron (+1%, including Venezuela), Equinor (+1%, target premium market - Europe), Saudi Aramco (+1%, due to commissioning of spare capacities with pressure on prices and higher debt), ExxonMobil (+13%, with low tax take based on Guyana&rsquo;s and Permian resource base; target market &ndash; USA; taking into account challenges in securing domestic market; company in constant search for resources with projected depletion of the resourece base by 2035).</em></p> <p><em>Despite the negative macroeconomic environment, Rosneft maintains strict adherence to its dividend policy and has been paying dividends without fail since 2000.</em></p> <p><em>In the interests of our shareholders and in full compliance with the dividend policy, in August 2025, Rosneft completed the payment of final dividends approved by the Annual General Meeting of Shareholders. The total dividends for 2024 amounted to RUB 542 bln or RUB 51.15 per share&rdquo;.</em></p> <p><span style="text-decoration: underline;"><strong>Operating performance</strong></span></p> <p><em>Exploration and production</em></p> <p>The Company's hydrocarbon production in H1 2025 amounted to 121.6 mln toe (4.99 mln boepd), including to 89.3 mln tons (3.67 mln bpd) of oil and 39.3 bcm (1.32 mln boepd) of gas.</p> <p>Some companies demonstrated growth in hydrocarbon production in the reporting period, but it was ensured by increased production from international projects, including Venezuela, Iraq, Egypt and others. Rosneft, operating under service contracts, does not book reserves and account for commercial oil production.</p> <p>In H1 2025, production drilling footage was about 6 mln meters, Rosneft commissioned 1.4 th. new wells with horizontal wells accounting for 74% of that amount.</p> <p>In H1 2025, onshore in the Russian Federation, Rosneft completed 1.2 th. linear km of 2D seismic and 3.2 th. sq. km of 3D seismic works. Company completed testing of 17 exploratory wells with a success rate of 100%.</p> <p><em>Vostok Oil Project</em></p> <p>As part of the flagship Vostok Oil project, in H1 2025, Company completed 1.2 th. linear km of 2D seismic and 1.5 th. sq. km of 3D seismic works. Testing of 1 well was successfully completed, drilling of 1 well was completed, and construction of 4 prospecting and appraisal wells has begun.</p> <p>The Company continues pilot development of the Payakhskoye and Ichemminskoye fields: in H1 2025, production drilling footage exceeded 62 th. meters, while 14 production wells were completed. Pilot production is being carried out at the Payakhskoye and Ichemminskoye fields with produced crude oil transported by trucks to the Suzun and Lodochnoye fields.</p> <p>Work is underway at the 'Vankor &ndash; Payakha &ndash; Sever Bay' trunk oil pipeline. As of the end of H1 2025, 118,000 piles were installed; 608 km of pipeline were laid to design levels. The Company completed laying a backup pipeline crossing the Yenisei River; backfilling of the trench in the channel part is underway.</p> <p>The construction of two cargo berths, as well as a berth for the port fleet at the Sever Bay Port terminal, is nearing completion. Construction of the first oil loading terminal continues, and construction of the second one has begun. Construction of a Sever Bay Port crude oil delivery and acceptance point and the Suzun oil pumping station is underway, and construction of the Payakha oil pumping station has begun. The Company continues with the construction of logistics infrastructure and hydraulic engineering installations, shore reinforcement, and expansion of onshore and berth infrastructure.</p> <p><em>Refining</em></p> <p>In H1 2025, the refining volume amounted 38.7 mln tons. Decrease in the refining volume is attributable to the need for maintenance and repair works as well as to the optimization of refinery utilization in view of the current pricing environment, logistics constraints and demand. The oil conversion rate increased to 77.6%, and the light products yield reached 60.3%.</p> <p>Rosneft continuously works to maintain a high level of reliability of its oil refining assets. In particular, the Company provides the operation of its refinery process units with its own catalysts, which are necessary for the production of high-quality motor fuel. In H1 2025, Rosneft produced 1.3 th. tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced 40 tons of gasoline reforming catalysts and 176 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 720 tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.</p> <p>The Company is a key supplier of high-quality motor fuels for Russian consumers. In H1 2025, 20 mln tons of petroleum products were delivered to the domestic market, including 6.4 mln tons of gasoline and 7.8 mln tons of diesel fuel.</p> <p>Rosneft continues to actively participate in trading on the St. Petersburg International Mercantile Exchange. In the reporting period, 4.7 mln tons of gasoline and diesel fuel were sold on the exchange, which is 1.8 times higher than the required volume</p> <p><span style="text-decoration: underline;"><strong>Financial performance</strong></span></p> <p>The Company's revenue in H1 2025 decreased by 17.6% year-on-year, amounting to RUB 4,263 bln on the back of the declining oil prices and a stronger ruble. At the same time, the rate of cost savings and expense reduction lagged behind the revenue dynamics, with one of the reasons being indexation of tariffs imposed by the natural monopolies. As a result, EBITDA in H1 2025 decreased to RUB 1,054 bln.</p> <p>In H1 2025, the net income attributable to Rosneft's shareholders amounted to RUB 245 bln. This indicator is still negatively affected by prohibitive level of the key rate of the Central Bank of the Russian Federation. In addition, non-monetary and one-time factors negatively affected the dynamics of the indicator in the reporting period.</p> <p>The Company's Capex in H1 2025 amounted to RUB 769 bln due to the scheduled implementation of the investment program mainly at Upstream assets. Free cash flow for the reporting period amounted to RUB 173 bln.</p> <p>The net debt / EBITDA ratio at the end of H1 2025 amounted to 1.6х, which continues to remain at a level significantly below the minimum covenant under the loan agreements.</p> <p><span style="text-decoration: underline;"><strong>ESG</strong></span></p> <p>In the reporting period, the Company proceeded with activities aimed at achieving sustainable development goals under the Rosneft-2030 Strategy.</p> <p>Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In H1 2025, the Lost Workday Injury Severity (LWIS) decreased by 40%.</p> <p>As a result of accident prevention measures taken in H1 2025, the number of incidents related to process safety at the Company&rsquo;s subsidiaries decreased. In particular, the frequency rate of severe loss of containment events (PSER-1) reduced by 52% versus H1 2024, and PSER-2 decreased by 22%.</p> <p>In the reporting period, no gas, oil and water shows (release of oil, gas or water to the surface) were registered during well drilling operations at Rosneft facilities. The Company continued with pipeline replacement as part of its efforts to minimize oil and petroleum product spills.</p> <p>Rosneft's subsidiaries maintain high standards of environmental safety in the field of water management in all regions of operations. The biological treatment facilities of the Ufa refineries play an important role in the Company's effort to enhance the effective use of water resources. During January-June, biological treatment facilities processed 11.7 mcm of wastewater, and for seven years of the total operations processed volume exceeded 169 mcm of wastewater. At the Samara facilities the Company has been successfully implementing a unique ecological wastewater treatment project using water hyacinth.</p> <p>Rosneft scientists have developed an innovative oil spot detection technology that will significantly increase the efficiency of environmental protection measures in the oil sector. The new technology makes it possible to distinguish between natural reservoirs and oil spots with high precision.</p> <p>The Company's leadership in sustainable development receives independent external recognition. In June 2025, Rosneft was included in the Climate Sustainability Index of non-financial companies constructed by the Moscow Exchange. The index includes shares of companies that are leaders in the sustainable development agenda with a well-established climate management system.</p> <h5>¹ This includes sales revenue and income from associated organizations and joint ventures.</h5> <p align="right"><strong>Information and Advertising Department<br />Rosneft Oil Company<br />August 30, 2025</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Mohammed Bin Saleh Al-Sada has been elected Chairman of the Board of Directors of Rosneft Oil Company</p> Mon, 21 Jul 2025 12:00:00 +0300 https://www.rosneft.com/press/releases/item/222587/ <p>Mohammed Bin Saleh Al-Sada has been elected Chairman of the Board of Directors of Rosneft Oil Company. The meeting also formed the composition and elected the chairmen of the three permanent committees of the Board of Directors.</p> <p>Mohammed Bin Saleh Al-Sada was first elected Chairman of Rosneft Board of Directors in June 2023. He holds more than 40 years of experience in the energy sector. Currently, Al-Sada holds the position of Chairman of the Board of Trustees of Doha University for Science and Technology (the State of Qatar), Member of the Board of Trustees at the Abdullah Bin Hamad Al-Attiyah International Foundation for Energy &amp; Sustainable Development and Advisory Board member for GCC supreme council, as well as Vice Chairman of the Board of Directors of Nesma Infrastructure &amp; Technology.</p> <p>From 2007 to 2011, Minister of State for Energy &amp; Industry Affairs of the State of Qatar, from 2011 to 2018 as Minister of Energy and Industry of the State of Qatar, and Chairman of the Board of Qatar Petroleum (now QatarEnergy).</p> <p align="right"><strong>Department of Information and Advertising<br />Rosneft Oil Company<br />July 21, 2025</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal</p> Sun, 20 Jul 2025 18:40:00 +0300 https://www.rosneft.com/press/releases/item/222585/ <p>Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal. These sanctions are yet another example of extraterritorial implementation of politically motivated restrictions that blatantly violate international law and infringe on the economic interests of a sovereign state.</p> <p>Rosneft emphasizes that it is not a controlling shareholder of Nayara Energy - the Company's share in the authorized capital of the enterprise is less than 50%. The enterprise is managed by an independent Board of Directors.</p> <p>The European Union's grounds for imposing sanctions are completely far-fetched and false in content, Nayara Energy is an Indian legal entity whose economic activity is aimed at the development of its asset. The entity is taxed entirely in India. Nayara Energy shareholders have never received dividend payments and the accumulated profits have been used exclusively for the development of the refinery and petrochemicals and the company's retail network in India.