Bashneft Group Announces Increased Production, Decreased Revenue

Bashneft Group announced Monday that its revenue decreased by 2.5 percent from 1Q 2014 to 1Q 2015, even though its average oil production grew by 14.7 percent to 373,814 barrels per day.

Average daily oil production from 4Q 2014 to 1Q 2015 increased by 1.9 percent and the firm’s revenue decreased by 13.1 percent during the same period, according to the company. Bashneft also reported that its adjusted net debt totalled $2.2 million as of March 31, 2015, which represents a 13.3 percent increase compared to March 31, 2014, and a 13.7 percent increase compared to December 31, 2014.

A company press release stated:

"Despite deterioration in market conditions…in the first quarter of 2015, the company achieved strong financial results."

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