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Bashneft Second-Quarter Profit Rises on Increased Oil Output

OAO Bashneft, the oil producer controlled by billionaire Vladimir Evtushenkov’s AFK Sistema, boosted second-quarter profit 20 percent as production rose.

Net income rose to 15.9 billion rubles ($440 million) in from 13.3 billion rubles a year earlier, the Russian oil company said in a statement on its website today. That missed the 17 billion ruble average estimate of six analysts surveyed by Bloomberg. Revenue rose 21 percent to 163 billion rubles.

“A considerable improvement in financial performance in the second quarter and the first half of 2014 was driven mainly by increased oil production and petroleum product output combined with a favorable pricing environment,” Bashneft said in the statement.

Bashneft is increasing oil output from the northern Trebs and Titov deposits, which it is developing with OAO Lukoil, Russia’s biggest non-state crude producer. It also acquired Burneftegaz, a Siberian producer, in March this year.

Oil output rose to 4.374 million metric tons in second quarter from 3.924 million tons in the same period a year earlier, according to the company.

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