3rd Quarter Results

Tatneft published its IFRS consolidated interim condensed financial statements for the three and nine months ended 30 September 2021

29 November 2021

PJSC Tatneft (the "Company") published on its web-site (http://www.tatneft.ru/?lang=en) the unaudited consolidated interim condensed financial statements (the "Financial Statements") for the three and nine months ended 30 September 2021 prepared in accordance with International Financial Reporting Standards ("IFRS") and the related Management Discussion and Analysis of Financial Condition and Results of Operations (the "MD&A").

Selected financial highlights below are based on the respective IFRS 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 IFRS results for the three and nine months ended 30 September 2021. For convenience Russian ruble amounts below have been translated into U.S. dollars, for sales and other operating revenues, net profit and EBITDA* at the average exchange rate during the respective reporting period and for items of Statements of Financial Position at the exchange rate on the last date of the respective reporting period.

In the third quarter of 2021 Tatneft Group produced 7,164 thousand tonnes (51 MMbbl) of crude oil and 231.8 million cubic meters of gas compared to 6,966 thousand tonnes (49.6 MMbbl) of crude oil and 221.3 million cubic meters of gas in the second quarter of 2021. TANECO refinery output in the third quarter of 2021 was 2.4 million tonnes of refined products compared to 3 million tonnes of refined products in the second quarter of 2021. Scheduled maintenance works were performed at TANECO refinery at the beginning of the third quarter.

In the nine months of 2021 Tatneft Group produced 20,593 thousand tonnes (146.7 MMbbl) of crude oil and 649.9 million cubic meters of gas compared to 19,548 thousand tonnes (139.2 MMbbl) of crude oil and 632.2 million cubic meters of gas in the nine months of 2020. TANECO refinery output in the nine months of 2021 was 8.3 million tonnes of refined products compared to 8.5 million tonnes of refined products in the nine months of 2020.

The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise taxes in the third quarter of 2021 were 323,836 million rubles (US$ 4,408 million) as compared to 311,051 million rubles (US$ 4,191 million) in the second quarter of 2021. The consolidated profit attributable to Group shareholders in the third quarter of 2021 was 52,057 million rubles (US$ 709 million) as compared to 48,642 million rubles (US$ 655 million) in the second quarter of 2021.

The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise taxes in the nine months of 2021 were 892,719 million rubles (US$ 12,062 million) as compared to 521,923 million rubles (US$ 7,374 million) in the nine months of 2020. The consolidated profit attributable to Group shareholders in the nine months of 2021 was 144,288 million rubles (US$ 1,950 million) as compared to 78,597 million rubles (US$ 1,110 million) in the nine months of 2020.

The Company's EBITDA* in the third quarter of 2021 was 74,464 million rubles (US$ 1,014 million) as compared to 75,579 million rubles (US$ 1,018 million) in the second quarter of 2021. However, the Company's EBITDA adjusted for exceptional items* in the third quarter of 2021 was 74,767 million rubles (US$ 1,018 million) as compared 76,082 million rubles (US$ 1,025 million) in the second quarter of 2021.

The Company's EBITDA* in the nine months of 2021 was 215,888 million rubles (US$ 2,917 million) as compared to 130,366 million rubles (US$ 1,842 million) in the nine months of 2020. The Company's EBITDA adjusted for exceptional items* in the nine months of 2021 was 217,490 million rubles (US$ 2,939 million) as compared 137,904 million rubles (US$ 1,948 million) in the nine months of 2020.

Total consolidated assets of the Company increased from 1,263,441 million rubles (US$ 17,101 million) as of 31 December 2020 to 1,446,777 million rubles (US$ 19,884 million) as of 30 September 2021.

Total consolidated liabilities of the Company increased from 431,851 million rubles (US$ 5,845 million) as of 31 December 2020 to 534,537 million rubles (US$ 7,347 million) as of 30 September 2021.

Total consolidated shareholders' equity increased from 831,590 million rubles (US$ 11,256 million) as of 31 December 2020 to 912,240 million rubles (US$ 12,538 million) as of 30 September 2021.

The Company's representatives will discuss the results for the third quarter and nine months of 2021 on a videoconference on 30 November 2021 at 5pm Moscow time, 2pm London time, 9am US Eastern time. The videoconference will be open to analysts and investors only. To participate in the videoconference a request should be sent to ir@tatneft.net to obtain access details. The videoconference will be recorded.

* Non-IFRS measures. Please see the MD&A for definitions and calculations.

This press release contains inside information.

Forward-looking statements: This press-release contains certain statements about future events and expectations that are forward-looking in nature. Any statement in this press-release that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.