Rosneft’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew 50% quarter-on-quarter from $4.69 billion in the first quarter of 2008. For the first half of 2008, Rosneft’s EBITDA totaled $11.75 billion, an increase of 121%, compared to the first half of 2007.
In the second quarter of 2008, net income increased 153% to $4.31 billion, from $1.7 billion in the second quarter of 2007. Net income for the first half of 2008 increased 187% to $6.87 billion, from $2.39 billion in the first half of 2007.
The increase in key financial indicators resulted from continued growth in daily crude oil production, 15.5% in the first half of 2008 compared to the first half of 2007; improved vertical integration following the acquisition of refining and marketing assets in 2007; cost control and high level of international and domestic prices of oil, petroleum products and gas.
Performance improvements were tempered by higher taxes, which totaled $11.8 billion in the second quarter of 2008, compared to $7.3 billion in the first quarter of 2007; and $20.7 billion in the first half of 2008, compared to $12 billion in the first half of 2007; transportation tariff growth ranging from 13% to 32%, and real ruble appreciation against the dollar of 24.7%.
