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Tatneft reports 10% sequential decline in Q2 profit

PJSC Tatneft on Aug. 28 reported a second quarter profit attributable to shareholders of 54.14 billion Russian rubles, down 10% from the 60.15 billion rubles during the first quarter.

Net sales on nonbanking activities came in at 222.33 billion rubles, 2.2% lower than the 227.33 billion rubles noted during the first quarter.

The company's free cash flow for the second quarter was pegged at 16.62 billion rubles, dropping 60.1% from the 41.69 billion rubles posted from the first quarter.

Daily crude oil production came in at 586,700 barrels per day, up 1.1% from the first quarter. Daily gas production for the second quarter was pegged at 16,400 barrels of oil equivalent per day, down 0.6% from the prior period. The company's refining throughput was reported at 185,200 bbl/d, up 2.6% from the 180,500 bbl/d seen during the first quarter.

As of Aug. 27, US$1 was equivalent to 66.55 Russian rubles.