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Tatneft posts 9M 2009 Net Income of 47.15 billion Roubles

Tatneft posts 9M 2009 Net Income of 47.15 billion Roubles
Russian oil producer, Tatneft, has posted a 9M 2009 Net Income of 47.15 billion Roubles under U.S. GAAP.

The bottom line is 55% Year on Year, with EBITDA up 41% to 70.5 billion Roubles, despite sales down 27% to 273.68 billion Roubles.

The company attributed the result to sharply lower average crude prices offset by the devaluation of the Rouble against the U.S. dollar over the previous year, with sharp cost reductions and a decrease in taxation.

Tatneft added that during the first 9 months of the year it had put 248 new wells into operation in Tatarstan as well as gaining 2 new exploration licenses in Kalmykia.

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