Tatneft Profit Climbs 15 Percent on Rising Oil Price

OAO Tatneft (TATN), a Russian oil producer, said profit advanced 15 percent last year as world oil prices rose.

Net income rose to $1.13 billion from $981 million a year earlier, the Almatyevsk, Tatarstan-based company said on its Web site today. Earnings per common share advanced to $13.60 from $13.13, and earnings per preferred share climbed to $13.52 from $12.88.

Consolidated revenue rose 16 percent to $12.1 billion from $10.4 billion a year earlier under U.S. accounting standards.

Tatneft's proven crude oil and gas condensate reserves totaled 830 million tons (5.91 billion barrels) as of Dec. 31, a 0.7 percent increase from the previous year, the company said, citing an audit by Miller & Lents in accordance with Society of Petroleum Engineers standards.

Tatneft pumped 25.4 million tons of crude last year (510,000 barrels a day), little changed from the two previous years.

Company management will hold a conference call at 5:30 p.m. Moscow time on July 3 to discuss the results.

To contact the reporter on this story: Torrey Clark in Moscow at tclark8@bloomberg.net.

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net.

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