Russian producers saw a solid Q1
Russian producers set for good year
First quarter results thus far point to a solid recovery. The rest of the year could be even better
It is clear, midway through the Russian oil and gas reporting season, that there has been a solid rebound in the first quarter of 2021 after a 2020 devastated by the Covid pandemic. Revenue and Ebitda are up by 11-23pc and 14-66pc quarter-on-quarter, respectively, for the companies that have reported. And we expect favourable oil prices (+32pc year-to-date), a weaker rouble due to geopolitical risks, and Opec+ easing production curbs—+2-4pc year-on-year production growth is anticipated for Russian oil firms—to provide a strong basis for full-year 2021 financials. Russian companies are highly likely to return to investors’ radars, given they are trading at 50pc profit-to-earnings discounts to
Also in this section
15 July 2025
Government consultations on the windfall tax and the exploration licence ban are positive steps, but it is unclear how long it will take for them to yield tangible outcomes
15 July 2025
A brutally honest picture about the potential role of oil and gas in 2050 should prompt policymakers to not only reflect but also change course to meet vital energy needs
14 July 2025
Robust demand and a limited supply of additional physical barrels from key OPEC+ producers has kept the oil market in a healthy price range
11 July 2025
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
