24/04/2018

Press release: The TATNEFT’s Board of Directors Was Held

A regular meeting of the Board of Directors of PJSC TATNEFT" n.a. V.D. Shashin chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held in Kazan on  April 24, 2018

The Board of Directors approved results of the Company's budget implementation the for first quarter of the year and approved the budget for May 2018.

The information on the results of the Company's financial and economic activities in 2017 were presented to the Board of Directors within the meeting agenda framework. In general, crude oil produced at the fields of PJSC TATNEFT amounted to 28 million 587 thousand tonnes over the past year, which was 0.9% higher than in the previous year. The production volume of high-viscosity oil amounted to 1,620 thousand tonnes in 2017. There were 887 new production wells put in operation and 213 injection wells were commissioned. The volume of collected associated petroleum gas amounted to 907 million cubic meters in 2017.

The net revenue of the Company (excluding VAT and export duty) under RAS was RUB 581.5 billion, while the net profit amounted to RUB 100 billion. The total amount of taxes and payments of PJSC TATNEFT to budgets of all levels amounted to RUB 317.2 billion, which was RUB 79.3 billion higher than the amount paid  for the previous year and is associated with the growth of MET, export duty and income tax.

The amount of RUB 89.1 billion was allocated for the implementation of the investment program for all types of production activities of the TATNEFT Group. They discussed at the meeting the organization of work on elaboration of the Company's development plan for crude oil production up to 2030 in the "Exploration and Production" sector taking into account external territories in the Strategy of the TATNEFT Group of Companies. The plans provide for the completion of shaping the updated Strategy of TATNEFT in August 2018.

A number of other issues were also considered in the course of the Board of Directors meeting, including the information on the Audit Committee operation, the annual general meeting of the Company’s shareholders, dividends on shares of TATNEFT.

In accordance with the dividend policy of the Company the Board of Directors recommended to the annual general meeting of shareholders to be held on 22 June 2018 to approve the dividends for 2017 (excluding the dividends of 27.78 Rubles per each preferred and ordinary share (2778% of par value) distributed for the 9 months of 2017) in the amount of 12 Rubles 16 kopecks per each preferred and ordinary share (1216% of par value). Therefore, the total amount of dividends for 2017, taking into account the interim dividends already paid, will total 39 Rubles 94 kopecks per each preferred and ordinary share (3994% of par value).

The date recommended to the annual general meeting of shareholders for determining the persons entitled to receive dividends will be July 6, 2018.
 
Forward Looking Statement: These materials contain certain statements regarding future events and expectations, which are predictions by nature. Any statement in these materials that is not a historical fact is a forward looking statement and includes known and unknown risks, uncertainties and other factors that may change the actual results, accomplishments and achievements set forth in such forecasts. PJSC TATNEFT shall not assume any obligation to update such forecasts to reflect actual results, changes in assumptions or changes in factors affecting these statements.

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