Bashneft Full-Year Profit Rises 19% to Record $1.7 Billion

OAO Bashneft, the Russian oil producer controlled by billionaire Vladimir Evtushenkov’s AFK Sistema, said profit rose 19 percent to a record last year on higher crude prices and output.

Net income at the Ufa, Russia-based company climbed to $1.7 billion last year, according to an e-mailed statement from the company. Revenue rose 41 percent to $16.5 billion.

Bashneft increased oil production 6.8 percent to 15.1 million metric tons, or 300,000 barrels a day. Russia’s Urals export blend crude averaged $109.30 last year, its highest ever, according to data compiled by Bloomberg.

Fourth-quarter earnings fell 4.9 percent from the previous three months to $387 million, in line with a mean estimate of $390 million from 11 analysts surveyed by Bloomberg.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.