Translation. Region: Russian Federation –
Source: Rosneft – An important disclaimer is at the bottom of this article.
HYDROCARBON PRODUCTION – 182.6 MILLION TOE LIQUID HYDROCARBON PRODUCTION – 134.7 MILLION T GAS PRODUCTION – 58.2 BILLION CUBIC M EBITDA – RUB 1,641 BILLION FREE CASH FLOW – RUB 591 BILLION
PJSC NK Rosneft (hereinafter referred to as Rosneft or the Company) publishes its results for the first 9 months of 2025, prepared in accordance with International Financial Reporting Standards (IFRS).
| |
9 months 2025 |
9 months 2024 |
% change |
| billion rubles |
| Revenue from sales and income from associates and joint ventures |
6,288 |
7,645 |
(17.8)% |
| EBITDA |
1,641 |
2,321 |
(29.3)% |
| Net profit attributable to shareholders of PJSC NK Rosneft |
277 |
926 |
(70.1)% |
| Capital expenditures |
1 118 |
1,052 |
6.3% |
| Adjusted free cash flow |
591 |
1,075 |
(45.0)% |
Commenting on the results for the first nine months of 2025, Chairman of the Management Board and Chief Executive Officer of Rosneft Oil Company I.I. Sechin noted:
"During the reporting period, the Company operated in a deteriorating macroeconomic environment, including falling prices amid rising oil supply. I note that in November, international energy agencies once again raised their forecasts for oil market surplus in Q4 2025 and H1 20261, despite a slowdown in OPEC production growth.
Additional pressure on the Company's performance for the first nine months of 2025 was exerted by the outpacing inflation of natural monopoly tariff indexation, increased costs of ensuring anti-terrorism security, the high level of the Bank of Russia's key rate, and the strengthening of the ruble observed since the beginning of the year.
Despite the negative external environment, shareholder interests remain one of the Company's top priorities. On November 17, the Board of Directors recommended that the General Meeting of Shareholders, at an extraordinary absentee vote, resolve to pay interim dividends of 11.56 rubles per share. A total of 122.5 billion rubles, or 50% of net profit for the first half of 2025, is proposed for dividend payments, in full compliance with the corporate dividend policy.
Operating indicators
Exploration and production
Liquid hydrocarbon production for the first 9 months of 2025 amounted to 134.7 million tons (3.67 million barrels per day), including 45.4 million tons in Q3 2025. This indicator’s dynamics are due to restrictions on oil production in accordance with decisions of the Russian Government.
The Company's gas production for the first nine months of 2025 amounted to 58.2 billion cubic meters (1.30 million barrels of oil equivalent per day). More than a third of the Company's gas production comes from new projects in the Yamalo-Nenets Autonomous Okrug, commissioned in 2022.
As a result, the Company’s hydrocarbon production for the first 9 months of 2025 amounted to 182.6 million tons of oil equivalent (4.97 million barrels of oil equivalent per day).
Production drilling meterage for the first 9 months of 2025 exceeded 9 million meters, with 2,200 new wells commissioned, 74% of which were horizontal.
Onshore in the Russian Federation, in the first nine months of 2025, Rosneft completed 1,200 linear kilometers of 2D seismic work and 3,500 square kilometers of 3D seismic work. Thirty-eight exploration wells were tested with a success rate of 95%.
Vostok Oil Project
As part of the implementation of the flagship Vostok Oil project, 1.2 thousand linear kilometers of 2D seismic exploration work and 1.5 thousand square kilometers of 3D work were completed over the first 9 months of 2025.
The company continues pilot development of the Payakhskoye and Ichemminskoye fields: in the first nine months of 2025, production drilling totaled 101,000 meters, with 19 production wells completed. Test production is underway at the Payakhskoye and Ichemminskoye fields, and oil is being transported by truck from the Payakhskoye to the Suzunskoye field during the winter.
Construction of the Vankor-Payakha-Bukhta Sever main oil pipeline continues. As of the end of September 2025, 119,000 piles have been installed, and 637 km of the pipeline has been laid to design elevations. The main and backup lines of the pipeline's underwater crossing over the Yenisei River have been laid and backfilled. Coastal protection and engineering works are ongoing.
