By Jaime Llinares Taboada
Tatneft PJSC on Wednesday reported that its profit almost halved in 2020, reflecting weaker oil and gas prices and OPEC+ production restrictions.
The Russian oil major made a net profit of 103.49 billion rubles ($1.36 billion) last year, down from RUB192.26 billion in 2019.
Revenue declined 23% to RUB720.7 billion.
"The group's operations in 2020 were significantly affected by the economic impact of the Covid-19 pandemic, changes in oil and petroleum product prices, and the implementation of unprecedented production restrictions under the OPEC+ agreement," Tatneft said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
03-31-21 0454ET