Alliance Oil shocked by ‘abysmal’ Q2 results

摘要

Moscow—Alliance Oil posted what analysts called “abysmal” second quarter results this week, with the Russian oil producer/refiner impacted by a perfect storm of negative factors. Alliance, listed in Sweden, posted a Q2 net profit of just $19.2 million, down 66% year on year, as volatility in oil markets impacted both upstream and downstream segments. The company said its profits were hit by a 9% drop compared with the first quarter in the average price of Russia’s main export crude blend Urals.