Construction of two cargo berths and a berth for the port fleet at the Port Sever Bay terminal is nearing completion. Construction of the first oil loading berth is ongoing, and work has begun on the second. Construction is underway on the Port Sever Bay oil delivery and receiving station, as well as the Suzun and Payakha oil pumping stations.
Recycling
Oil refining volume for the first nine months of 2025 amounted to 57.7 million tonnes. The decrease in refining volumes was due to repair and restoration work, as well as the optimization of refinery capacity, taking into account price conditions, logistical constraints, and demand.
Rosneft is continuously working to maintain a high level of reliability at its oil refining assets. Specifically, the Company supplies its refinery process units with its own catalysts, which are necessary for the production of high-quality motor fuels. In the first nine months of 2025, 1.9 thousand tons of diesel fuel and gasoline fraction hydrotreating catalysts, as well as protective layer catalysts, were produced. Rosneft enterprises also produced 102 tons of gasoline reforming catalysts and 218 tons of hydrogen production catalysts, petrochemicals, and adsorbents.
The company is a key supplier of high-quality motor fuels for Russian consumers. In the first nine months of 2025, it supplied 30.7 million tons of petroleum products to the domestic market, including 9.5 million tons of gasoline and 12.3 million tons of diesel fuel.
Rosneft continues to actively participate in trading on the Saint Petersburg International Mercantile Exchange. During the reporting period, 7.1 million tons of gasoline and diesel fuel were sold on the exchange, 1.8 times higher than the standard.
Financial indicators
Against the backdrop of declining oil prices and a stronger ruble, the Company's revenue2 for the first nine months of 2025 decreased by 17.8% year-on-year, amounting to RUB 6,288 billion. Moreover, the rate of decline in costs and expenses was slower than that of revenue, partly due to the indexation of tariffs for natural monopolies. As a result, EBITDA for the first nine months of 2025 decreased to RUB 1,641 billion.
Net profit attributable to Rosneft shareholders for the first nine months of 2025 amounted to RUB 277 billion. The high key rate of the Central Bank of the Russian Federation continues to have a significant negative impact on this indicator. Furthermore, non-cash and one-time factors negatively impacted the indicator's dynamics during the reporting period.
The Company's capital expenditures for the first nine months of 2025 amounted to RUB 1,118 billion. This increase was driven by the planned implementation of the investment program, primarily at assets in the Exploration and Production segment. Free cash flow for the reporting period amounted to RUB 591 billion.
The Net Debt/EBITDA ratio at the end of September 2025 was 1.3x and continues to remain significantly below the minimum covenant value in accordance with the loan agreements.
ESG
During the reporting period, the Company continued to implement measures to achieve sustainable development goals within the framework of the Rosneft-2030 strategy.
Rosneft uses the latest technologies and state-of-the-art production methods to create a safe work environment and minimize the risk of occupational injuries and illnesses. In the first nine months of 2025, the lost workday indicator (LWIS) decreased by 22%.
As a result of accident prevention measures at the Company's facilities, the number of process safety incidents has decreased. Specifically, in the first nine months of 2025, the incidence of equipment depressurization incidents with severe consequences of Level 1 (PSER-1) decreased by 50% compared to the same period last year.
Reproduction of aquatic biological resources is an integral element of environmental conservation. During the first nine months of 2025, Group companies released over 16.5 million juvenile fish of various species into water bodies in the regions where they operate.
Particular attention is paid to the conservation and restoration of natural resources: in the first nine months of 2025, employees of the Group's Companies planted more than 900,000 forest seedlings.
1 The updated average forecast of the IEA and the US Department of Energy for Q4 2025 is 3.2 million barrels per day, and for H1 2026 – 3.6 million barrels per day. The increase in OPEC oil production quotas in September was 547 thousand barrels per day, and in October–December – 137 thousand barrels per day per month. At the same time, OPEC countries announced their intention to suspend the increase in oil production in Q1 2026.2 Includes revenue from sales and income from associates and joint ventures.
Department of Information and Advertising of PJSC NK RosneftNovember 28, 2025
These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties, and other factors which may cause actual results, performance, or achievements expressed or implied by such forward-looking statements to differ materially. We undertake no obligation to update the forward-looking statements to reflect actual results, changes in assumptions, or changes in factors affecting these statements.
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