Last checked at 19 Jun 2020 11:36
19 June 2020
Meeting of the General Director of PJSC Tatneft Nail Maganov and top managers of the Company with investors and analysts
The meeting of Tatneft's top management with investors and analysts took place on 18 June 2020. The meeting was held via videoconference.
The event's innovative format allowed more than 100 investors and investment banks and companies' analysts from around the world to participate in the meeting.
The General Director Nail Maganov presented the highlights of Tatneft's performance during the most recent reporting periods, actions taken to fight the consequences of the coronavirus pandemic, told about the Company's operations during the OPEC+ production restrictions and the ESG initiatives with the emphasis on climate action.
The head of economics department Rezeda Gaifullina presented the results of financial and economic performance of Tatneft to the meeting participants. The current financial position of Tatneft is strong. The leverage ratio is one of the lowest in the industry. With the aim of supporting free cash flow a number of specific actions and programs for all business segments are being developed. The Company is implementing the policy of paying to the shareholders in the form of dividends all free cash remaining after covering the liabilities and investment needs. The issue of dividend payments is considered three times a year. And this practice will of course continue. The minimum target level of dividends is set at 50% of net income. The Company will continue targeting high level of dividend payments to its shareholders in accordance with the dividend policy.
Tatneft Group's strategic targets and tasks for business streams were presented to the videoconference participants by the Deputy General Director for strategic development Nurislam Syubaev. In the current environment the Company is focusing on identifying new reserves of value by increasing the efficiency of business segments. In this area the Company is relying on decreasing costs in the upstream with the long-term effect, implementation of efficiency improvement programs as well as creating new pillars of growth with meaningful synergies.
During the virtual meeting's Q&A session the participants discussed macro conditions for the industry and Company's development, long-term strategic goals, the dividend payments practice, investment priorities and goals of the Company, the opportunities in the area of effective production assets management and other items.
Continuous active dialog of Tatneft with the investment community, rapid communication of the results and plans, use of advanced corporate governance and information disclosure practices allow investors and analysts to most fairly evaluate the Company's investment benefits.
The presentation to the virtual meeting has been published on the Company's website in the subsection "Presentations to Investors" of "For shareholders" portal, the virtual meeting's recording can be viewed through a link available at http://www.tatneft.ru/press-center/press-releases/more/8105?lang=en.
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.