Rosneft Oil Company increased its revenue by almost 11% through 2024, outpacing such international oil and gas companies as Shell, Chevron, Exxon, Equinor and Total. This is evidenced by financial performance for the past period published by the company.
Rosneft Oil Company’s total revenue in 2024 amounted to RUB 10.1 trillion, up 10.7% year-on-year. This figure sets the company ahead of most international oil and gas companies. Indeed, last year Shell’s revenue collapsed by 10.3%, Chevron was down 2%, Exxon was up just 1.3%, Equinor demonstrated a 4% decline, and Total’s revenue dropped by 9.6%.
“In the reporting year, the company operated in the context of oil production restrictions under the OPEC+ agreement, higher taxation, natural monopoly tariffs outpacing inflation, increased costs of anti-terrorist security, intensified sanctions pressure and an unprecedented rise in interest rates,” stressed Igor Sechin, the CEO of Rosneft Oil Company, commenting on the financial results.
According to him, management efforts were aimed at increasing revenue and EBITDA, maintaining unit hydrocarbon production costs at less than $3/bbl toe, which is in line with the holding’s strategic goal, and reducing the debt burden. At year-end, the ratio of net financial debt to EBITDA was less than 1.2x.
Net income attributable to Rosneft Oil Company shareholders in 2024 amounted to RUB 1.08 trillion. This is the second highest figure in the company’s history. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached RUB 3 trillion, up 0.8%, which is also a record. In the reporting period, free cash flow amounted to 1.3 trillion.
Over the year, the holding company transferred RUB 6.1 trillion to the federal budget, which is equal to 17% of the state revenues. Therefore, Rosneft Oil Company retains its status as the largest taxpayer in Russia.
It is also Russia’s largest independent gas producer, having produced 87.5 billion cubic meters over the year. In addition, 184 million tons of oil were produced. This figure slightly decreased against the background of the current restrictions, but it is still higher than the performance of such large international companies as ExxonMobil, Shell and Chevron.
At the end of February, Rosneft Oil Company scored fourth in the Energy Intelligence Top 100: Global NOC & IOC ranking by the US agency Energy Intelligence. The Russian company moved up replacing ExxonMobil in this position, which it held for 7 years. The rating authors attributed Rosneft Oil Company’s rise in the Top 100 to an increase in gas production, as it has grown by almost 40% over five years.
