Rosneft8 Apr 2025 16:56
Charles Kennedy
CHARLES KENNEDY
Charles is a writer for Oilprice.com
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Rosneft Hits Revenue Record as It Defies Global Headwinds
By Charles Kennedy - Apr 08, 2025, 9:04 AM CDT
Rosneft Oil Company posted record-breaking revenue and tax contributions in 2024, outperforming several global energy majors despite a challenging macroeconomic backdrop and regulatory pressure.
According to the company’s IFRS-based results released this week, full-year revenue jumped 10.7% year-on-year to 10.1 trillion rubles. That pace of growth put Rosneft ahead of international peers such as Shell, Chevron, Exxon, Equinor, and Total in topline performance.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 0.8% to 3 trillion rubles, yielding a robust EBITDA margin of 29.7%.
“Rosneft Oil Company is the largest taxpayer in the country,” said CEO Igor Sechin. “The total amount of taxes and other payments to the consolidated budget of the Russian Federation in 2024 exceeded 6.1 trillion rubles. This is the highest figure not only in the company’s history but also in the Russian market as a whole.”
Net income attributable to shareholders came in at 1.08 trillion rubles—Rosneft’s second-best bottom-line result on record. The company cited several headwinds that weighed on profits, including a spike in borrowing costs, a revaluation of foreign currency liabilities, and a hike in the corporate income tax rate.
Capital expenditures rose by 11.2% year-on-year to 1.4 trillion rubles, driven by increased investment in upstream projects. Free cash flow for the period was 1.3 trillion rubles.
On the production side, Rosneft lifted 255.9 million tons of oil equivalent over the course of the year, including 184 million tons of crude and 87.5 bcm of gas. The company remained Russia’s largest independent gas producer and continued to outpace Western supermajors like ExxonMobil, Shell, and Chevron—even while operating under the constraints of the OPEC+ production framework.
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