</p> <p>The Nayara Energy refinery is a strategically important asset for the Indian energy industry, providing a stable supply of petroleum products to the country's domestic market. The imposition of sanctions against the refinery directly threatens India's energy security and will have a negative impact on its economy.</p> <p>Such actions of the European Union demonstrate complete disregard not only for international law, but also for the sovereignty of third countries. Rosneft views these sanctions as part of the EU's destructive policy aimed at destabilizing global energy markets. The restrictions on Nayara Energy are yet another example of the EU's use of unfair competition practices.</p> <p>We are counting on the fact that Nayara Energy will take measures to protect the legitimate interests of its shareholders and consumers, which will be supported by the governments of Russia and India.</p> <p>The shareholders approved the payment of dividends for 2024 in the amount of 14.68 roubles per share</p> Fri, 04 Jul 2025 19:29:00 +0300 https://www.rosneft.com/press/releases/item/222454/ <p>The shareholders approved the payment of dividends for 2024 in the amount of 14.68 roubles per share. July 20, 2025 was set as the dividend record date.</p> <p>The shareholders have also elected a new Board of Directors consisting of 11 members:</p> <ul> <li>Andrey I. Akimov - Chairman of the Management Board, Gazprombank (Joint-Stock Company);</li> <li>Pedro A. Aquino, Jr. - Chief Executive Officer of OIL &amp; PETROLEUM HOLDINGS INTERNATIONAL RESOURCES LIMITED, Independent Director (Republic of the Philippines);</li> <li>Faizal Alsuwaidi - Representative of Qatar Investment Authority (the State of Qatar);</li> <li>Hamad Rashid Al-Mohannadi - Representative of Qatar Investment Authority (the State of Qatar);</li> <li>Mohammed Bin Saleh Al-Sada - Chairman of the Board of Trustees of Doha University of Science and Technology, Vice-Chairman of the Board of Directors of Nesma Infrastructure &amp; Technology, Member of the Advisory Committee of the Governing Body of the Gulf Cooperation Council, Independent Director (the State of Qatar);</li> <li>Viktor G. Martynov - Rector of Gubkin Russian State University of Oil and Gas (National Research University), Independent Director;</li> <li>Alexander D. Nekipelov - Director of Moscow School of Economics at the Lomonosov Moscow State University,&nbsp; Independent Director;</li> <li>Alexander V. Novak - Deputy Prime Minister of the Russian Federation;</li> <li>Maxim S. Oreshkin - Deputy Head of the Administration of the President of the Russian Federation;</li> <li>Govind Kottis Satish - Managing Director of VALUE PROLIFIC CONSULTING SERVICES PRIVATE LIMITED, Independent Director (Republic of India);</li> <li>Igor I. Sechin - Chief Executive Officer, Chairman of the Management Board of Rosneft Oil Company.</li> </ul> <p>The Meeting of Shareholders has also approved the Annual Report and Financial Statements, and decided to elect an Audit Commission consisting of five members.</p> <table align="center" style="border-width: 3px; border-color: #fecf00;" border="1" cellpadding="1"> <tbody> <tr> <td> <div style="width: 520px; margin: 0 auto;"><video width="520" height="292" class="video-js vjs-default-skin" id="video-210693" preload="none" controls="controls" poster="/upload/site1/attach/gosa_2025/video_gosa2025.jpg" data-setup="{}"> <source src="/upload/site1/attach/gosa_2025/video_gosa_2025_eng.mp4" type="video/mp4" /> </video></div> </td> </tr> </tbody> </table> <p align="right"><strong>Department of Information and Advertising<br />Rosneft Oil Company<br />July 4, 2025</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Rosneft and the Ministry of Industry and Trade of the Russian Federation signed a Cooperation Agreement at the XXVIII St. Petersburg International Economic Forum</p> Fri, 20 Jun 2025 16:00:00 +0300 https://www.rosneft.com/press/releases/item/222326/ <p>Rosneft and the Ministry of Industry and Trade of the Russian Federation signed a Cooperation Agreement at the XXVIII St. Petersburg International Economic Forum.</p> <p>The document was signed by Rosneft CEO Igor Sechin and the Minister of Industry and Trade of the Russian Federation Anton Alikhanov.</p> <p>The Agreement expands the scope of cooperation between the Company and the Ministry and provides for implementation of joint initiatives to develop industrial infrastructure in Russia, including through localization and import substitution of foreign technologies and equipment.</p> <p>Under the Agreement, the parties will develop cooperation with the aim to support the export of industrial products, provide access to the markets of goods and services, and to carry out foreign trade activities.</p> <p align="right"><strong>Department of Information and Advertising<br />Rosneft Oil Company<br />June 20, 2025</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>At the XXVIII St. Petersburg International Economic Forum, Rosneft concluded a trilateral agreement of cooperation in HR training with Management Development Institute (Gurgaon, Republic of India) and St. Petersburg State University (St. Petersburg State University)</p> Fri, 20 Jun 2025 15:45:00 +0300 https://www.rosneft.com/press/releases/item/222325/ <p>At the XXVIII St. Petersburg International Economic Forum, Rosneft concluded a trilateral agreement of cooperation in HR training with Management Development Institute (Gurgaon, Republic of India) and St. Petersburg State University (St. Petersburg State University).</p> <p>The document was signed by Igor Sechin, Chief Executive Officer of Rosneft, Nikolai Kropachev, Rector of St. Petersburg State University, and Professor Arvind Sakhai, Director of the Management Development Institute.</p> <p>The agreement provides for training Rosneft employees on joint programs of the St. Petersburg State University Graduate School of Management and the Gurgaon Management Development Institute, as well as exchanging knowledge and experience in the area of technology development in the oil and gas sector, improving the efficiency of operational management, logistics, artificial intelligence and digitalization, etc.</p> <p>Besides, there will be visits to Indian companies organized for the Company employees as part of joint educational programs to study current practices in the oil and gas sector.</p> <p>The implementation of this Agreement will facilitate developing a long-term mutually beneficial partnership between Rosneft, St. Petersburg State University and the Gurgaon Institute of Management Development, as well as addressing complex business objectives of the Company.</p> <div style="border-left: #7f7f7f 5px solid; background: #f3f3f3; margin-left: 15px; padding: 16px;"> <p style="border-bottom: #c2c2c2 1px dashed; padding-bottom: 7px; margin-bottom: 10px;"><strong>Note:</strong></p> <p><span style="background-color: #f3f3f3;">The Management Development Institute was established in 1973 by Industrial Finance Corporation of India. This is the first institute in India to receive the status of "Management Institute" and is one of the best business schools in India. The Institute has 2 international accreditations from AACSB (USA) and AMBA (UK). The Institute's programs are also accredited by the National Board of Accreditation (NBA), which confirms their compliance with the quality standards of education in India. </span></p> <p><span style="background-color: #f3f3f3;">Since 2008 St. Petersburg State University has been a strategic partner university of Rosneft Oil Company. As part of cooperation, Rosneft and the St. Petersburg State University Graduate School of Management are implementing innovative professional development and retraining programs. Employee training takes place on the basis of the Institute of Higher School of Management of St. Petersburg State University. It is the only business school in Russia that is among the top 1% of the best business schools in the world, which is confirmed by the accreditations of the largest international associations EQUIS, AMBA and AACSB. Rosneft facilitates infrastructure development and supports best students and promising teachers. Over 1,500 Company employees have been trained for extended education programs over the period of cooperation. </span></p> </div> <p align="right"><strong>Department of Information and Advertising<br />Rosneft Oil Company<br />June 20, 2025</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Federal Service for Supervision of Natural Resources (Rosprirodnadzor) signed a cooperation agreement, which provides for consulting and expert support by the Service to the Company in the implementation of its investment projects</p> Fri, 20 Jun 2025 15:30:00 +0300 https://www.rosneft.com/press/releases/item/222324/ <p>At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Federal Service for Supervision of Natural Resources (Rosprirodnadzor) signed a cooperation agreement, which provides for consulting and expert support by the Service to the Company in the implementation of its investment projects.</p> <p>The agreement was signed by Igor Sechin, Chief Executive Officer of Rosneft, and Svetlana Radionova, Head of the Federal Service for Supervision of Natural Resources.</p> <p>The agreement will ensure timely compliance with the requirements of ecological safety and environmental protection while implementing investment projects at the stages of design, upgrade, reconstruction and commissioning preparation.</p> <p>An important area of work will be joint elaboration of proposals to improve Russian legislation in the area of environmental protection activities.</p> <p>The agreement envisages organizing joint events, such as scientific and practical seminars, creating working groups, as well as arranging advisory and working meetings.</p> <p align="right"><strong>Department of Information and Advertising<br />Rosneft Oil Company<br />June 20, 2025</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Ministry of Transport of the Russian Federation signed an Agreement on Cooperation in development of transport infrastructure facilities</p> Fri, 20 Jun 2025 15:15:00 +0300 https://www.rosneft.com/press/releases/item/222323/ <p>At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Ministry of Transport of the Russian Federation signed an Agreement on Cooperation in development of transport infrastructure facilities.</p> <p>The document was signed by Rosneft CEO Igor Sechin and Russian Minister of Transport Roman Starovoyt.</p> <p>As part of the cooperation, the parties will focus on the construction and modernization of transport infrastructure facilities, and the development of international transport corridors.</p> <p>Improving the quality of road service on federal highways, enhancing services for road users, and introducing advanced materials and technologies in road activities will be important areas.&nbsp;&nbsp;</p> <p>Particular attention shall be given to fulfilling government objectives, including the effective implementation of instructions of the Russian President and the RF Government in the area of&nbsp;transport industry and road infrastructure development.</p> <p>The signing of the Agreement shows the commitment of Rosneft to development of the country's transportation infrastructure.