Surgutneftegas Will Report Earnings on IFRS Basis on April 30

OAO Surgutneftegas, Russia’s third- largest oil producer, said it will report earnings in line with international standards for the first time since 2001 on the last day of the month.

The company will release profit figures based on International Financial Reporting Standards, or IFRS, on April 30, according to a statement on its website today. The results may show the company has about $28 billion in cash, according to a Bloomberg News poll of 13 analysts earlier this month.

Surgutneftegas, whose 1.2 million barrel-a-day output exceeds that of the U.K., has avoided major acquisitions to focus on Siberian oil production. The company can keep output at that level until 2030, General Director Vladimir Bogdanov said April 10. The company has paid out about 10 percent of income in dividends to preferred shareholders.

The preferred shares fell as much as 1.7 percent before paring losses to trade little changed at 20.52 rubles as of 11:52 a.m. in Moscow. That gives company a $29 billion market capitalization.

Separately, the Surgut, Russia-based company will hold its shareholder meeting on June 28.

To contact the reporters on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net; Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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