Rosneft Swings To Net Loss, Hit By Pandemic And Weaker Rouble

Fallout from the pandemic and a weaker rouble sent Russian energy giant Rosneft to a third-quarter net loss of 64 billion roubles ($827 million) from net income of 43 billion roubles in the previous quarter, the company said on Friday.

Rosneft had to restrain oil production to comply with a an OPEC+ global supply pact aimed at balancing the market. The company's oil and gas condensate output for the July to September period was down 3.2% from the previous quarter at 3.91 million barrels per day.

The company's earnings before interest, tax, depreciation and amortisation in the third quarter more than doubled from the previous three months to 366 billion roubles.

(Reuters)