</p> <p align="right"><strong>Department of Information and Advertising<br />Rosneft Oil Company<br />June 20, 2025</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Federal Agency for State Property Management (Rosimushchestvo) signed an agreement of cooperation in the area of improving corporate management standards in government-sponsored enterprises</p> Fri, 20 Jun 2025 15:00:00 +0300 https://www.rosneft.com/press/releases/item/222322/ <p>At the XXVIII St. Petersburg International Economic Forum, Rosneft and the Federal Agency for State Property Management (Rosimushchestvo) signed an agreement of cooperation in the area of improving corporate management standards in government-sponsored enterprises.</p> <p>The document was signed by Igor Sechin, Chief Executive Officer of Rosneft, and Vadim Yakovenko, Head of the Federal Agency for State Property Management.</p> <p>In furtherance of the agreement, the parties will co-work on improving the standards and methodological base of corporate management, as well as analyze best practices in this area in government-sponsored enterprises.</p> <p>The document provides for cooperation in developing information exchange through modern IT systems, joint practical seminars and conferences.</p> <p align="right"><strong>Department of Information and Advertising<br />Rosneft Oil Company<br />June 20, 2025</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Rosneft and the Ministry of Finance of the Russian Federation signed an Agreement on Cooperation in Financial Sector at the XXVIII St. Petersburg International Economic Forum</p> Fri, 20 Jun 2025 14:44:00 +0300 https://www.rosneft.com/press/releases/item/222321/ <p>Rosneft and the Ministry of Finance of the Russian Federation signed an Agreement on Cooperation in Financial Sector at the XXVIII St. Petersburg International Economic Forum.</p> <p>The document was signed by Rosneft CEO Igor Sechin and the Minster of Finance Anton Siluanov.</p> <p>The parties intend to establish integrated cooperation in the financial sector in order to facilitate the development and implementation of actions to reduce a negative impact on the Russian Federation and Russian legal entities.</p> <p><img style="margin: 5px; float: right;" src="/upload/site1/attach/0/28/04/pic_20062025_2.jpg" />The Agreement provides for assistance in arranging settlements with friendly countries in national currencies, the development of the medium-term and long-term interbank lending in Russian rubles and currencies of friendly countries, and the development of international communication platforms in the Russian Federation and abroad in order to facilitate the discussion of cooperation in the financial sector.</p> <p>Additionally, the parties plan to develop cooperation in the area of expert and analytical activity.&nbsp;&nbsp;</p> <p align="right"><strong>Information and Advertising Department<br />Rosneft Oil Company<br />June 20, 2025</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Rosneft Oil Company (hereinafter &ndash; Rosneft, the Company) publishes its results for Q1&nbsp;2025, prepared in accordance with the International Financial Reporting Standards (IFRS)</p> Fri, 30 May 2025 23:50:00 +0300 https://www.rosneft.com/press/releases/item/222221/ <p align="center"><b>ROSNEFT OIL COMPANY FIRST QUARTER 2025 IFRS RESULTS</b></p> <ul> <li>HYDROCARBON PRODUCTION AMOUNTED TO 61.2&nbsp;MLN TOE</li> <li>LIQUID HYDROCARBON PRODUCTION AMOUNTED TO 44.6&nbsp;MLN TONS</li> <li>GAS PRODUCTION TOTALLED 20.2&nbsp;BCM</li> <li>EBITDA AMOUNTED TO RUB 598&nbsp;BLN</li> <li>NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS INCREASED TO RUB 170&nbsp;BLN</li> <li>UPSTREAM LIFTING COSTS AMOUNTED TO $3/BOE</li> </ul> <p>Rosneft Oil Company (hereinafter &ndash; Rosneft, the Company) publishes its results for Q1&nbsp;2025, prepared in accordance with the International Financial Reporting Standards (IFRS).</p> <div align="center"> <table align="center" class="data-table" style="width: 100%;" border="1" cellspacing="0" cellpadding="0"> <tbody> <tr><th rowspan="2"><b>&nbsp;</b></th><th style="text-align: center;"><b>Q1</b><b><br /> 2025</b></th><th style="text-align: center;"><b>Q4</b><b><br /> 2024</b></th><th style="text-align: center;" rowspan="2"><b>%</b> <b>change</b><b></b></th></tr> <tr><th style="text-align: center;" colspan="2"><b>RUB bln</b><b></b></th></tr> <tr> <td>Revenues from sales and equity share in profits of associates and joint ventures</td> <td>2,283</td> <td>2,494</td> <td>(8.5)%</td> </tr> <tr> <td>EBITDA</td> <td>598</td> <td>708</td> <td>(15.5)%</td> </tr> <tr> <td>Net income attributable to Rosneft shareholders</td> <td>170</td> <td>158</td> <td>7.6%</td> </tr> <tr> <td>Capex</td> <td>382</td> <td>390</td> <td>(2.1)%</td> </tr> <tr> <td>Costs and expenditures</td> <td>1,927</td> <td>2,038</td> <td>(5.4)%</td> </tr> </tbody> </table> </div> <p>&nbsp;</p> <p>Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, noted:</p> <p><i>&ldquo;In the reporting period, the Company operated in the context of continuous deterioration of the macroeconomic environment that included lower prices and wider discounts for Russia&rsquo;s Urals crude oil, new sanction restrictions, as well as a stronger ruble.</i></p> <p></p> <p><i>The Bank of Russia independently sets the exchange rate of the national currency, considering, primarily, the realities of the financial system. The use of such exchange rate thus does not take into account the economic conditions of the Company's operations leading to incremental costs associated with the calculation of the tax base, currency conversion, understating the value of oil in rubles and so on.</i></p> <p><i>In the first quarter of 2025, the Company&rsquo;s EBITDA was under the additional pressure from rising transportation expenses due to the tariff indexation by the natural monopolies. For example, Transneft oil transportation tariffs have gone up by 9.9% since January 2025, while petroleum product transportation tariffs and freight railroad transportation expenses have increased by 13.8% since the end of 2024. </i></p> <p><i>Most natural monopolies tariffs, including even the tariffs imposed by the Russian Post, rise outstripping inflation: since early 2024, the price of sending an ordinary postal card has increased by 20%. Electricity tariffs were raised by 9.1% from July 2024 and are scheduled to be indexed by another 11.6% in July 2025.</i></p> <p><i>Moreover, in accordance with the updated socio-economic development forecast, in 2025, indexation of regulated gas prices, electricity tariffs, and tariffs of grid companies is planned to exceed the forecast inflation rate, accelerating cost inflation.</i></p> <p><i>In these circumstances, cost control remains our constant priority. In the first quarter of 2025, upstream lifting costs amounted to $3/boe in line with our strategic goal.</i></p> <p><i>Net income increased quarter-on-quarter but declined year-on-year against the growing key interest rate. For instance, interest expenses on loans and borrowings went up 1.8 times year-on-year.</i></p> <p><i>Shareholders&rsquo; interests remain a top priority for Rosneft. On April 25, the Board of Directors recommended that the General Shareholders Meeting make a resolution on paying a final dividend of RUB 14.68 per share. In this way, the total amount of dividends attributable to shareholders and based on last year results will amount to RUB 51.15 per share&rdquo;. </i></p> <p><b><span style="text-decoration: underline;">Operating Performance</span></b></p> <p><i>Exploration and Production</i></p> <p>In Q1 2025, liquid hydrocarbon production amounted to 44.6 mln tons (3,681 th. bpd) on the back of challenging weather conditions in Central Russia, and oil production cap in compliance with the decisions of the Russian Government.</p> <p>In Q1 2025, the Company's gas production amounted to 20.2 bcm (1,366 th. boe/day). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for around a third of the Company&rsquo;s gas production.</p> <p>As a result, in Q1 2025, the Company's hydrocarbon production amounted to 61.2&nbsp;mln toe (5,047 th. boe/day).</p> <p>In Q1 2025, production drilling footage exceeded 2.8 mln meters. Rosneft commissioned over 0.6 th. new wells with horizontal wells accounting for 76% of that amount.</p> <p><i>Vostok Oil Project</i></p> <p>The Company continues pilot development of the Payakhskoye, Ichemminskoye and Baikalovskoye fields: in Q1 2025, production drilling footage exceeded 30,000&nbsp;meters, while 4 production wells were completed. The Company launched pilot production at the Payakhskoye and Ichemminskoye fields with produced oil transported by trucks.</p> <p>Work is underway at the Vankor &ndash; Payakha - Sever Bay trunk oil pipeline. As of the end of Q1&nbsp;2025, 104,000 piles were installed, about 450 km of the pipeline were laid, including a 171 km long two-piped section. Most of the work on laying the backup pipeline crossing the Yenisei River was completed.</p> <p>The Company completed most of the work on the construction of two cargo berths and a berth for the port fleet at the Sever Bay Port terminal. Construction of the first oil loading berth is in progress as well as preparatory work for the second berth. Construction of a crude delivery and acceptance point at Sever Bay Port terminal and the Suzun oil pumping station is underway. The Company continues the construction of logistics infrastructure and hydraulic engineering installations, shore reinforcement, and expansion of onshore and berth infrastructure.</p> <p><i>Refining</i></p> <p>In Q1 2025, the refining volumes amounted to 19.5 mln tons, demonstrating a quarter-on-quarter decrease. The refining volume trend is attributable to optimization of refinery utilization in view of the current pricing environment and demand, and the need for maintenance and repair works. The refining depth increased to 75.9%, while the light product yields reached 59.9%.</p> <p>Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft key priorities. In Q1 2025, the Company sold 9.8 mln tons of petroleum products on the domestic market, including 3.2 mln tons of gasoline and 3.8 mln tons of diesel fuel.&nbsp;</p> <p>The Company is an active trader at the St. Petersburg International Mercantile Exchange (SPIMEX). In the reporting period, Rosneft sold 2.2 mln tons of gasoline and diesel fuel on the exchange that is 1.7 times higher than the required volume.</p> <p><b><span style="text-decoration: underline;">Financial Performance </span></b></p> <p>Operating performance and the current macroeconomic environment combined with management solutions determined the dynamics of the Company&rsquo;s key financial indicators.</p> <p>In Q1 2025, the Company&rsquo;s revenue¹ amounted to RUB 2,283&nbsp;bln, down 8.5% quarter-on-quarter against lower Urals prices in rubles. At the same time, the rate of costs savings and expense reductions lagged behind the revenue dynamics, with one of the reasons being indexation of tariffs imposed by the natural monopolies. As a result, Q1 2025 EBITDA decreased to RUB 598&nbsp;bln, with an EBITDA margin of 26%.</p> <p>In Q1 2025, unit upstream lifting costs amounted to $3/boe.</p> <p>In Q1 2025, net income attributable to Rosneft shareholders grew quarter-on-quarter, reaching RUB 170&nbsp;bln.</p> <p>In Q1 2025, capital expenditure amounted to RUB 382 bln due to the scheduled implementation of the investment program mainly at Upstream assets.