Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Surgutneftegas Will Report Earnings on IFRS Basis on April 30

April 24 (Bloomberg) -- 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.