Rosneft Q4 21 - Strong oil prices translate into record 2021 DPS of RUB 41.7
EBITDA slightly exceeded estimates, while NI below forecast on higher impairment expensesTotal DPS for 2021 should reach a record high level of RUB 41.7
Higher than expected capex put Q4 21 FCF below projections
We treat the results as neutral for the stock
OJSC OC Rosneft is a vertically-integrated Russian oil and gas company with upstream and downstream operations in each of Russia's oil-producing regions. Headquartered in Moscow, Co. operates ten oil and gas producing enterprises across Russia and is involved in over ten exploration projects. In addition to its upstream operations, Co. also owns two refineries, which have a combined capacity of 10 million tons per year, as well as four main oil export terminals and a nationwide network of over 600 service stations. Co.'s downstream operations consist of its crude oil export structure, refining operations and nationwide network of marketing subsidiaries.
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