Rosneft's profit rose sevenfold quarter on quarter on higher oil prices

Rosneft, Russia’s leading oil producer, saw its net profit rise as much as sevenfold in the first quarter compared with the previous three months, to 115 billion roubles (CZK 33.2 billion). Its performance was supported by a recovery in global oil prices, exchange-rate movements and one-off items. The company said in a press release today.

In the October-to-December 2025 period, profit was just 16 billion roubles. Gross operating profit (EBITDA) rose 36.8 percent to 728 billion roubles. Revenue increased 4.3 percent from the previous quarter to 2.032 trillion roubles. Oil and gas condensate production fell 0.4 percent to 3.74 million barrels per day due to adverse weather in Siberia, the company’s main production hub. The company did not specify which one-off items affected its performance.

Rosneft also warned that attacks on its infrastructure could lead to asset impairments and reduce reported profit. Ukraine has stepped up drone attacks on Russian energy infrastructure in recent months in an effort to reduce Moscow’s revenues. Rosneft accounts for around 40 percent of Russia’s total oil production.

Rosneft CEO Igor Sechin said the oil market was exceptionally volatile this year. After a weak start to the year, prices rose sharply due to the conflict in the Middle East. At the same time, Russia’s oil industry faces the threat of numerous shutdowns at oil export terminals, as well as attacks on Rosneft’s refineries, storage facilities and production sites. The company is therefore assessing whether it needs to set aside reserves for potential asset impairments, which would have a negative impact on its performance, Sechin added.

Leading oil companies around the world are benefiting from oil prices reaching multi-year highs. Oil prices have risen in response to the war in the Middle East and the closure of the Strait of Hormuz, a key route for oil and liquefied natural gas exports, Reuters reported.