Tatneft 2020 Profit Fell 46% on Lower Prices, OPEC+ Quotas
March 31 2021 - 5:09AM
Dow Jones News
By Jaime Llinares Taboada
Tatneft PJSC on Wednesday reported that its profit almost halved
in 2020, reflecting weaker oil and gas prices and OPEC+ production
restrictions.
The Russian oil major made a net profit of 103.49 billion rubles
($1.36 billion) last year, down from RUB192.26 billion in 2019.
Revenue declined 23% to RUB720.7 billion.
"The group's operations in 2020 were significantly affected by
the economic impact of the Covid-19 pandemic, changes in oil and
petroleum product prices, and the implementation of unprecedented
production restrictions under the OPEC+ agreement," Tatneft
said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
March 31, 2021 04:54 ET (08:54 GMT)
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