Rosneft Q1 Net Income Surges as EBITDA Climbs 37% on Higher Output and Cost Control

Russian state oil giant Rosneft reported a sharp recovery in first-quarter 2026 profit, with EBITDA jumping 37% quarter-on-quarter to 728 billion rubles ($9.2 billion) and net income soaring to 115 billion rubles from just 16 billion rubles in the previous quarter. Revenue increased 4.3% to 2.03 trillion rubles amid volatile global oil markets. Total hydrocarbon production rose 0.9% to 5.21 million barrels of oil equivalent per day, as a 4.3% increase in natural gas output offset a slight decline in liquids caused by adverse Siberian weather. Refining throughput climbed 5.2% to 18.9 million tonnes after plant maintenance. Capital expenditures surged 73% to 418 billion rubles, focused on upstream projects including the Vostok Oil development, where pilot production has begun and over 700 kilometers of export pipeline has been laid. Net debt-to-EBITDA remained at 1.7x. Chief Executive Igor Sechin warned that price swings, export disruptions, and infrastructure attacks continue to weigh on the sector, and that potential asset impairment provisions could affect future results.