Rosneft Oil Co has reported RUB 200 billion (around $2.31 billion) in net profit attributable to shareholders for the first six months of 2026, down from RUB 245 billion for the first half (H1) of 2025 despite higher production.
“The decline in income was due to a number of non-cash and one-off factors, including foreign exchange differences and assets impairment”, the Russian state-owned company said in an online statement.
Liquids output rose to 3.69 million barrels per day (MMbpd) in January-June 2026 driven by higher contribution from offshore projects, the completion of repairs at some assets and the easing of government production cuts, Rosneft said.
Gas production increased to 1.42 million barrels of oil equivalent a day due to higher volumes from new developments in the Yamalo-Nenets Autonomous District, it said.
In the company’s top-priority ongoing oil project, the Vostok Oil project, a “large-scale exploration and pilot development” continued at the Payakha and Ichemminskoye fields. “Development drilling footage exceeded 44,000 meters [nearly 144,400 feet] and 10 development wells were drilled”, Rosneft said. “A well at the Payakha tested natural flow of oil with a daily rate of 130 tpd”.
“In preparation for the 2026 technical launch, work on laying the trunk oil pipeline was nearing completion as of the end of June… Construction readiness for the acceptance of vessels was ensured at two cargo berths and a berth for the port fleet at the Sever Bay Port terminal. The construction of the first oil loading berth is at a high readiness posture, while the filling and construction of process structures at the second berth continue”, Rosneft added. “The final stages of construction are in progress at the site facilities to launch external transport system for the Vostok Oil Project”.
Downstream, Rosneft logged a refining throughput of 35.5 million metric tons in Russia, down year-on-year due to “maintenance and repair operations as well as the continuing logistical constraints”.
“The refining depth amounted to 76.2 percent, while the yield of light products was 60.2 percent”, Rosneft said.
“Sustainable supply of high-quality motor fuel to Russian consumers, especially during the period of severe oil product shortages, is one of Rosneft’s key priorities. In H1 2026, the company sold 18.8 million tons of petroleum products on the domestic market”.
Chief executive Igor Sechin said, “The company satisfies domestic market demand while managing constraints related to refining capacity maintenance. At the same time, fuel is supplied at stable prices, contributing significantly to inflation mitigation”.
On the St Petersburg commodities exchange Rosneft sold 3.8 million metric tons of gasoline and diesel in H1 2026. It said the figure accounted for 29 percent of petroleum products sales on the platform during the period.
Revenue was virtually flat at RUB 4.29 trillion (RUB 4.26 trillion for H1 2025). “Given the revenue dynamics and cost control, H1 2026 EBITDA increased to RUB 1,296 billion, and EBITDA margin amounted to 30 percent”, Rosneft said.
Capital expenditure increased 11.6 percent year-over-year to RUB 858 billion for H1 2026 driven by the Vostok Oil Project.
Rosneft ended the quarter with a net debt to EBITDA ratio of 1.8x, “several times below the minimum covenant value” under the company’s loan agreements, it said.
To contact the author, email jov.onsat@rigzone.com
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