Russia’s richest oil company cut it short

Surgutneftegaz, the fourth largest oil company in terms of production volume and the first in terms of cash in its accounts, has decided not to publish a large part of its financial indicators. In the report according to the accounting standards of Russia (RSBU – standard of federal legislation and accounting rules) for the first half of the year, out of 62 lines, “Surgutneftegaz” is filled in only 10. the rest are empty, according to the document published by the company on August 5.

In fact, Surgutneftegaz does not disclose income, cost of sales, commercial and administrative expenses, as well as the income of its subsidiaries. The company’s long-term and short-term loans, the number of assets, cash reserves, and even its authorized capital are also confidential.

From the results of its operations, Surgutneftegaz publishes only the profit data: the net profit for the half year fell 6 times – to 139.9 billion rubles, and the profit before taxes amount to 168.7 billion rubles – also a 6-fold decrease.

The report shows that the big fall occurred in the second quarter, when “Surgutneftegaz” lost 129.9 billion rubles (for the first quarter, the loss was 10 billion). But based on the data presented, it is not possible to find out what the factors are for this – it’s just that the company has classified all the data, except for the summary numbers -account for assets, liabilities and profit.

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