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Rosneft Q1 Hydrocarbon Output Rises; Asset Impairments Likely due to Attacks

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Russian state-controlled energy company Rosneft said Monday its Q1 hydrocarbon production rose 0.9% versus Q4 2025, but cautioned of potential asset impairments amid continued retaliatory attacks by Ukraine on its infrastructure.

Q1 results showed that oil and gas production grew quarter over quarter to 5.2 million barrels of oil equivalent per day, as a rise in gas output more than offset a decline in liquid production.

Liquid output dropped 0.4% sequentially to 3.7 mmboe/d due to adverse weather conditions in West and East Siberia, according to the report. Gas production grew 4.3% to 1.5 mmboe/d, driven by offshore projects.

Production drilling footage exceeded 2.5 million meters during the quarter, with more than 600 new wells commissioned, the company said.

The report also showed that oil refining throughput increased 5.2% from a quarter earlier to 18.9 million tons, as operations at some refineries resumed following maintenance works.

In terms of supply to the domestic market, the company sold 9.7 million tons of petroleum products in Q1. Gasoline and diesel volumes totaled 3.1 mmt and 3.7 mmt, respectively.

However, Rosneft highlighted that "the industry continues to face significant operational risks," including crude intake restrictions, export terminal disruptions, and attacks on the company's refineries, tank farms, and pumping stations.

"Given the above, the company is assessing the need to provision for potential assets impairments, which could adversely impact financial results," Rosneft said.

Ukraine has stepped up attacks on Russian oil infrastructure, seeking to deprive the country of oil revenues that help to fund its four-year invasion of its neighbor.

The company noted that shareholder interests remain its top priority, and committed to "strive" to raise shareholder income, "as the macroeconomic environment stabilizes and both production volumes and profits grow."

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