30/05/2018

Press release: The Board of Directors of TATNEFT Summed Up the Results of the First Quarter Operations in 2018

R.N. Minnikhanov, President of the Republic of Tatarstan, chaired a regular meeting of the PJSC TATNEFT’s Directors Board held in Kazan on May 30, 2018.

The meeting considered the results of the Company's budget implementation for the four months of 2018 and approved the budget for June, as well as discussed the results of the Company’s financial and economic activities for the first quarter of this year.

TATNEFT produced 7 million 13 thousand tonnes of crude oil at the fields of the Company in the first three months of this year. There were 138 new production wells and 40 injectors put into operation.

Compared to the same period in 2017, gross revenues from sales of shipped products increased by RUB 22.2 billion and amounted to RUB196.4 billion. The net proceeds (excluding VAT, export duty and excise taxes) resulting from the sales of shipped products increased by RUB 21.1 billion rubles amounted to RUB 166 billion. Net profit increased by RUB 7.9 billion and amounted to RUB 37.3 billion.

The Board of Directors discussed the results of the consolidated financial statements under IFRS for the TATNEFT Group of Companies, as well as the results of the audit of the Company's financial and business operations for 2017 performed by the Company's Audit Commission and JSC PricewaterhouseCoopers Audit.

The Board of Directors’ Meeting also considered a number of other reports of the Board of Directors’ Committees.

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