</p> <p>As of the end of Q1 2025, the net debt /&nbsp;EBITDA ratio amounted to 1.36x that is significantly below the minimum covenant under the loan agreements.</p> <p><b><span style="text-decoration: underline;">ESG</span></b></p> <p>In the reporting period, the Company proceeded with activities aimed at achieving sustainable development goals under the 'Rosneft-2030' strategy.</p> <p>Rosneft applies advanced technologies and state-of-the-art production methods to&nbsp;create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In Q1 2025, the Lost Workday Injury Severity (LWIS) went down by 68%.</p> <p>Incident prevention measures resulted in a lower number of process safety events at the Company subsidiaries in Q1 2025. In particular, the frequency of incidents related to loss of containment of equipment with severe consequences of Tier&nbsp;1 (PSER-1) reduced by 13% against Q1 2024, while the frequency of Tier&nbsp;2 incidents (PSER-2) decreased by 19%.</p> <p>In the reporting period, no oil, gas or water shows (release of oil, gas or water to the surface) were registered during well drilling operations at the Company sites. The Company continued with pipeline replacement as part of its efforts to minimize oil and petroleum product spills.</p> <p>The Company leadership in sustainable development received independent external recognition. In April 2025, Rosneft became one of the leaders in the ESG ranking&nbsp; for the quality of personnel management according to RAEX, Russia's largest non-credit agency.</p> <h5>¹ Includes sales revenue and income from associates and joint ventures.</h5> <p align="right"><b>Department of Information and Advertising<br /> </b><b>Rosneft Oil Company<br /> </b><b>May 30, 2025</b></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Rosneft Oil Company (hereinafter &ndash; Rosneft, the Company) publishes its results for 12 months of 2024, prepared in accordance with the International Financial Reporting Standards (IFRS)</p> Thu, 20 Mar 2025 19:30:00 +0300 https://www.rosneft.com/press/releases/item/221793/ <ul> <li>2024 HYDROCARBON PRODUCTION &nbsp;AMOUNTED TO 255.9 MLN TOE</li> <li>2024 LIQUID HYDROCARBON PRODUCTION AMOUNTED TO 184.0 MLN TONS</li> <li>2024 GAS PRODUCTION TOTALLED 87.5 BCM</li> <li>2024 EBITDA AMOUNTED TO RUB 3,029 BLN</li> <li>2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 1,084 BLN</li> <li>2024 FREE CASH FLOW AMOUNTED TO RUB 1,295 BLN</li> <li>2024 UNIT UPSTREAM COSTS AMOUNTED TO $2.9/BOE</li> <li>THE TOTAL AMOUNT OF PAID TAXES AND OTHER PAYMENTS BY THE COMPANY TO THE CONSOLIDATED BUDGET OF THE RUSSIAN FEDERATION EXCEEDED RUB 6.1 TRLN</li> </ul> <p>Rosneft Oil Company (hereafter, &ldquo;Rosneft&rdquo;, and the &ldquo;Company&rdquo;) publishes its results for 12M 2024 prepared in accordance with International Financial Reporting Standards (IFRS).</p> <table align="center" class="data-table" style="width: 100%;" border="1" cellspacing="0" cellpadding="0"> <tbody> <tr><th><b>&nbsp;</b></th><th style="text-align: center;"><b>12M<br /> 2024</b></th><th style="text-align: center;"><b>12M<br /> 2023</b></th><th style="text-align: center;"><b>%</b> <b>change</b></th></tr> <tr> <td>&nbsp;</td> <td style="text-align: center;" colspan="3"><b>RUB</b><b> </b><b>bln (except for %)</b></td> </tr> <tr> <td>Revenues from sales and equity share in profits of associates and joint ventures</td> <td style="text-align: center;">10,139</td> <td style="text-align: center;">9,163</td> <td style="text-align: center;">10.7%</td> </tr> <tr> <td>EBITDA</td> <td style="text-align: center;">3,029</td> <td style="text-align: center;">3,005</td> <td style="text-align: center;">0.8%</td> </tr> <tr> <td>Net income attributable to Rosneft shareholders</td> <td style="text-align: center;">1,084</td> <td style="text-align: center;">1,267</td> <td style="text-align: center;">(14.4)%</td> </tr> <tr> <td>CAPEX</td> <td style="text-align: center;">1,442</td> <td style="text-align: center;">1,297</td> <td style="text-align: center;">11.2%</td> </tr> <tr> <td>Adjusted free cash flow</td> <td style="text-align: center;">1,295</td> <td style="text-align: center;">1,427</td> <td style="text-align: center;">(9.3)%</td> </tr> </tbody> </table> <p><i>&nbsp;</i><i></i></p> <p>Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, said:</p> <p><i>&ldquo;In the reporting year, the Company operated against the backdrop of oil production cap under&nbsp;the&nbsp;OPEC+ agreement, increased taxation, the&nbsp;natural monopolies tariff rises outstripping inflation, </i><i>incremental anti-terrorist security costs</i><i>, growing sanctions pressure, and unprecedented interest rates increases. </i></p> <p><i>Management focused its efforts on revenue and EBITDA growth, while maintaining unit upstream costs at less than $3/boe, which is in line with our strategic objective, as well as on debt burden reduction. At the end of the year the&nbsp;net financial debt/EBITDA ratio amounted to less than 1.2x. </i></p> <p><i>Rosneft is the country&rsquo;s largest taxpayer. In 2024, the total amount of paid taxes and other payments made by the Company to the consolidated budget of the Russian Federation exceeded RUB 6,1 trillion¹.This is record high both for the Company and for the whole of the Russian market. </i></p> <p><i>The net income </i><i>attributable to </i><i>the Company's shareholders is lower as compared to the previous year due to the impact of non-cash factors, the main one being the revaluation of tax liabilities due to the income tax rate increase to 25% from 2025. In accordance with IFRS requirements, this resulted in a restatement of deferred tax with a negative income effect of RUB 0.24 trillion. </i><i>However, efficient execution and improved</i><i> development parameters of a number of our key projects </i><i>afforded an opportunity to dramatically reduce the negative effect of these changes</i><i>.</i></p> <p><i>The sizable key rate increase exerted additional pressure on the net income. In particular, the Company's interest expenses on loans and borrowings increased 1.5 times in 2024. I should note that the Bank of Russia maintains a very high real interest rate in the economy: in the last two years, it has been the&nbsp;highest in the world.</i></p> <p><i>Taking into account our shareholders&rsquo; </i><i>interests and in full compliance with the dividend policy, in February, the Company paid an interim dividend of RUB&nbsp;36.47 per&nbsp;share. </i><i>T</i><i>he Company has been paying dividends consecutively since 1999. The dividend base has remained unchanged since the 2011 dividend, which ensures transparency and predictability of the dividend amount. I am pleased to note that in the last year alone the number of our shareholders increased by almost a third and reached 1.5&nbsp;million people.</i></p> <p><i>Taking into account the negative macroeconomic environment, the Company forcibly adjusts its strategy to sustain its fundamental value. In 2024,&nbsp;in order to support its stock prices during the periods of sharp decline, the Company continued </i><i>its Share Buyback Program previously approved by the Board of Directors</i><i>. At the end of October &ndash; beginning of November 2024, when the Russian stock market hit its local lows, Rosneft successfully bought&nbsp;back about&nbsp;2.6&nbsp;mln of its shares at an average price of&nbsp;RUB&nbsp;443.7. The Company used the same mechanism during 2020, when commodity markets suffered a&nbsp;COVID-pandemic related price crisis. At that time, the Company bought back about&nbsp;0.76% of its shares at an average price of RUB 347.5. The current stake value exceeds the buyback price by more than 1.5</i><i>х</i><i>&rdquo;.</i><b><span style="text-decoration: underline;"></span></b></p> <p><b><span style="text-decoration: underline;">Operating performance</span></b></p> <p><i>Exploration and production</i></p> <p>FY2024, liquid hydrocarbon production amounted to 184.0 mln tons (3,737 th. bpd) on the back of, primarily, the production cap in compliance with the decisions of the Russian Government.</p> <p>In 2024, the Company's gas production amounted to 87.5 bcm (1,455 th. boepd), maintaining Rosneft&rsquo;s status as the largest independent gas producer in Russia. Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company's gas production.</p> <p>As a result, in 2024, the Company's hydrocarbon production amounted to 255.9 mln toe (5,192 th. boepd).</p> <p>In 2024, production drilling footage exceeded 12 mln meters. Rosneft commissioned over 3 th. new wells, horizontal wells accounting for 72% of that amount.</p> <p>In 2024, Rosneft conducted 1.2 th. linear km of 2D seismic and 5.3 th. sq. km of 3D seismic onshore Russia. The Company completed testing of 62 exploratory wells with a&nbsp;success rate of 89%.</p> <p>In 2024, Rosneft discovered 7 deposits and 97 new hydrocarbon accumulations to the total of 0.2&nbsp;bln&nbsp;toe under the AB1C1+B2C2 categories of the Russian reserve classification due to the high efficiency of the Company&rsquo;s exploration activities. As a result, Rosneft's hydrocarbon reserves under the Russian classification amounted to 21.5&nbsp;bln&nbsp;toe (AB1C1+B2C2) at the end of 2024.<span style="text-decoration: line-through;"></span></p> <p>Following an audit under the international PRMS classification (Petroleum Resources Management System), the Company's 2P hydrocarbon reserves amounted to 11.4 bln toe. The&nbsp;2P reserves replacement ratio exceeds 100%.</p> <p><i>Vostok Oil Project</i></p> <p>As part of the Vostok Oil project, in 2024, the Company completed 0.7 th. linear km of 2D seismic and 0.6 th. sq. km of 3D seismic. Rosneft carried out successful testing of 4 wells, with 1 well being drilled and 3 more wells being tested.</p> <p>In the reporting year, the project scope expanded from 52 to 60 license areas, and the&nbsp;resource base under the Russian classification increased to 7.0 bln tons of crude oil.</p> <p>The Company continues pilot development of the Payakhskoye, Ichemminskoye and Baikalovskoye fields: in 2024, production drilling footage amounted to 92 th. meters, while 11 production wells were completed. Successful drilling and testing of wells at&nbsp;the Payakhskoye field resulted in transportation of produced oil to the nearby Suzun field.</p> <p>Work is underway at the 'Vankor &ndash; Payakha &ndash; Sever Bay' trunk oil pipeline. As of the end of 2024, over 78,000 piles were installed; 359 km of pipeline were laid, including a 119 km long two-piped section. The Company completed laying and leak testing of the main pipeline crossing the Yenisei River, continues laying the backup pipeline.</p> <p>The Company completed most of the work on the construction of two cargo berths, as well as a berth for the port fleet at the Sever Bay Port terminal. Construction of the first oil loading berth is underway, and preparatory work for the second one is carried out. Construction of a crude oil delivery and acceptance point and the Suzun oil pumping station is underway. The Company continues with the construction of logistics infrastructure and hydraulic engineering installations, shore reinforcement, and expansion of onshore and berth infrastructure.</p> <p><i>Refining</i></p> <p>In 2024, Rosneft processed 82.6 mln tons of crude oil in Russia.