OREANDA-NEWS. June 20, 2012. Tatneft (the “Company”) announces that it published on its web-site (http://www.tatneft.ru/eng) the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2012 prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) (the “Financial Statements”) and related 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 the Company’s first quarter of 2012 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 the first quarter of 2012 were 151,030 million Rubles (USD 4,991 million) as compared to 131,726 million Rubles (USD 4,500 million) in the first quarter of 2011. The consolidated net income attributable to Group shareholders in the first quarter of 2012 was 28,061 million Rubles (USD 927 million) as compared to 24,476 million Rubles (USD 836 million) in the first quarter of 2011.

Total consolidated assets of the Company increased from 627,823 million Rubles (USD 19,498 million) as of December 31, 2011, to 641,404 million Rubles (USD 21,869 million) as of March 31, 2012.

Total consolidated liabilities of the Company decreased from 224,412 million Rubles (USD 6,969 million) as of December 31, 2011, to 208,942 million Rubles (increased in US dollar terms to USD 7,124 million) as of March 31, 2012.

Total consolidated shareholders’ equity increased from 403,411 million Rubles (USD 12,528 million) as of December 31, 2011, to 432,462 million Rubles (USD 14,745 million) as of March 31, 2012.