By Jaime Llinares Taboada

Tatneft PJSC on Wednesday reported that its profit almost halved in 2020, reflecting weaker oil and gas prices and OPEC+ production restrictions.

The Russian oil major made a net profit of 103.49 billion rubles ($1.36 billion) last year, down from RUB192.26 billion in 2019.

Revenue declined 23% to RUB720.7 billion.

"The group's operations in 2020 were significantly affected by the economic impact of the Covid-19 pandemic, changes in oil and petroleum product prices, and the implementation of unprecedented production restrictions under the OPEC+ agreement," Tatneft said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

March 31, 2021 04:54 ET (08:54 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Pjsc Tatneft (CE) (USOTC:OAOFY)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Pjsc Tatneft (CE) Charts.
Pjsc Tatneft (CE) (USOTC:OAOFY)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Pjsc Tatneft (CE) Charts.