</p> <p>Efforts have been made to maintain a high degree of reliability of refining assets and transition to domestic technologies. In particular, Rosneft provides its refineries with proprietary catalysts, which are essential for the production of high-quality motor fuel. In 2024, Rosneft produced more than 2 th. tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced 138 tons of gasoline reforming catalysts and 390 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 1.6 th. tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.</p> <p>Stable supply of high-quality motor fuel to Russian consumers is one of Rosneft's key priorities. In 2024, the Company sold 43.6 mln tons of petroleum products in the domestic market, including 13.1 mln tons of gasoline and 18.1 mln tons of diesel fuel.</p> <p>The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In the reporting year, Rosneft sold 10.1 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume.</p> <p><b><span style="text-decoration: underline;">Financial performance </span></b></p> <p>Operating performance and the current macroeconomic environment combined with management solutions determined the dynamics of the Company's key financial indicators.</p> <p>The Company&rsquo;s revenue² for 2024 amounted to RUB 10,139 bln, representing an increase of 10.7% year-on-year on the back of higher Urals prices. EBITDA amounted to RUB&nbsp;3,029 bln with an EBITDA margin of 29.7%.</p> <p>The unit upstream liftng costs in 2024 amounted to $2.9/boe.</p> <p>FY2024 net income attributable to Rosneft shareholders amounted to RUB 1,084 bln, which was 14.4% lower year-on-year and driven primarily by higher debt financing rates, as well as non-cash factors, including exchange rate revaluation of foreign currency liabilities and the effect of changes in the income tax rate.</p> <p>In 2024, capital expenditures amounted to RUB 1,442 bln, which was 11.2% year-on-year higher due to the scheduled implementation of the investment program at&nbsp;Upstream assets. At the same time, free cash flow³ in the reporting period reached RUB 1,295 bln.</p> <p>The net debt / EBITDA ratio at the end of 2024 remained unchanged in comparison with the end of Q3 2024, amounting to 1.2x, despite new negative macroeconomic factors.</p> <p><b><span style="text-decoration: underline;">ESG</span></b></p> <p>Based on 2024 results, Rosneft reaffirmed its leading positions in sustainable development as well as high quality of information disclosure.</p> <p>The Company once again became a constituent of the Moscow Exchange - RAEX &ldquo;ESG Balanced&rdquo; Index with the best performance among Russian oil and gas companies. Rosneft became the only Russian oil and gas company with an AA ESG-rating assigned by RAEX for its &ldquo;very high&rdquo; level of ESG risk and opportunity management, with Rosneft governance rating at the highest AAA level.</p> <p>As a result of RAEX research, Rosneft was recognized as a leader of efficient management of water resources, becoming the only Russian oil and gas company among the top-10 rating participants with the highest scores in prudent water consumption, as well as in the quality of corporate policies and programs related to water consumption. The share of recycled and reused water at Rosneft production facilities consistently has exceeded 90% for 10 years.</p> <p>Moreover, Rosneft became the only Russian oil and gas company with the highest A+&nbsp;rating &ldquo;Leader of Corporate ESG Practices in the Russian Federation&rdquo; from the Corporate Development Agency &ldquo;Da-strategy&rdquo;.</p> <p>In the reporting period, the Company proceeded with activities aimed at achieving sustainable development goals under the 'Rosneft-2030: Reliable Energy and Global Energy Transition' strategy.</p> <p>Rosneft applies advanced technologies and state-of-the-art production methods to&nbsp;create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In 2024, the Lost Workday Injury Severity (LWIS) went down by 23%.</p> <p>In 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during well drilling operations at Rosneft facilities. The Company continued with pipeline replacement as part of its efforts to minimize oil and petroleum product spills.</p> <p>In 2024, Rosneft reduced the area of contaminated land by 9%, and the volume of oily waste - by 11% under the corporate program for the elimination of environmental legacy. In particular, the Company completed execution of a large-scale remediation program of legacy lands harmed during the Soviet years at the Samotlor oil field. Biological soil productivity was restored at the area of more than 2.2 th. hectares.</p> <h5>¹ Excluding the reimbursement of the excise duty on crude oil, which represents compensation for oil companies' losses from motor fuels domestic price controls and refinery modernization costs.<br /> ² Includes sales revenue and income from associated organizations and joint ventures.<br /> ³ Adjusted for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.</h5> <p align="right"><b>Department of Information and Advertising <br /> Rosneft Oil Company<br /> </b><b>March 20, 2025</b></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Rosneft Oil Company (hereinafter &ndash; Rosneft, the Company) announces its results for 9M&nbsp;2024, prepared in accordance with the International Financial Reporting Standards (IFRS)</p> Fri, 29 Nov 2024 23:45:00 +0300 https://www.rosneft.com/press/releases/item/221254/ <ul> <li>9M&nbsp;2024 HYDROCARBON PRODUCTION AMOUNTED TO 193.4 MLN TOE</li> <li>9M&nbsp;2024 LIQUID HYDROCARBON PRODUCTION EQUALED 138.3 MLN TONS</li> <li>9M&nbsp;2024 GAS PRODUCTION TOTALLED 67.0 BCM&nbsp;</li> <li>9M&nbsp;2024 EBITDA AMOUNTED TO RUB 2,321&nbsp;BLN</li> <li>9M&nbsp;2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 926&nbsp;BLN</li> <li>9M&nbsp;2024 FREE CASH FLOW AMOUNTED TO RUB 1,075 BLN</li> <li>9M&nbsp;2024 UNIT LIFTING COSTS AMOUNTED TO $2.8/BOE</li> </ul> <p>Rosneft Oil Company (hereinafter &ndash; Rosneft, the Company) announces its results for 9M&nbsp;2024, prepared in accordance with the International Financial Reporting Standards (IFRS).</p> <table align="center" class="data-table" style="width: 100%;" border="1" cellspacing="0" cellpadding="0"> <tbody> <tr><th>&nbsp;</th><th style="text-align: center;"><b>9M<br />2024</b></th><th style="text-align: center;"><b>9M<br />2023</b></th><th style="text-align: center;"><b>% change</b></th></tr> <tr> <td>&nbsp;</td> <td style="text-align: center;" colspan="3"><b>RUB bln (except for %)</b></td> </tr> <tr> <td>Revenues from sales and equity share in profits of associates and joint ventures</td> <td style="text-align: center;">7,645</td> <td style="text-align: center;">6,612</td> <td style="text-align: center;">15.6%</td> </tr> <tr> <td>EBITDA</td> <td style="text-align: center;">2,321</td> <td style="text-align: center;">2,403</td> <td style="text-align: center;">(3.4)%</td> </tr> <tr> <td>Net income attributable to Rosneft shareholders</td> <td style="text-align: center;">926</td> <td style="text-align: center;">1,076^*</td> <td style="text-align: center;">(13.9)%</td> </tr> <tr> <td>CAPEX</td> <td style="text-align: center;">1,052</td> <td style="text-align: center;">909</td> <td style="text-align: center;">15.7%</td> </tr> <tr> <td>Adjusted free cash flow</td> <td style="text-align: center;">1,075</td> <td style="text-align: center;">1,157</td> <td style="text-align: center;">(7.1)%</td> </tr> </tbody> </table> <p>*&nbsp;Revised due to completion of the 2022&ndash;2023 acquisition price allocation in 2023.</p> <p>Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft said:</p> <p><i>"Due to the Russian Government's decisions to cap oil production in addition to the quotas set by the OPEC+ agreement, Rosneft's operating performance in the reporting period was under pressure. In this context, the Company has been taking additional steps to ensure stable financial results as well as aimed at achieving a sustainable corporate business model.</i><i> </i><i></i></p> <p><i>The key rate increase resulted in the reduced efficiency of refinery modernization projects that require external financing. The outstripping growth of tariffs of natural monopolies and incremental anti-terrorist security costs exerted additional pressure on the refineries&rsquo; performance. In order to protect the shareholders&rsquo; interests and avoid losses, Rosneft has been considering the need to suspend refinery modernization projects. At the same time, meeting the domestic demand for quality petroleum products remains a priority.</i><i></i></p> <p><i>Continuous changes in the taxation system have a negative impact on the oil industry. In particular, in the reporting period, net income attributable to Rosneft&rsquo;s shareholders was negatively affected by the income tax rate increase to 25% from 2025. In accordance with IFRS, this resulted in a restatement of a deferred tax with a negative income effect of RUB 0.2 trillion. </i><i></i></p> <p><i>However, efficient execution and improved development parameters of a number of our key projects afforded an opportunity to dramatically reduce the negative effect of these changes on our shareholders. </i></p> <p><i>The reported net income attributable to Rosneft shareholders was also negatively affected by the exchange rate revaluation of foreign currency liabilities due to the weakening of the national currency. For example, during the third quarter, the ruble weakened against the yuan by more than 10%. </i><i></i></p> <p><i>It is worth pointing out that net income attributable to shareholders adjusted for the non-cash effects mentioned above remained mainly unchanged year-on-year. </i></p> <p><i>Shareholders&rsquo; interests remain one of our key priorities.</i><i> On November 8, the Board of Directors recommended an interim dividend of RUB 36.47 per share which resulted in the semi-annual dividend yield of 7.6%. In full compliance with the corporate dividend policy, a total of RUB 386.5 bln or 50% of H1&nbsp;2024 net income is recommended to be distributed as dividends. </i></p> <p><i>In the context of high stock market volatility and taking into account our shareholders&rsquo; rights and interests, the Company has </i><i>resumed its Share Buyback Program</i><i> previously approved by the Board of Directors."</i></p> <p><b><span style="text-decoration: underline;">ESG </span></b><b><span style="text-decoration: underline;"></span></b></p> <p>In the reporting period, the Company continued to implement measures to achieve sustainable development goals under the 'Rosneft-2030: Reliable Energy and Global Energy Transition' strategy.</p> <p>Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illness. In 9M 2024, the Lost Workday Injury Severity (LWIS) improved by 33%.</p> <p>In 9M 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during drilling operations at Company facilities. As part of efforts to minimize oil and petroleum product spills, measures were taken to replace field pipelines.</p> <p>In 9M 2024, as part of the corporate program to eliminate the environmental legacy, the area of contaminated land reduced by 7% and the volume of oily waste &ndash; by 12%.</p> <p>In October 2024, Rosneft entered the first quartile in the ESG transparency ranking of the Expert RA credit rating agency. The ranking was compiled based on the analysis of public information on the sustainability performance of 124 Russian companies in four main blocks: environment, society, corporate governance and non-financial reporting standards.