OREANDA-NEWS. December 15, 2011. JSOC Bashneft and its subsidiaries (hereinafter ‘Bashneft Group’ or ‘the Group’ and affiliates), one of Russia’s leading vertically integrated oil companies, today publishes unaudited consolidated financial results prepared to International Financial Reporting Standards (IFRS) for the nine months ended on 30 September 2011. Comparative data for the nine months, which ended on 30 September 2010, are also unaudited consolidated results prepared to IFRS.

HEADLINE FINANCIAL RESULTS IN THE THIRD QUARTER AND NINE MONTHS OF 2011

Revenue in Q3 2011 fell by 1.4% q-o-q to USD  4,458 million from USD  4,522 million in Q2 2011. Revenues in 9M 2011 rose by 45.2% y-o-y to USD  12,466 million from USD  8,584 million in 9M 2010;

EBITDA in Q3 2011 fell by 23.6% q-o-q to USD  720 million from USD  942 million in Q2 2011. EBITDA in 9M 2011 increased by 31.6% y-o-y to USD  2,368 million from USD  1,799 million in 9M 2010;

Net income attributable to shareholders of the parent company declined by 23.5% q-o-q in Q3 2011 to USD  407 million compared with USD  532 million in Q2 2011. Net income in 9M 2011 rose by 52.7% y-o-y to USD  1,309 million compared with USD  857 million in 9M 2010.

HEADLINE OPERATING RESULTS IN THE THIRD QUARTER AND NINE MONTHS OF 2011

JSOC Bashneft showed steady growth of crude oil production for the tenth consecutive quarter. Crude oil output rose by 2.7% q-o-q in Q3 2011 to 3.839 million tonnes. Oil production in 9M 2011 was 11.257 million tonnes compared with 10.489 million tonnes in 9M 2010;

Refining volumes declined by 2.5% q-o-q in Q3 2011 to 5.299 million tonnes. Refining volumes in 9M 2011 were 15.729 million tonnes compared with 15.939 million tonnes in 9M 2010.