Tatneft Nine-Month Profits Surge 35%

MOSCOW, December 6 (RIA Novosti) – Tatneft, one of Russia’s top ten crude producers, made a US GAAP net profit of 60.665 billion rubles ($1.96 billion) in the first nine months of 2012 , up 34.5 percent year-on-year, the company said on Thursday.

In dollar terms, the company’s net profit grew by 24.5 percent to $1.567 billion.

Tatneft, which accounts for over 80 percent of oil production in the Volga Republic of Tatarstan, said the growth in net profit growth in the first nine months of 2012 was attributable to a more favorable macroeconomic environment compared to last year and the improved efficiency of its refining business after the launch of the Taneko refinery.

The company’s consolidated revenues in the nine months of 2012 rose by 5.3 percent to 471.504 billion rubles ($15.161 billion) and EBITDA grew by 31.4 percent to 95.698 billion rubles ($3.09 billion)

Total consolidated assets rose 4 percent to 653.771 billion rubles ($21.144 billion) as of September 30, 2012, while total consolidated liabilities fell by 10.3 percent to 201.236 billion rubles ($6.508 billion).

Total consolidated shareholders’ equity increased 12 percent to 452.535 billion rubles ($14.636 billion) by that date.

Crude oil output rose by 0.5 percent to 19.683 million tons (140.202 million barrels) in January-September 2012 while gas production increased 0.9 percent to 694.9 million cubic meters.


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