</p> <p><b><span style="text-decoration: underline;">Operating performance</span></b><b><span style="text-decoration: underline;"></span></b></p> <p><i>Exploration and production</i><i></i></p> <p>In 9M 2024, Rosneft liquid hydrocarbons production amounted to 138.3 mln tons (3,753 th. bpd). The indicator performance was primarily driven by the production cap in compliance with the decisions of the Russian Government.</p> <p>9M 2024 gas production amounted to 67.0 bcm (1,488&nbsp;th. boepd). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company's gas production.</p> <p>As a result, the Company's 9M 2024 hydrocarbon production amounted to 193.4 mln toe (5,241 th. boepd).</p> <p>9M 2024 production drilling footage exceeded 9.1 mln meters. Rosneft commissioned over 2.2 th. new wells, 71% of which were horizontal.</p> <p>In 9M 2024, Rosneft conducted 1.2 th. km of 2D seismic and 4.8 th. sq. km of 3D seismic onshore Russia. The Company completed testing of 31 exploratory wells with a success rate of 84%.</p> <p><i>Vostok Oil Project</i><i></i></p> <p>As part of the Vostok Oil project, in 9M 2024 the Company completed 0.7 th. linear km of 2D seismic and 0.6 th. sq. km of 3D seismic. Rosneft carried out successful testing of 3 wells with 3 more wells being drilled and 1 more well being tested.</p> <p>Pilot development of the Payakha, the Ichemminskoye and the Baikalovskoye fields is in progress: production drilling footage amounted to 64 th. meters, while 10 production wells were completed in 9M 2024.</p> <p>Drilling and testing of another high-tech well with the horizontal section of 1,000 meters and 7-stage hydraulic fracturing at the Payakha field resulted in a stable oil flow, which confirms the resource potential of the development targets.</p> <p>Work is underway at the 'Vankor &ndash; Payakha &ndash; Sever Bay' trunk oil pipeline. Taking into account local climate patters, preparatory works for pipe laying were carried out during the summer period: more than 24 thousand piles were manufactured and prepared for mounting, over 200 km of the pipeline was welded.</p> <p>Construction of logistics infrastructure, building of hydraulic structures, shore reinforcement, expansion of coastal and berthing infrastructure is underway.</p> <p><i>Refining</i><i></i></p> <p>9M 2024 refining volume in Russia amounted to 62.6&nbsp;mln tons.</p> <p>The Company has been consistently developing domestic technologies and import substitution. In particular, Rosneft provides Company refineries with proprietary catalysts, which are essential for production of high-quality motor fuel. In 9M 2024, Rosneft produced 1,810 tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced over 133 tons of gasoline reforming catalysts and 272 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 1,002 tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.</p> <p>Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft's key priorities. In 9M 2024, the Company sold 32.9 mln tons of petroleum products on the domestic market, including 9.9 mln tons of gasoline and 13.5 mln tons of diesel fuel.</p> <p>The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In 9M 2024, Rosneft sold 7.3 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume. The Company's share in the total volume of exchange sales of gasoline and diesel fuel amounted to 37%.</p> <p><b><span style="text-decoration: underline;">Financial performance </span></b><b><span style="text-decoration: underline;"></span></b></p> <p>Operating performance and the current macroeconomic environment combined with management decisions determined the trend of the Company's key financial indicators.</p> <p>In 9M 2024, the Company's revenue¹ amounted to RUB 7,645 bln, representing an increase of 15.6% year-on-year on the back of higher oil prices. EBITDA reached RUB 2,321 bln, and the EBITDA margin amounted to 30%.</p> <p>In 9M 2024, the unit lifting costs amounted to $2.8/boe.</p> <p>9M 2024 net income attributable to Rosneft shareholders amounted to RUB 926 bln, which is 13.9% lower year-on-year driven by lower EBITDA, and higher debt financing rates, as well as non-cash factors, including the exchange rate revaluation of foreign currency liabilities and the effect of changes in the income tax rate.</p> <p>9M 2024 capital expenditure amounted to RUB 1,052 bln, which was 15.7% higher year-on-year due to the scheduled implementation of the Company&rsquo;s investment program. At the same time, Rosneft&rsquo;s free cash flow² in the reporting period reached RUB 1,075 bln.</p> <p>The net debt/EBITDA ratio at the end of September 2024 amounted to 1.2x. The indicator growth was due to payment of final dividends of RUB 307 bln for 2023, as well as depreciation of the national currency.</p> <h5>¹ Includes revenues from sales and equity share in profits of affiliates and joint ventures<br />² Adjustment for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.</h5> <p align="right"><strong>Department of Information and Advertising</strong><br /><strong> Rosneft Oil Company</strong><br /><strong> November 29, 2024</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> Tue, 12 Nov 2024 00:00:00 +0300 https://www.rosneft.com/press/releases/item/221092/ <p>&ldquo;In view of unprecedented amount of coverage in foreign media alleging imminent consolidation of assets in the Russian oil industry with a direct hint on Rosneft's intention to take over the main players in the domestic oil domain, we believe it necessary to bring a message forward.</p> <p>Your efforts have been a complete success. Igor Sechin's insidious intentions to take over the assets the Company has not any need for have been thwarted solely by your efforts. There is a small problem though, with the alleged intentions having nothing to do with reality and not following any reasonable business logic, but them being, according to the vocabulary of some well-known authorities, an attempt to "divert attention to a false flag subject" from "eligible subject", apparently known to you - quite likely a manifestation of an alternative to "Evil Sechin".</p> <p>Should the Plan B come to fruition, it would be desirable to consider a possibility of compensating the moral damage to the unfortunate victims of self-serving scheming on behalf of the players in this exciting PR campaign.</p> <p>In God we trust&rdquo;.</p> <p>Rosneft and the Republic of Sakha (Yakutia) signed an Agreement on financing the construction of a cultural center in the Republic of Sakha (Yakutia)</p> Wed, 04 Sep 2024 09:55:00 +0300 https://www.rosneft.com/press/releases/item/220721/ <p>Rosneft and the Republic of Sakha (Yakutia) signed an Agreement on financing the construction of a cultural center in the Republic of Sakha (Yakutia).</p> <p>The documents were inked by Igor Sechin, Chief Executive Officer of Rosneft, and Aysen Nikolaev, Head of the Republic of Sakha.</p> <p>In accordance with the arrangements reached, a Multifunctional Cultural Center will be built in the village of Tas-Yuryakh, Mirny District, using the Company's funds. The complex will include a village culture center, a library, a post office, an assembly hall and a gym.</p> <p>In 2023, Taas-Yuryakh Neftegazodobycha (part of Rosneft), supported the establishment of a Growth Point center for industry-specific and digital education at the school of Tas-Yuryakh village - the rooms for robotics, 3D modeling, and the school press center were renovated. The school was provided with a TV studio, a language laboratory, and a local history museum that features an exhibition and educational exposition.</p> <p>Rosneft pays great attention to supporting educational, social, cultural and enlightenment projects in the Republic. According to the Cooperation Agreement signed between the Company and the Government of the region in 2015, major joint projects are being implemented.</p> <p>In 2022, in the year of the 100th anniversary of the Republic of Sakha, Rosneft opened the Small Academy of Sciences in the village of Chapaevo, Khangalassky District, which has become a kind of hub of research and project activities for schoolchildren throughout the Far Eastern region. Children from both big cities and remote areas of the Republic study in the new 7,000 m² building. The facility functions according to the model of the Sirius Educational Center.</p> <p>In addition, the Company allocated funds in 2023 to establish a Full Cycle Oil and Gas Process Factory training center on the basis of the Regional Technical College in the town of Mirny. The Center is scheduled to be opened this year.</p> <div style="border-left: #7f7f7f 5px solid; background: #f3f3f3; margin-left: 15px; padding: 16px;"> <p style="border-bottom: #c2c2c2 1px dashed; padding-bottom: 7px; margin-bottom: 10px;"><strong>Reference:</strong></p> <p>Rosneft is represented in Yakutia by Taas-Yuryakh Neftegazodobycha, which is developing the Srednebotuobinskoye oil and gas condensate field. The entity is one of the three largest Rosneft assets in the East Siberian oil cluster. Production exceeds 5 million tons of oil per year. The entity carries out large-scale geological exploration in the Republic of Sakha.</p> </div> <p align="right"><strong>Department of Information and Advertising</strong><br /><strong> Rosneft Oil Company</strong><br /><strong> September 4, 2024</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Rosneft and the Government of the Khabarovsk Territory signed a long-term Cooperation Agreement within the 9th Eastern Economic Forum</p> Wed, 04 Sep 2024 09:25:00 +0300 https://www.rosneft.com/press/releases/item/220717/ <p>Rosneft and the Government of the Khabarovsk Territory signed a long-term Cooperation Agreement within the 9th Eastern Economic Forum.</p> <p>The document was signed by Igor Sechin, Rosneft CEO, and Dmitry Demeshin, Acting Governor of the Khabarovsk Territory.</p> <p>The agreement provides for cooperation between the parties in the implementation of industrial, financial and social programs to improve living standards in the Khabarovsk Territory.</p> <p>Under the Agreement, Rosneft will support the development of the region's industrial and scientific potential. In particular, the Company plans to expand cooperation with local enterprises. The Agreement implementation will contribute to the improvement of investment attractiveness as well as innovation and educational activities efficiency in the Khabarovsk Territory.</p> <p>Under the document, Rosneft and the Territory Government plan to develop and implement environmental protection and educational projects together.</p> <p>In particular, the parties agreed to develop training and advanced training system for the Khabarovsk Territory workers and engineers.</p> <div style="border-left: #7f7f7f 5px solid; background: #f3f3f3; margin-left: 15px; padding: 16px;"> <p style="border-bottom: #c2c2c2 1px dashed; padding-bottom: 7px; margin-bottom: 10px;"><strong>For reference:</strong></p> <p>Rosneft plays a key role in petroleum product supply in the Khabarovsk Territory and the entire Far East. Komsomolsk Refinery is the largest refinery in the Khabarovsk Territory with more than 20 items in the product range: grade 5 high-octane gasoline and diesel, low-sulfur marine fuel RMLS 40, etc. The refinery supplies petroleum products to the Khabarovsk Territory as well as to the Primorsky Territory, the Amur, the Sakhalin, the Magadan, the Kamchatka regions and the Jewish Autonomous Region.