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Surgutneftegas H1 net profit surges YOY

Surgutneftegas Public Joint Stock Co. reported a first-half net profit of 371.4 billion Russian rubles, up from 63.4 billion rubles reported for the corresponding half in 2017.

In an Aug. 14 filing, the Russian oil and gas company reported a first-half net income of 718.6 billion rubles, climbing from 534.9 billion rubles reported for the same period in 2017. Sales profit amounted to 181.8 billion rubles, compared to 99.2 billion rubles a year ago. Other income was pegged at 849.1 billion rubles, jumping from 523.7 billion rubles in the first half of 2017.

The company also reported a slight drop in oil production during the first half to 29.8 million tons. Subsidiary LLC "KINEF" refined 9.2 million tons of oil. Drilling activity was up 3% and included 2,326 thousand meters of development and 106.4 thousand meters of exploratory drilling.

As of Aug. 13, US$1 was equivalent to 67.83 Russian rubles.