Rosneft Q1 Net Profit Jumps to 115 Billion Roubles
Russia's top oil producer Rosneft reported a significant rise in first-quarter net income to 115 billion roubles driven by higher global oil prices and foreign exchange moves. The company warned that ongoing drone attacks on its energy infrastructure may lead to future asset impairments.
Rosneft reported a sevenfold increase in first-quarter net income to 115 billion roubles ($1.60 billion) following a rally in global energy prices. The result marks a sharp recovery from the 16 billion roubles earned during the previous quarter. The company warned that intensifying drone strikes may force asset impairments that could weaken future financial results.
### Infrastructure Risks Threaten Reported Profits Russia's largest oil producer warned that intensifying drone strikes from Ukraine may force Rosneft to provision for asset impairments. These attacks have targeted refineries, depots, and production facilities throughout the first quarter. Rosneft CEO Igor Sechin stated Rosneft is currently assessing the need for these provisions, which could weaken future financial results.