</p> </div> <p align="right"><strong>Department of Information and Advertising</strong><br /><strong> Rosneft Oil Company</strong><br /><strong> September 4, 2024</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>As part of the 9th Eastern Economic Forum, Rosneft and RusHydro signed a Letter of Intent on cooperation for the development of charging infrastructure for electric vehicles</p> Wed, 04 Sep 2024 08:59:00 +0300 https://www.rosneft.com/press/releases/item/220719/ <p>As part of the 9th Eastern Economic Forum, Rosneft and RusHydro signed a Letter of Intent on cooperation for the development of charging infrastructure for electric vehicles.</p> <p>The agreement proposes installation of charging stations for electric vehicles at Rosneft's gas stations in Russian regions, as well as cooperation for construction of gas stations and charging complexes as part of multifunctional road service zones on toll roads. All electric modules will comply with the current standards and will support the fast charging function.</p> <p>Rosneft's retail network currently operates 80 electric charging stations at its gas stations in 12 regions of Russia stretching from St. Petersburg to the Zabaikalsky Territory. Most of the stations support the fast charging function - they can charge the battery of an electric vehicle up to 80% in just 20 minutes.</p> <p>The agreement with RusHydro was signed as a follow-up to the commitments that the parties made in 2021.</p> <p>The brand of Rosneft filling stations is one of the leaders in terms of recognition and quality of the fuel nationwide. The geography of Rosneft's retail business covers 61 regions of Russia. The network of the Company's filling stations includes almost 3,000 sites.</p> <p>Expanding the range of customer services is one of the key areas of Rosneft's retail business. Infrastructure development will allow drivers to charge electric vehicles at the widespread network of Rosneft gas stations across Russia. The Company will continue to expand the geography of charging stations in line with demand forecasts and the development of the electric vehicles market.</p> <p align="right"><strong>Department of Information and Advertising</strong><br /><strong> Rosneft Oil Company</strong><br /><strong> September 4, 2024</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Rosneft Oil Company (hereinafter &ndash; Rosneft, the Company) announces its results for H1&nbsp;2024, prepared in accordance with the International Financial Reporting Standards (IFRS)</p> Thu, 29 Aug 2024 21:49:34 +0300 https://www.rosneft.com/press/releases/item/220647/ <ul> <li>H1&nbsp;2024 HYDROCARBON PRODUCTION AMOUNTED TO 131.3&nbsp;MLN TOE</li> <li>H1&nbsp;2024 LIQUID HYDROCARBON PRODUCTION EQUALED 92.8&nbsp;MLN TONS</li> <li>H1 2024 GAS PRODUCTION TOTALLED 46.8&nbsp;BCM</li> <li>H1 2024 EBITDA AMOUNTED TO RUB 1,650&nbsp;BLN</li> <li>H1 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 773&nbsp;BLN</li> <li>H1 2024 FREE CASH FLOW AMOUNTED TO RUB 700 BLN</li> <li>NET DEBT/EBITDA AT THE END OF H1 2024 WAS LESS THAN 1X</li> <li>H1 2024 UNIT LIFTING COSTS AMOUNTED TO $2.7/BOE</li> </ul> <p>Rosneft Oil Company (hereinafter &ndash; Rosneft, the Company) announces its results for H1&nbsp;2024, prepared in accordance with the International Financial Reporting Standards (IFRS).</p> <div align="center"> <table align="center" class="data-table" style="width: 100%;" border="1" cellspacing="0" cellpadding="0"> <tbody> <tr><th><b>&nbsp;</b></th><th style="text-align: center;"><b>H1<br /> 2024</b></th><th style="text-align: center;"><b>H1<br /> 2023</b></th><th style="text-align: center;"><b>%</b> <b>change</b></th></tr> <tr> <td>&nbsp;</td> <td style="text-align: center;" colspan="3"><b>RUB bln (except for %)</b></td> </tr> <tr> <td>Revenues from sales and equity share in profits of affiliates and joint ventures</td> <td style="text-align: center;">5,174</td> <td style="text-align: center;">3,880^*</td> <td style="text-align: center;">33.4%</td> </tr> <tr> <td>EBITDA</td> <td style="text-align: center;">1,650</td> <td style="text-align: center;">1,401</td> <td style="text-align: center;">17.8%</td> </tr> <tr> <td>Net income, attributable to Rosneft shareholders</td> <td style="text-align: center;">773</td> <td style="text-align: center;">609^**</td> <td style="text-align: center;">26.9%</td> </tr> <tr> <td>CAPEX</td> <td style="text-align: center;">696</td> <td style="text-align: center;">599</td> <td style="text-align: center;">16.2%</td> </tr> <tr> <td>Adjusted free cash flow</td> <td style="text-align: center;">700</td> <td style="text-align: center;">434</td> <td style="text-align: center;">61.3%</td> </tr> </tbody> </table> </div> <p>*&nbsp;Adjusted for royalty effect in the Sakhalin-1 project.<br /> **&nbsp;Revised due to completion of the 2022&ndash;2023 acquisition price allocation in 2023.</p> <p><b>Operating performance</b><b></b></p> <p><i>Exploration and production</i><i></i></p> <p>H1&nbsp;2024 liquid hydrocarbons production amounted to 92.8 mln tons (3,796 th.&nbsp;bpd). The indicator performance is primarily driven by the production cap in compliance with the decisions of the Russian Government.</p> <p>H1&nbsp;2024 gas production amounted to 46.8&nbsp;bcm (1,566 th.&nbsp;boepd). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company's gas production.</p> <p>As a result, the Company's H1&nbsp;2024 hydrocarbon production amounted to 131.3&nbsp;mln toe (5,362 th. boepd).</p> <p>H1&nbsp;2024 production drilling footage exceeded 5.9&nbsp;mln meters. Rosneft commissioned over 1.4 th. new wells, 71% of which were horizontal.</p> <p>In H1 2024, Rosneft conducted 1.2 th. sq. km of 2D seismics and 4.7 th. sq. km of 3D seismics onshore Russia. The Company completed testing of 15 exploratory wells with a success rate of 87%.</p> <p><i>Vostok Oil Project</i><i></i></p> <p>As part of the flagship Vostok Oil project, in H1&nbsp;2024 the Company completed 0.7&nbsp;th. linear km of 2D seismics and 0.6&nbsp;th. sq. km of 3D seismics. Rosneft carried out successful testing of one well, completed drilling of two wells with two more wells being tested.</p> <p>Pilot development of the Payakha, the Ichemminskoye and the Baikalovskoye fields is in progress: production drilling footage amounted to 42 th. meters, six production wells were completed in H1 2024.</p> <p>Work is underway at the 'Vankor &ndash; Payakha &ndash; Sever Bay' trunk oil pipeline. As of the end of H1 2024, over 65&nbsp;th. piles had been mounted; over&nbsp;280 km of pipeline had been welded, including 78 km long two-piped section. The Company completed the main pipeline crossing across the Yenisei River is finalizing the trench backfilling, and has started bottom dredging for laying a backup pipeline.</p> <p>The Company has completed most of activities on two cargo berths and one berth for the port fleet at the Sever Bay Port terminal, continues construction of an oil loading berth, and is working on construction of a crude oil delivery and acceptance point. Construction of logistics infrastructure, building of hydraulic structures, shore reinforcement, expansion of coastal and berthing infrastructure is underway.</p> <p>The Company completed winter-spring cargo delivery, and over 830 th. tons of property and equipment were delivered to the project's production facilities via the Northern sea route and winter roads. Compared to the previous period, the volume of transported cargo increased by 32%.</p> <p><i>Refining</i><i></i></p> <p>H1 2024 refining volume in Russia amounted to 40.9 mln tons.</p> <p>The Company has been consistently developing domestic technologies and import substitution. In particular, Rosneft provides Company refineries with proprietary catalysts, which are essential for production of high-quality motor fuel. In H1 2024, Rosneft produced 1,130 tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced over 100 tons of gasoline reforming catalysts and 185 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 630 tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.</p> <p>Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft's key priorities. In H1 2024, the Company sold 21.6 mln tons of petroleum products on the domestic market, including 6.4 mln tons of gasoline and 8.8 mln tons of diesel fuel.</p> <p>The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In H1 2024, Rosneft sold 5.0 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume. The Company's share in the total volume of exchange sales of gasoline and diesel fuel amounted to 38%.</p> <p><b>Financial performance</b><b> </b></p> <p>Operating performance and the current macroeconomic environment combined with management decisions determined the trend of the Company's key financial indicators.</p> <p>In H1 2024, the Company's revenue¹ amounted to RUB 5,174 bln, representing an increase of 33.4% year-on-year. EBITDA reached RUB 1,650 bln, which is 17.8% higher year-on-year. EBITDA margin amounted to 32%. At the end of H1 2024, the Net Debt/EBITDA ratio was 0.96x.</p> <p>H1 2024 unit lifting costs amounted to USD 2.7/boe.</p> <p>H1 2024 net income attributable to Rosneft shareholders increased to RUB&nbsp;773 bln, a growth of 26.9%, which was mainly driven by the EBITDA growth.</p> <p>H1&nbsp;2024 capital expenditure amounted to RUB 696 bln, which was 16.2% higher year-on-year and was due to the scheduled implementation of activities in the Upstream segment. At the same time, Rosneft&rsquo;s free cash flow²<a name="_ftnref2" title="" href="#_ftn2"></a> in the reporting period reached RUB&nbsp;700 bln, which is 61.3% higher than in H1 2023.</p> <p>The Company is taking measures to reduce its ruble-denominated debt burden against the backdrop of high interest rates.</p> <p>In addition to the increase in interest rates, the outstripping growth of tariffs of natural monopolies negatively affects the Company&rsquo;s performance. In particular, since 2020 increase in tariffs for cargo transportation by rail has exceeded the inflation rate by 17%.</p> <p><b>ESG </b></p> <p>In the reporting period, the Company continued to implement measures to achieve sustainable development goals under the 'Rosneft-2030: Reliable Energy and Global Energy Transition' strategy.</p> <p>Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illness. In H1 2024, while the overall LTIF (Lost Time Injury Frequency Rate) remained unchanged, the Lost Work Injury Frequency Rate (LWIS) dropped by 34%.</p> <p>In H1 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during drilling operations at Company facilities. As part of efforts to minimize oil and petroleum product spills, measures were taken to replace field pipelines.</p> <p>In H1 2024, the Company processed more than 30 th. tons of legacy oily waste under the program on liquidation of environmental legacy.</p> <p>Active implementation of circular economy principles is one of the Company's strategic development areas. In April 2024, Rosneft headed the waste management rating of RAEX, Russia's largest non-credit rating agency, of 160 Russian companies. The Company's leadership was acknowledged on the basis of the quality of corporate waste management policies and programs, gross and unit indicators of waste generation, as well as the share of waste reuse.