Surgutneftegas

The company was founded in 1993 by spinning off the Gluttyumenneftegaz oil production association Surgutneftegaz, the Kirishi oil refinery and marketing enterprises. It was soon privatized , but the exact ownership structure is still unknown.

In 2004, the company received a license to develop a large Talakanskoye field (the production is conducted by the Talakanneft oil and gas production department). Previously, Yukos owned the license.

On December 18, 2012, Surgutneftegas won the tender for the right to develop one of the largest in Russia Shpilman oil field with reserves of 145 million tons in the C1 category, 250 million tons in the C2 category and about 32 million tons in the C3 category. The company paid for the right to develop 46.2 billion rubles .; during the competition with Rosneft , Gazprom Neft , the initial price was exceeded more than three times ^{[4] [5]} .

Mergers and Acquisitions

At the end of March 2009, OJSC “Surgutneftegas” announced the acquisition of a 21.2% stake in the Hungarian oil and gas company MOL from the Austrian company OMV . The deal, according to OMV, amounted to 1.4 billion euros. ^[6] This deal caused rejection by the Hungarian authorities and the MOL leadership, who suspected an attempt at an unfriendly takeover; the Russian company was not included in the register of shareholders, and its representatives were not allowed at meetings of shareholders ^[7] . Surgutneftegas repeatedly sued the leadership of MOL, but always lost ^[7] .

Since 2010, negotiations have been ongoing on the sale of disputed shares. Finally, in May 2011, it was announced that Surgutneftegas had agreed with the Hungarian government to buy back the last Russian company stake in MOL for $ 1.88 billion. Hungarian Prime Minister Viktor Orban said: “It was a hard fight <...> ... no country can be strong if it is completely vulnerable in terms of energy supplies ” ^[8] .

The ownership structure of the company is very complicated, according to some reports, about 70% of the shares (for 2017) belong to non-profit partnerships, offshore companies, subsidiaries of OJSC “Surgutneftegas”. According to other sources, the actual control over the company belongs to the General Director Vladimir Bogdanov (through NPF Surgutneftegas) and other managers of OJSC Surgutneftegas. ^[9] Some of the company's shares are freely traded on the Moscow Exchange (tickers and ). Capitalization on the MICEX in 2017 amounted to 1.1 trillion rubles. ^[ten]

According to the Charter of the company ^{[11], the} authorized capital of Surgutneftegas PJSC consists of:

• preferred shares - 7,701,998,235 shares with a nominal value of 1 (one) ruble
• ordinary shares - 35,725,994,705 shares with a nominal value of 1 (one) ruble

At the same time, in the quarterly report for the 4th quarter of 2018, the company discloses only one shareholder owning at least 5% of the authorized capital or at least 5% of ordinary shares - the nominal holder National Settlement Depository , for which 11% of ordinary and 66% of preferred shares are registered . The company does not show other significant shareholders in the report ^[12] .

Despite the information that part of the shares is owned by subsidiaries, officially the number of shares of the issuer owned by organizations under its control is 650,000, i.e. less than 0.01% ^[12] .

The general director of the company is Vladimir Bogdanov . Chairman of the Board of Directors - Vladimir Erokhin .

Information on the program of American depositary receipts for preferred registered shares of the company:
The program begins on December 30, 1996. Program participants: OJSC “Surgutneftegas” - issuer; Bank of New York - depository; owners and beneficiaries. The main conditions of the program: type of program - sponsored, 1st level. The number of ordinary registered shares of the Company represented by one American deposit share is 10 pieces.

ADR program for ordinary shares of the Company (according to The Bank of New York Mellon )

Information on the program of American depositary receipts for preferred registered shares of the company:
The program begins on March 19, 1998. Program participants: OJSC “Surgutneftegas” - issuer; Bank of New York - depository; owners and beneficiaries. The main conditions of the program: type of program - sponsored, 1st level. The number of preferred registered shares of the Company represented by one American deposit share is 10 pieces.

