In II quarter 2009 revenues of Rosneft on US GAAP was $ 10 947 million, a 32.5% increase compared with I quarter of 2009. Revenue growth is linkedwith an increase in prices for oil and petroleum products, increases in production, processing and realization of the accumulated reserves, thanks to recovery in domestic demand, the report says the company. I half-year sales revenue was $ 19 211 million, up 48.8% compared with $ 37 502 million in I half of 2008. The reduction primarily due to more than twice the fall in average prices for oil and petroleum products as compared with the I half of 2008.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was in the II quarter of 2009, $ 3 574 million, up 54,2% higher than in I quarter ($ 2 318 million). Excess growth of EBITDA over the pace of revenue growth associated with successful control of expenditure and maintaining the share of tax revenues in almost the same level as a result of the time lag in the calculation of export duties. The EBITDA for the first six months amounted to $ 5 892 million, up 49.9% compared with the same period in 2008.
net profit in II quarter was $ 1 612 million, up 21,7% compared with I quarter. The reduction is associated with an increase in the effective income tax rate (from 5,7% to 19,9%) and the nominal appreciation of the ruble in the II quarter, which resulted in exchange losses of $ 391 million for the II quarter compared with a profit of $ 798 million in I quarter.
Net debt of the company continued to decline in the II quarter of 2009 despite the strengthening of the ruble. All I half-year decline in net debt amounted to $ 2 106 million mainly due to free cash flow of $ 1 660 million in the II quarter of Rosneft had paid $ 7.4 billion of debt and reduced short-term debt on loans and borrowings of $ 5.4 billion, including including by obtaining the first $ 5 billion under the credit agreement with the Development Bank of China. In accordance with the terms of this agreement, the payment of principal will only begin in 2014.
Average daily oil production (including production by subsidiaries and share of production by affiliates) increased in II quarter on 0,8% - to 2 127 thousand barrels per day compared to c 2 110 thousand barrels per day in the I Quarter and 0,5% - compared to 2 116 thousand barrels per day in the II quarter of 2008. Commissioning Vankor oil and gas field in Eastern Siberia will increase oil company Rosneft to a record level of 2 260 thousand barrels per day by the end of August.
In II quarter 2009 oil production totaled 11.65 million tons, up 0.4% compared with I quarter of 2009 and by 6,4% compared with the II quarter of 2008. The increase is explained by the gradual recovery of domestic demand for petroleum products (especially for high-quality gasoline and diesel fuel) and a successful change in the nomenclature of products. Thus, the volume of sales of petroleum products in the domestic market was in the II quarter of 4.47 million tonnes, which exceeds the I quarter 2009 (4.05 million tons), but lower than in II quarter. 2008 (4.79 million tons).
The company continued to implement measures to optimize costs. In the II quarter of the unit operating cost of oil production amounted to 2.51 dollars per barrel, compared with 3.31 dollars in the II quarter. 2008 and 2.37 U.S. dollar - in I quarter. 2009. The growth of unit costs in comparison with I quarter 2009 corresponds exactly to the change in the average U.S. dollar exchange rate, and a decline compared with the II quarter of 2008 significantly exceeds the rate of real weakening of the ruble. Unit cost of processing oil were in the II quarter of 2009, 2,84 dollars per barrel, which is 30,6% compared with 4.10 dollars per barrel in the II quarter and by 13.4% compared with 2,51 dollars per barrel in the I quarter. Growth quarter to quarter related to the scheduled repairs to the refinery of the company and the strengthening of the ruble, the report says the company.
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