Feb. 3 (Bloomberg) -- OAO Rosneft, Russia’s largest oil producer, held profit little changed in the fourth quarter, even as it beat estimates and full-year earnings reached a record.
Net income was $2.99 billion, compared with $3 billion a year earlier, according to Rosneft’s financial statements. That beat an average estimate of $2.73 billion from 13 analysts surveyed by Bloomberg News.
Rosneft is the first Russian oil company to report fourth-quarter results. Output rose 2.4 million barrels a day of crude in the period, or almost a quarter of the country’s world-leading production, which rose to a post-Soviet record last year. Urals, the country’s benchmark export blend, averaged $108.63 in the quarter, 27 percent higher than a year earlier, according to Rosneft.
Revenue rose 38 percent to $24 billion, Rosneft said.
“Lower profits come from the lost tax holiday at Vankor and export duties rising with oil prices,” Alexander Kirevnin, an oil and gas analyst at VTB Capital, said by phone before the results. The results are likely to “set a trend” for other Russian oil producers’ results, the bank said earlier.
Tax holidays for Vankor, Russia’s largest new oil development, expired in the third quarter. Rosneft plans to produce over 500,000 barrels a day at the northern field at peak.
Rosneft paid $7.14 billion in customs duties in the fourth quarter compared with $4.59 billion a year earlier, according to the statements.
Full-year net rose 20 percent to $12.5 billion, while earnings before interest, taxes, depreciation and amortization climbed 15 percent to $22 billion.
Net debt climbed to $15.9 billion, up 13 percent from the start of the quarter and 16 percent from the start of the year.
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