Analyst: If the current oil price is maintained then the shares of Tatneft will remain attractive for investors

On November 28 Board of Directors of Tatneft considered the results of budget administration of the company for 10 months of 2011, approved budget for December and discussed budget for 2012, a senior analyst of ZERICH Capital Management IC Viktor Markov reported.

The information about main results of the company’s financial activities was heard. For 9 months of 2011 the company has extracted 19,393 thousand tons of oil (by 0.2% more than in 2010) and exceeded the plan by 395 thousand tons.

237 new operation wells were implemented. Extraction of associated petroleum gas made up 585.6 million cubic metres, 209 thousand tons of LPG were produced. 29 thousand tons of high viscosity oil with average daily output equal 114.2 tons were extracted at Ashalchinskoe deposit. Totally, more than 100 thousand tons have been extracted since the operation of the deposit started. 193.4 thousand tons of oil were extracted beyond Tatarstan – by 4.2% more than in 2010.

The business and financial activities resulted into 59.4 billion rubles of pretax profit – by 22.8 billion more than last year.

Now oil companies are in favourable position due to good external conjuncture. Oil prices are traded higher than $100 per barrel and high prices can be maintained. Such prices assist to investments into extraction and processing. For the first 9 months of 2011 Tatneft improved its financial results compared to the same period of the previous year. in January-September proceeds can make up about 440 billion rubles, net profit – about 48 billion rubles.

If current oil prices are maintained the shares of Tatneft will remain attractive for investors.

Source: http://rosinvest.com/novosti/880537
Translated by Alexandra Utyasheva