On May 8, 2018, Tatneft published its unaudited consolidated interim condensed financial statements for the three months that ended March 31, 2018, prepared in accordance with International Financial Reporting Standards (“IFRS”) and a related financial analysis done by company management (“MD&A”).

In the first quarter of 2018, Tatneft produced 7.1 million tons, or 50.6 million barrels (MMbbl) of crude oil and 223.3 million cubic meters of gas. The TANECO refinery’s output in the first quarter of 2018 was 2.2 million tons of refined products.

The company’s consolidated sales and other operating revenues on non-banking activities net of export duties and excise tax in the first quarter of 2018 were RUB188,345 million (USD3,311 million), as compared to RUB166,445 million (USD2,829 million) in the first quarter of 2017. The consolidated profit to be allocated to Tatneft’s shareholders in the first quarter of 2018 stood at RUB42,010 million (USD739 million), as compared to RUB35,590 million (USD605 million) in the first quarter of 2017.

Tatneft’s financial results in the first quarter of 2018 include net interest, fees, commissions, other operating income, and gains on banking operations in the amount of RUB714 million.

The company’s EBITDA (a non-IFRS financial measure) in the first quarter of 2018 was RUB61,167 million (USD1,075 million), as compared to RUB51,954 million (USD883) in the first quarter of 2017.

The company’s total consolidated assets decreased from RUB1,107,454 million (USD19,227 million) as of December 31, 2017 to RUB1,107,300 million (increased in USD terms to USD19,336 million) as of March 31, 2018.

Total consolidated liabilities of the company decreased from RUB388,725 million (USD6,749 million) as of December 31, 2017 to RUB355,633 million (USD6,210 million) as of March 31, 2018.

Total consolidated shareholders’ equity increased from RUB718,729 million (USD12,478 million) as of December 31, 2017 to RUB751,667 million (USD13,126 million) as of March 31, 2018.