Rosneft second-quarter profit leaps on higher oil prices

(Reuters) – Russian oil producer Rosneft’s (ROSN.MM) second-quarter net profit showed a fivefold increase from the same period last year, it said on Friday, citing recovering oil prices.

Net profit surged to 233 billion roubles ($3.2 billion) while revenue doubled to 2.167 trillion roubles.

Rosneft, which includes oil major BP (BP.L) among its shareholders, said that liquid hydrocarbon production was at an average of 3.9 million barrels per day (bpd) in the quarter, down from 4.04 million bpd a year earlier, when OPEC+ launched its deepest oil supply cuts to prop-up global prices hit by the coronavirus pandemic.

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