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.