ADR program for preferred shares of the Company (according to The Bank of New York Mellon ) ^[13]

The mining capacities of the company are mainly concentrated in the Khanty-Mansiysk Autonomous Okrug . According to OJSC “Surgutneftegas”, the company's recoverable reserves of oil and natural gas amount to about 2.5 billion tons of oil equivalent. The base field of the company is Fedorovskoye - in 2008 the CIS received 9.9 million tons from it (16% of production, in 1983 the production here amounted to 36 million tons), also among the largest fields (in decreasing order of production in 2010) - Lyantorskoye , West Surgut , Bystrinskoye, North Labatyugansk, Konitlorskoye, Yukyaunskoye, Vachimskoye, Talakanskoye , etc. ^[14]

The company has seven oil and gas producing departments (NGDU): Surgutneft, Bystrinskneft, Fedorovskneft, Komsomolskneft, Lyantorneft, Nizhnesortymskneft, Talakanneft ( Yakutia ).

Surgutneftegas controls the Kirishinefteorgsintez oil refinery in the city of Kirishi, Leningrad Region , and the Surgut gas refinery. There are a number of sales divisions in the Central and North-West Federal Districts of Russia - Pskovnefteprodukt, Kaliningradnefteprodukt, Tvernefteprodukt and Novgorodnefteprodukt. In addition, the company has a research base: the SurgutNIPIneft Institute and the Lengiproneftekhim Design Institute.

Media Assets

In March 2009, Surgutneftegas announced an increase in its stake in the National Media Group from 12.3% to 24% of the shares through the repurchase of an additional issue (3.2 billion rubles). The National Media Group owns 51% of the shares of National Telecommunications, 100% of the REN TV channel , 72% of the shares of the Petersburg-Fifth Channel television channel , 51% of the Izvestia newspaper . In addition, structures close to the National Media Group own a 49% stake in the News Media Publishing House (the newspapers Tvoy Den, Life for the Whole Week). ^[15]

Performance Indicators

In the first half of 2006, Surgutneftegas produced 38 million tons of oil and 8.48 billion cubic meters of gas (36.7 million tons of oil and 8.49 billion cubic meters of gas a year earlier) ^[16] . Oil production by Surgutneftegas in 2010 amounted to 59.5 million tons ^[14] .

The number of employees is 101.8 thousand people (2012) ^[17] (109 thousand people (2010) ^[2] )

The revenue of Surgutneftegaz in 2009 amounted to 503.3 billion rubles, net profit - 113.87 billion rubles. Over the past few years, the company has accumulated a significant amount of free cash, amounting to $ 19.9 billion at the end of 2010 ($ 17.3 billion at the end of 2009) placed in banks and not invested in business development ^{[10] [19] [20 ] ]} . As of December 31, 2011, this value was astronomical $ 25.5 billion (the first place among all the oil and gas companies in the world, for comparison, the capitalization of the entire Gazprom Neft company was about $ 24 billion) ^[21] .

In 2016, Surgutneftegas revenue exceeded 1 trillion rubles. However, the company received a loss of 62 billion rubles. in connection with exchange rate losses on foreign currency bank deposits due to the depreciation of the dollar ^[22] .

Perspectives

Surgutneftegas planned to increase the capacity of the existing refinery in the Leningrad Region from 21 to 24 million tons per year and to build another oil refinery with a capacity of 12 million tons per year.

It is expected that the new production will be built next to the existing one (in Kirishi ). The total volume of oil refining at the regional plants of the company after the launch of the new enterprise should be 36 million tons per year ^[23] .

The company has been repeatedly criticized for its unfriendly attitude to minority shareholders : although Surgutneftegas is listed on the stock exchange, increasing the exchange rate of shares and dividends is not one of the company's management tasks. It was pointed out that while the average daily production of the company fell by 10% in 2007-2009, the company’s management holds significant financial resources comparable to the size of annual revenues (523.6 billion rubles or $ 17.3 billion at the end of 2009 years) (879.6 billion rubles at the end of 2012 - 9.2% of the volume of bank deposits of legal entities) ^[24] on bank deposits ^[19] .

Russian public figure Alexei Navalny , a minority shareholder of the company, has repeatedly pointed out the fact that a significant part of Surgutneftegaz’s exports is through Gunvor , owned by Gennady Timchenko , a friend of Vladimir Putin (according to Navalny, part of the profit that Surgutneftegas could receive ", Accumulated in the accounts of Gunvor). At the same time, the company's management refused to explain to Navalny regarding the conditions of relations with Gunvor and the reasons for many years of cooperation with this trader ^{[25] [26]} .

• Company official website