Press Releases and Events

NOVATEK Announces Financial Results for the First Half 2024

Moscow, 24 July 2024. PAO NOVATEK (“NOVATEK” and/or the “Company”) reported today disclosable consolidated interim condensed financial statements as of and for the three and six months ended 30 June 2024.

In the six months ended 30 June 2024, our total revenues and Normalized EBITDA, including our share in the EBITDA of joint ventures, amounted to RR 752.4 billion and RR 480.7 billion, respectively, representing increases of 17.0% and 15.6% as compared to the corresponding period in 2023. Profit attributable to shareholders of PAO NOVATEK amounted to RR 341.7 billion (RR 114.34 per share) in the first half 2024, which is 2.2 times higher as compared to the first half 2023.

Net cash provided by operating activities of the Group almost did not change and amounted to RR 182.4 billion in the six months 2024. Our cash used for capital expenditures amounted to RR 122.0 billion in the six months 2024, representing an increase of 15.7% as compared to the first half 2023.

Key performance indicators
(in millions of Russian roubles except as stated)

	1H 2024	1H 2023
Financial results
Total revenues	752,404	642,975
Operating expenses	(571,726)	(500,439)
Normalized EBITDA	480,652	415,776
Profit attributable to shareholders of PAO NOVATEK	341,677	155,644
Non-current assets	3,033,107	2,372,865
Non-current liabilities	459,192	262,133
Net debt (net cash position)	139,807	(25,929)
Production volumes
Hydrocarbons production (million barrels of oil equivalent)	330.7	321.9
Daily production (million barrels of oil equivalent per day)	1.82	1.78
Cash flow results
Net cash provided by operating activities	182,434	184,236
Cash used for capital expenditures	122,047	105,481

Disclosable consolidated interim condensed financial statements of PAO NOVATEK and the notes thereto are available on the Company’s web site (www.novatek.ru/en/).

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PAO NOVATEK is one of the largest independent natural gas producers in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Area, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.