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NOVATEK Announces Consolidated IFRS Results for the Year Ended 31 December 2019

Gasoil News - Published on Tue, 25 Feb 2020

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NOVATEK has released its audited consolidated financial statements for the year ended 31 December 2019. Total revenues and Normalized EBITDA increased to RUB 862.8 billion and RUB 461.2 billion, or by 3.7% and 11.0%, respectively, as compared to 2018. The increases in total revenues and Normalized EBITDA were largely due to an increase in our natural gas sales volumes primarily resulted from the production launch at the second and third LNG trains at Yamal LNG in July and November 2018, respectively, and an increase in our domestic average natural gas sales price. The impact of these factors was offset by a decrease in hydrocarbons sales prices on international markets in 2019. Profit attributable to shareholders of PAO NOVATEK increased to RUB 865.5 billion or 5.3 times, as compared to 2018. The Group’s profit in 2019 was significantly affected by the sale of a 40% participation interest in Arctic LNG 2 project and the reorganization of our joint venture Arcticgas. In addition, in both reporting periods, the Group’s subsidiaries and joint ventures recognised substantial non-cash foreign exchange effects on foreign currency denominated loans and cash balances.

Hydrocarbon Production and Purchased Volumes
HeadingFY 2019FY 2018
Total hydrocarbon production (million boe)589.9549.1
Total production (million boe per day)1.621.50
Natural gas production (mmcm)74,70068,806
Natural gas production by subsidiaries39,38941,860
Natural gas purchases from joint ventures31,29624,892
Other purchases of natural gas8,5448,119
Total natural gas production by subsidiaries (mmcm)79,22974,871
Liquids production in tonnes12,14811,800
Liquids production by subsidiaries6,4806,546
Liquids purchases from joint ventures9,5669,368
Other purchases of liquids242226
Total liquids production by subsidiaries and purchases (mt)16,28816,140

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Posted By : Rabi Wangkhem on Tue, 25 Feb 2020
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