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Russian gas producer Rosneft has reported a net income of $11.9bn (RUR883bn), attributable to its shareholders in 2021, making this the highest earnings ever recorded by the firm.

The 2021 net income grew by more than six times from $$2bn (RUR132bn) in 2020, and is attributed to surging oil and gas prices, as energy demand is recovering from the Covid-19 pandemic. 

For the full year 2021, the firm’s EBITDA stood at $31.7bn (RUR2,330bn), an increase that nearly doubled from the $17.2bn (RUR1,209bn) earned in the previous year.

Full year revenue grew to $121.1bn in 2021, from $83.1bn in the year prior.

For 2021, the company reported a free cash flow of $14.3bn (RUR1,044bn), a nearly 2.5-fold increase from $6.2bn in 2020.

In Q4 2021, revenue stood at $35.2bn, compared to $20.6bn in the same quarter a year ago.

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By GlobalData

The company’s net income was $2.5bn for the last quarter, compared with $4.3bn in Q4 2020.

Rosneft management board chairman and CEO Igor Sechin said: “At the end of 2021, the company’s board of directors approved the strategy ’Rosneft-2030‘: reliable energy and global energy transition‘, which takes into account the current trends related to the climate agenda.

“Against the background of the recovery of the global economy, the company achieved new financial records in 2021.

“Consistently working towards one of the key goals of the company’s updated strategy, strengthening leadership in the unit upstream operating costs, the management already in 2021 achieved a reduction of this indicator to 2.7 USD/boe, which is 3.6% below the level of 2020. This is the lowest level in the past five years.”

Rosneft, in which BP owns a 19.75% stake, also reported a drop in net financial debt and trading liabilities by $5.5bn, since the beginning of 2021.

In December 2021, Rosneft approved its emissions reduction strategy to achieve net-zero emissions by 2050.