Tatneft 3Q Profit Doubles From Prior Quarter

By Jaime Llinares Taboada

Tatneft PJSC on Monday posted an improved profit for the third quarter of the year compared with the second quarter.

The Russian energy company made a net profit of 35.74 billion rubles ($469.8 million) in the three months ended Sept. 30, up from RUB17.60 billion in April-June.

The improvement was partially driven by higher production, with crude oil up 5.2% at 44.8 million barrels and natural gas output rising 2.5% to 198.3 million cubic meters in the period. However, refinery output declined around 7% on the quarter.

Despite the quarter-on-quarter improvement, Tatneft's profit for the first nine months of the year was RUB78.60 billion, down from RUB172.72 billion in January-September 2019.

Shares at 0900 GMT were down 1.6% at RUB503.1.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

November 30, 2020 04:34 ET (09:34 GMT)

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