Rosneft’s revenue in the first half of 2025 declined to RUB 4,263 billion (around $52.88 billion), marking a 17.6% decrease compared to the same period last year, the company said in a statement. This reduction was mainly due to falling oil prices and a stronger ruble. Although the company worked to reduce costs and expenses, these efforts were insufficient to offset the revenue decline, partly because of mandatory tariff hikes from natural monopolies. Consequently, EBITDA for the period fell to RUB 1,054 billion (approximately $13.07 billion).

Net income attributable to Rosneft’s shareholders was RUB 245 billion during this period (approximately $3.04 billion), a 68.3% decrease from last year, adversely affected by the high key interest rate imposed by the Central Bank of the Russian Federation, along with one-time and non-cash charges. Despite the lower net income, Rosneft maintained positive free cash flow at RUB 173 billion (around $2.15 billion).

Meanwhile, capital expenditures totaled RUB 769 billion(around $9.54 billion), primarily allocated to the ongoing investment program in the company’s upstream assets. Rosneft’s financial leverage remains solid, with a net debt-to-EBITDA ratio of 1.6x at the end of the period, well below the minimum covenant thresholds set in its loan agreements.

“The first half of this year was characterized by a decline in oil prices primarily due to oil oversupply. The main reason is the active production build-up by OPEC countries, including Saudi Arabia, UAE, Iraq, Kuwait, while production growth is also observed in Brazil and other countries. According to our estimates and expectations of leading energy agencies, the oil market surplus will amount to 2.6 million barrels per day (bbl/d) in Q4 2025 and 2.2 million b/d in 2026,” Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, commented.