Rosneft’s quarterly core earnings and debt reduction helped lift shares in Russia’s top oil producer on Wednesday despite weak crude prices slashing its net profit.
Led by Igor Sechin, a long-standing ally of Russian President Vladimir Putin, Rosneft said its investment in the quarter would help generate future production and profit.
Core earnings – before interest, taxation, depreciation and amortization (EBITDA) – fell by 14.4 percent to 273 billion roubles ($4.22 billion) but topped the 258 billion expected by analysts polled by Reuters.
Rosneft cut its debt by 45 percent to $23.9 billion.
“The results were broadly in line with expectations, while the company still managed to generate free cash flow in the first quarter despite…
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