Operational and Financial Performance

High cost efficiency and smart allocation of upstream capex in 2017 helped the Company maintain well-balanced production levels both by launching new projects and enhancing production at mature fields with the lowest unit upstream capex in the industry among public oil and gas companies.

Unit Upstream CAPEX, USD per boe

In 2017, Rosneft retained its leading position in the oil industry among public oil and gas companies in terms of unit lifting costs while integrating new assets with high hydrocarbon lifting costs.

Unit Lifting Costs, USD per boe

While most of its competitors demonstrate highly volatile performance going into negative territory in periods following investment project launches and sale or acquisition of assets, Rosneft has been consistently generating a positive free cash flow (FCF) for many years. Amid the ongoing integration of new assets and capital expenses growing considerably from the construction and launch of new projects in 2017, Rosneft managed to overcome negative effects from changes in the working capital by Q4 2017, maintaining a positive cash flow for the full year.

2015–2017 FCF: Benchmarking to Majors,Per boe of produced hydrocarbons, including affiliates. USD per boe