Tatneft Profit Fell on Lower Gas, Oil Production

By Matteo Castia

Tatneft PJSC reported Friday a fall in second-quarter and first-half net profit as gas and crude oil production declined.

Russia's sixth-largest oil company made a second-quarter net profit of 17.60 billion rubles ($234.9 million), down from RUB25.25 billion in the first quarter.

First-half net profit was RUB42.85 billion, down from RUB114.19 billion.

Quarterly revenue was RUB136.27 billion, down from RUB198.28 billion in the previous quarter. Revenue for the six months was RUB334.55 billion, from RUB449.66 billion in the year-earlier period.

First-half production fell to 13.3 million tons for crude oil and to 433.9 million cubic meters for gas, down from 14.8 million tons and 505.3 million cubic meters respectively a year earlier.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

August 28, 2020 03:34 ET (07:34 GMT)

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