OREANDA-NEWS. April 19, 2012. Tatneft (the “Company”) announces that it published on its web-site (http://www.tatneft.ru/eng) the audited consolidated financial statements for the year ended December 31, 2011 prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) (the “Financial Statements”) and related Directors’ report, incorporating Management Discussion and Analysis of Results of Operations (the “MD&A”), reported the press-centre of Tatneft.  

Selected financial highlights below are based on the respective U.S. GAAP financial statements of the Company. These highlights do not replace the Financial Statements or the MD&A and all interested persons are encouraged to read these documents for full understanding of 2011 U.S. GAAP results. Russian Ruble amounts below have been translated into U.S. Dollars, for revenue and net income at the average exchange rate during the respective reporting period, and for balance sheet items at the exchange rate on the last day of the respective reporting period.

The Company’s consolidated revenues in 2011 were 615,867 million Rubles (USD 20,955 million) as compared to 468,032 million Rubles (USD 15,411 million) in 2010. The consolidated net income attributable to Group shareholders in 2011 was 61,428 million Rubles (USD 2,090 million) as compared to 46,673 million Rubles (USD 1,537 million) in 2010.

Total consolidated assets of the Company increased from 567,179 million Rubles (USD 18,608 million) as of December 31, 2010, to 627,823 million Rubles (USD 19,498 million) as of December 31, 2011.

Total consolidated liabilities of the Company increased from 216,633 million Rubles (USD 7,107 million) as of December 31, 2010, to 224,412 million Rubles (decreased in US dollar terms to USD 6,969 million) as of December 31, 2011.

Total consolidated shareholders’ equity increased from 350,546 million Rubles (USD 11,501 million) as of December 31, 2010, to 403,411 million Rubles (USD 12,528 million) December 31, 2011.

As of December 31, 2011 the Company’s total proved reserves (SPE/ PRMS) of crude oil and condensate were 870 million tons (6,193 million barrels) as compared to 840 million tons (5,982 million barrels) as of December 31, 2010.