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Gazprom Neft holds annual general meeting of shareholders

Gazprom Neft holds annual general meeting of shareholders

St.Petersburg, June 16 - Nefetgaz.Ru. Gazprom Neft’s Annual General Meeting of shareholders took place last week, along with a full review of the company’s activities throughout 2019. Shareholders approved the Board of Directors’ proposal that dividends for 2019 be paid in the amount of RUB 37.96 per ordinary share (including dividends of RUB 18.14 per ordinary share, paid in respect of 1H 2019 results).

This dividend payment represents a record for the company and a 26.5% increase on dividends for 2018 (at RUB 30 per ordinary share).

For the 1st time, the company is in a position to pay dividends at 50% of net profit (IFRS), dividend payments having reached 50% of net profit in H2 2019, following interim dividend payments of 40% of net profit for H1 2019. Gazprom Neft’s total dividend distribution for 2019 amounted to RUB 180 billion. Net profit in 2019 increased by 6.2% year-on-year, to RUB 400.2 billion.

The company is expected to confirm those individuals entitled to receive dividends by 26 June 2020.

“The company ended the 2019 financial year with some well-deserved results. Production volumes reached more than 96 million tonnes of oil equivalent (mtoe), with net profit reaching a record RUB 400.2 billion. We continued to improve our business efficiency, maintaining our focus on safety, ecology, and developing new technologies. This approach has enabled us to face up to the challenges presented by 2020 - the COVID-19 pandemic, and the drastic reduction in both oil demand and oil price - in a viable and sustainable financial position, and with a low debt burden", said Alexander Dyukov, CEO of Gazprom Neft.

"In response to this different environment, Gazprom Neft has reduced its operating and production costs, optimised administrative expenses, and plans to make adjustments to its 2020 investment programme. In spite of these issues, we continue to implement key upstream and refining projects, maintain our key areas of focus, and intend to continue our practice of paying interim dividends”, Dyukov noted.

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