© Reuters. A view shows a flare stack at Rosneft’s oil stabilisation facility outside the town of Neftegorsk in the Samara Region, Russia September 6, 2022. REUTERS/Alexander Manzyuk/File Photo
MOSCOW (Reuters) -Russia’s largest oil producer Rosneft said on Thursday its first-half net income attributable to shareholders rose 13% year on year to 432 billion roubles ($7.22 billion) amid efforts to improve cost control.
Russian oil producers have faced sweeping sanctions from the West over Ukraine, which impeded their global trade and complicated financing.
“In 1H 2022, Rosneft was under an unprecedented pressure of adverse external factors and unlawful sanctions,” Chief Executive Officer Igor Sechin said in a statement.
“However, thanks to high operational efficiency and appropriate management decisions, we were able to ensure business continuity and demonstrate stable results.”
The company said first-half hydrocarbon production reached 4.85 million barrels of oil equivalent per day, a 1.5% increase from the year-earlier period “in a comparable perimeter” excluding assets disposed of in 2021.
It also said oil sales in the January – June period increased by 5.7% year on year.
($1 = 59.8000 roubles)