Bashneft Quarterly Profit Climbs 13% as Oil Production IncreasesStephen Bierman
Bashneft PJSC, the Russian regional oil producer, said second-quarter profit rose 13 percent as crude output expanded.
Net income climbed to 17.9 billion rubles ($268 million) from 15.9 billion rubles a year earlier, the company said Friday in an e-mailed statement. Revenue fell 6.4 percent to 153 billion rubles.
Bashneft increased oil output 10 percent to 387,500 barrels a day in the second quarter as it added production from new projects in Siberia and Timan Pechora. Capital spending related to those developments rose by 27 percent to 15.4 billion rubles in the quarter from the preceding three months, the company said.
Russia nationalized Bashneft last year, taking the shares held by Vladimir Evtushenkov’s holding company AFK Sistema amid a money-laundering case against the billionaire.
Net debt fell to 106 billion rubles at the end of June from 129 billion rubles three months earlier, according to the statement. Bashneft repaid 20 billion rubles of loans early in July and August, the company said.
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