Oil giant Rosneft posts 47% U.S. GAAP net profit drop in 1H09

Russia's state-controlled oil producer Rosneft said on Tuesday its U.S. GAAP net profit had declined 47% in January-June 2009, year-on-year, to $3.67 billion.

MOSCOW, September 1 (RIA Novosti) - Russia's state-controlled oil producer Rosneft said on Tuesday its U.S. GAAP net profit had declined 47% in January-June 2009, year-on-year, to $3.67 billion.

Rosneft, which became Russia's largest crude producer after acquiring most of the assets of bankrupt oil firm Yukos through liquidation auctions in 2007, said its revenues in the reporting period fell almost 50% to $19.21 billion.

"Lower revenue was primarily due to a two-fold year-on-year drop in average crude oil and product prices," Rosneft said in a statement.

Rosneft's crude production grew 9%, year-on-year, in 2008 to more than 110.1 million metric tons (807 million barrels) of oil. The company expects to produce 112.3 million metric tons (823 million barrels) of oil in 2009.