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Rosneft Q3 net income, cash flow surge after TNK-BP deal
October 29, 2013 / 9:53 AM / in 4 years

Rosneft Q3 net income, cash flow surge after TNK-BP deal

MOSCOW, Oct 29 (Reuters) - Russia’s state-owned oil company Rosneft, the world’s top listed crude producer, said on Tuesday third-quarter net income rose to 280 billion roubles ($8.77 billion), slightly missing analyst forecasts, after its acquisition of smaller rival TNK-BP.

This was below analysts’ expectations of profit of 284 billion roubles, and includes a 167 billion rouble revaluation of TNK-BP.

Adjusted free cash flow stood at 84 billion roubles in July-September, up from 35 billion roubles in the previous quarter, Rosneft said.

The company completed the $55 billion acquisition of TNK-BP, which was Russia’s third-largest oil producer, from BP and a consortium of Soviet-born tycoons in March.

BP became a holder of 19.75 percent in Rosneft as a part of the deal.

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