2018: Highlights

In 2018, the Company delivered a solid growth in revenue, EBITDA and net profit while also reducing leverage, making it possible to distribute more dividends and plan new ambitious projects.

Growing hydrocarbon production


Hydrocarbon production (mtoe)

Production growth was predominantly driven by the Company’s largest projects, the Prirazlomnoye, Novoportovskoye and Vostochno-Messoyakhskoye fields. Considerable impact also came from a greater interest in Arcticgas and production being launched at the Tazovskoye field.


Proved reserves (mtoe)

Expansion of the Group’s resource base in 2018 was supported by an improved exploration and production drilling technology. The Company also obtained more than 20 licences through licence auctions, exploration requests, and M&A deals. A total of four new fields and 27 hydrocarbon deposits were discovered and recorded in the Russian State Register of Mineral Reserves in 2018.

Effective oil refining


Oil refining (mt)

In 2018, refining volumes increased following the completion of scheduled repairs and upgrades throughout the Group’s Russian refineries.

The Group also continued the implementation of the second phase of its environmental compliance and technological refurbishment programme.

Strong financial performance


Adjusted EBITDA (₽ bn)

The solid growth was driven by favourable oil prices globally and domestically, successful development of new upstream projects, and increased operating efficiency.


Net profit (₽ bn)

In 2018, the Company’s net profit grew by almost 49%, driven by a favourable pricing environment as per unit upstream and refining expenses went down. Cost cutting was made possible by a comprehensive overhaul of refineries and introduction of innovations in the upstream segment.


Revenue (₽ bn)

The Company’s revenue went up by 28.7% to ₽ 2.49 tn, which was driven by a favourable pricing environment, improved operational efficiency and consistent production growth at the Novoportovskoye, Prirazlomnoye and Vostochno-Messoyakhskoye fields.