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Rosneft posts capital expenses growth in H1 2023 — company

The free cash flow surged during the first half of this year by 21.9% to $4.52 bln

MOSCOW, August 30. /TASS/. Capital expenses of Rosneft scaled up by almost 14% annually to 599 bln rubles ($5.2 bln) in the first half of 2023 and by 17.7% in the second quarter against the first quarter to 324 bln rubles ($3.4 bln) owing to scheduled completion of exploration and production activities, the Russian oil and gas major reported.

The free cash flow surged during the first half of this year by 21.9% to 434 bln rubles ($4.52 bln). The indicator remains valid throughout twelve quarters in succession, Rosneft noted.

The EBITDA edged down by 5.1% to 1.01 trillion rubles ($10.52 bln) over first six months of 2023. "The better dynamics of EBITDA as compared to revenues is driven by higher volumes of eastbound sales, improved profitability of export operations and control over expenses," the oil major said. EBITDA moved up by 8.5% over the second quarter of 2023 and reached 729 bln rubles. EBITDA margin totaled 36%.

The net debt/EBITDA ratio stood at 1.2x (in dollar terms) as of the end of the first half of this year.