Tatneft Climbs to 6-Week High as Net Income Rises on Oil Gains

OAO Tatneft (TATN), the Russian oil producer based in the Tatarstan region, jumped after net income in the first quarter rose 14.6 percent on oil gains.

Tatneft rose 0.7 percent to 186.42 rubles, by 10:02 a.m. in Moscow, the highest intraday level since May 2.

First-quarter profit climbed to 28.1 billion rubles or $927 million according to the Almetyevsk, Russia-based company, from 24.5 billion rubles a year earlier. The result beat the average estimate of $743 million of seven analysts surveyed by Bloomberg.

Russia’s Urals crude blend export rose 14.2 percent to average $116.98 a barrel in the first quarter compared to the same period the previous year, according to data compiled by Bloomberg.

To contact the reporters on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net; Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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