Bashneft: Net Income in Q1 Reaches US$ 444 million

The Bashneft Group, including JSOC Bashneft and its subsidiaries and affiliates, has announced its preliminary unaudited consolidated financial results for Q1, 2012 prepared in accordance with International Financial Reporting Standards (IFRS).

Net income attributable to the parent company’s shareholders in Q1, 2012 amounted to US$ 444 million, thus exceeding the amount of Q1, 2011 by 20%.

In Q1, 2012, EBITDA increased by 16.7% compared to Q1, 2011 and totalled US$ 824 million. Decreased provisions for litigation resulted in the increase in EBITDA by US$ 75 million. The Group’s sales revenue in Q1, 2012 exceeded the amount of Q1, 2011 by 12.5% and totalled US$ 3,923 million. Oil production in Q1, 2012 increased by 4.3% compared to Q1, 2011 and amounted to 3.840 million tonnes. This enabled the Company to maintain the optimal level of production at existing fields. Bashneft is planning to maintain this level over the next few years.

In Q1, 2012, the Company also maintained the optimal level of oil refining which totalled 5.120 million tonnes, thus exceeding the amount of Q1, 2011 by 2.5%.

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