</p> <p>Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, said:</p> <p><i>&ldquo;Despite external pressure and challenges including production restrictions under the OPEC+ agreement, outstripping growth of tariffs of natural monopolies, increasing tax burden and interest rates, the Company continues to achieve strong financial results thanks to its high level of operational efficiency.</i></p> <p><i>In the first half of 2024, Rosneft&rsquo;s key financial indicators &ndash; revenue, EBITDA, net income, cash flow &ndash; demonstrated stability. Unit lifting costs remained at a low level of USD 2.7/boe. As the country&rsquo;s largest taxpayer, Rosneft paid RUB 2.8&nbsp;trln in taxes in the first half of 2024. </i></p> <p><i>The ongoing growth of the tax burden has a negative impact on the oil industry. Its high level is confirmed by the calculations based on the data of Russia&rsquo;s Federal Tax Service and Ministry of Finance &ndash; for 2019-2023, the tax burden in the oil industry amounted to 75%. By comparison, the burden in other industries for the same period is much lower: in the banking sector &ndash; 27%, in mining and metallurgy &ndash; 35%, in mining of diamonds and precious metals &ndash; 31%, in the gas industry &ndash; 62%.</i></p> <p><i>Such a level of tax burden undermines the very economic model of the industry and violates the rights of investors, including individual shareholders, of which Rosneft has over 1.3 mln people. </i></p> <p><i>In August 2024, for the benefit of shareholders and in full compliance with the dividend policy, the Company completed payment of final dividends approved by the Annual general shareholder meeting totaling over RUB 307 bln (29.01 per share).The total amount of dividends for 2023 is RUB 59.78 rubles per share or RUB&nbsp;634 bln, which is a record high in the Company's history</i><i>&rdquo;.</i></p> <h5>¹ Includes revenues from sales and equity share in profits of affiliates and joint ventures.<br />² Adjustment for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.</h5> <p align="right"><strong>Department of Information and Advertising</strong><br /><strong> Rosneft Oil Company</strong><br /><strong> August 29, 2024</strong></p> <p><em>These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p> <p>Rosneft held its Annual General Meeting of Shareholders, where it has been decided to approve the payment of dividends for 2023 in the amount of 29.01 roubles per share</p> Fri, 28 Jun 2024 20:31:57 +0300 https://www.rosneft.com/press/releases/item/220061/ <p>Rosneft held its Annual General Meeting of Shareholders, where it has been decided to approve the payment of dividends for 2023 in the amount of 29.01 roubles per share.&nbsp;</p> <p>July 9, 2024 was set as the dividend record date. The dividends will be paid to nominee shareholders and trustees not later than July 23, 2024, and to other shareholders registered in the shareholder register not later than August 13, 2024.</p> <p>The shareholders have elected a new Board of Directors consisting of 11 members:</p> <ul> <li>Andrey I. Akimov - Chairman of the Management Board, Gazprombank (Joint-Stock Company);</li> <li>Pedro A. Aquino, Jr. &ndash; CEO of OIL &amp; PETROLEUM HOLDINGS INTERNATIONAL RESOURCES LIMITED, Independent Director (the Republic of the Philippines);</li> <li>Faisal Alsuwaidi &ndash; Representative of Qatar Investments Authority (the State of Qatar);</li> <li>Hamad Rashid Al-Mohannadi &ndash; Representative of Qatar Investments Authority (the State of Qatar);</li> <li>Mohammed Bin Saleh Al-Sada &ndash; Chairman of the Board of Trustees of Doha University&nbsp; for Science and Technology, member of the Board of Directors of Nesma Infrastructure &amp; Technology, member of the Advisory Committee of the GCC Supreme Council, Independent Director (the State of Qatar);</li> <li>Viktor G. Martynov &ndash; Rector of Gubkin Russian State University of Oil and Gas (National Research University), Independent Director;</li> <li>Alexander D. Nekipelov &ndash;&nbsp; Director of the Moscow School of Economics at the Lomonosov Moscow State University, Independent Director;</li> <li>Alexander V. Novak - Deputy Prime Minister of the Russian Federation;</li> <li>Maxim S. Oreshkin - Deputy Head of the RF President Administration;</li> <li>Govind Kottieth Satish &ndash; Managing Director of VALUE PROLIFIC CONSULTING SERVICES PRIVATE LIMITED, Independent Director (India);</li> <li>Igor I. Sechin &ndash; Chief Executive Officer, Chairman of the Management Board of Rosneft Oil Company;</li> </ul> <p>The Meeting of Shareholders has also approved the Annual Report and Financial Statements, and decided to elect an Audit Commission consisting of five members.</p> <table align="center" style="border-width: 3px; border-color: #fecf00;" border="1" cellpadding="1"> <tbody> <tr> <td> <div style="width: 520px; margin: 0 auto;"><video width="520" height="292" class="video-js vjs-default-skin" id="video-210693" preload="none" controls="controls" poster="/upload/site2/document_video/video_28062024_1_eng.jpg" data-setup="{}"> <source src="/upload/site2/document_video/video_28062024_1_eng.mp4" type="video/mp4" /> </video></div> </td> </tr> </tbody> </table> <p align="right"><strong>Information and Advertising Department<br /> Rosneft<br />June 28<a style="border-bottom-style: none;" href="/upload/site2/document_video/video_28062024_1_eng.jpg">,</a> 2024</strong></p> <p><em>These materials contain statements regarding future events and expectations that constitute forward-looking statements. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.</em></p> <p>At the XXVII St. Petersburg International Economic Forum, Rosneft and the Tourism Agency of the Krasnoyarsk Territory signed a Memorandum of Cooperation to promote domestic tourism</p> Mon, 10 Jun 2024 14:01:46 +0300 https://www.rosneft.com/press/releases/item/219923/ <p>At the XXVII St. Petersburg International Economic Forum, Rosneft and the Tourism Agency of the Krasnoyarsk Territory signed a Memorandum of Cooperation to promote domestic tourism.</p> <p>The document provides for cooperation to boost the demand for domestic automobile tourism, promote the tourist potential of the region, including improvement of motorway service and Rosneft retail network infrastructure.</p> <p>The parties plan to undertake a number of actions aimed at improving the comfort of automobile travelers, including motorway service at the Rosneft filling stations.</p> <p>Development of the motorway service facilities and improvement of the customer services provided at Rosneft filling stations is one of the Company&rsquo;s priorities. The Company retail network is not only the largest in Russia in terms of geographical coverage and number of filling stations (around 3,000 stations), but also one of the leaders in terms of fuel brand recognition and quality.</p> <p>Rosneft undertakes a number of measures aimed at creating comfortable conditions for automobile travelers. Earlier, the Company, together with a number of regional authorities, has presented joint tourist routes running through the Rosneft filling stations in the Republic of Karelia, as well as the Tula, Arkhangelsk, and Ulyanovsk Regions, and the key routes between Moscow and Krasnaya Polyana, and between the two capitals.</p> <p>In addition, the Company has previously signed memoranda of cooperation to promote domestic tourism with the Moscow City Tourism Committee, the government of the Samara Region, the Ministry of culture of the Arkhangelsk Oblast, the Altai Territory Department for Tourism and Resort Development, Tourism Agencies of the Ulyanovsk Region and the Republic of Udmurtia, and the Republic of Bashkortostan.</p> <p>In 2023, Rosneft launched a special information and service platform &ldquo;Russian Horizons: Come With Us!&rdquo;. The special project allows car tourists to choose and plan routes to places of interest using the infrastructure of Rosneft&rsquo;s network of motorway services and filling stations. The project &ldquo;Horizons of Russia&rdquo; has a number of key distinctions thanks to the unique navigation functionality, all interesting locations become stops on the route that a driver may can independently combine and modify at any time during the journey.</p> <p>The Krasnoyarsk Territory is a strategic region of Rosneft operations. The region is home to the major Group Subsidiaries, including RN-Vankor, Vostsibneftegaz, Slavneft-Krasnoyarskneftegaz, Achinsk Refinery, service, marketing and logistics companies, and filling stations.</p> <p>Vostok Oil, the flagship oil production project, is being delivered in the north of the region. Low unit production costs and low carbon footprint (only a quarter of the global average for new projects) make Vostok Oil one of the most promising and environmentally friendly oil production projects in the world. Industry experts estimate that the project will increase the annual Russian GDP by 2%.</p> <p>Rosneft is also implementing a large-scale program in the Krasnoyarsk Territory to support educational institutions that provide comprehensive training courses to skilled workers and engineers for the Vostok Oil Project. Over 400,000 specialists will be engaged at the construction stage alone, and over 130,000 workers will be employed on a long-term basis at the Vostok Oil operational stage. A total of 10,000 people are already working at the project facilities.</p> <div style="border-left: #7f7f7f 5px solid; background: #f3f3f3; margin-left: 15px; padding: 16px;"> <p style="border-bottom: #c2c2c2 1px dashed; padding-bottom: 7px; margin-bottom: 10px;"><strong>Reference:</strong></p> <p>Rosneft&rsquo;s retail network is the largest in the Russian Federation in terms of geographical coverage and number of stations, and the Rosneft brand of petrol stations is one of the leading brands in Russia in terms of recognition and fuel quality. The Company operates approximately 3,000 filling stations in Russia, Belarus, Kyrgyzstan and Abkhazia.</p> <p>In addition to high-quality fuel, the Company offers its customers a wide range of goods and services, from stores and cafes to roadside service. For example, customers can stay for the night and get some rest from the long road in roadside hotels and multifunctional complexes of the Company in a number of regions.</p> <p>The Company is also developing a new customer service at filling stations - food trucks (mobile retail outlets). The Caf&eacute; on Wheels service is available at filling stations in Moscow, St. Petersburg and other regions where the retail network operates.</p> </div> <p align="right"><b>Information &amp; Advertising Department<br /> Rosneft<br /> June 10, 2024</b></p> <p><em>These materials contain forward-looking statements regarding future events and expectations. All statements contained in these materials that do not relate to matters of historical fact constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any expected results, performance or achievements expressed or implied by such forward-looking statements. We assume no obligation to update the data contained herein to reflect actual performance or results, changes in underlying assumptions or factors affecting the forward-looking statements.</em></p>