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NOVATEK Reports Preliminary Operating Data for the First Quarter 2024

Moscow, 11 April 2024. PAO NOVATEK (“NOVATEK” and/or the “Company”) reported today preliminary operating data for the first quarter 2024.

In the first quarter 2024, NOVATEK’s hydrocarbon production totaled 167.4 million barrels of oil equivalent (boe), including 21.12 billion cubic meters (bcm) of natural gas and 3.5 million tons of liquids (gas condensate and oil), resulting in an increase in total hydrocarbons production by 4.4 million boe, or by 2.7% compared to the first quarter 2023.

Preliminary total natural gas sales volumes, including volumes of LNG sold, aggregated 21.47 bcm, resulting in a decrease of 3.8% as compared with the first quarter 2023.

The Company processed 3.3 mmt of unstable gas condensate at the Purovsky Processing Plant, resulting in a decrease of 2.8% as compared with the corresponding volumes processed in the prior reporting period. NOVATEK further processed 1.4 mmt of stable gas condensate at the Ust-Luga Complex, which is 23.4% lower as compared with the first quarter 2023.

Preliminary total sales volumes of liquid hydrocarbons aggregated 4.3 mmt, which was 11% higher than in the first quarter 2023.

At 31 March 2024, NOVATEK had 0.2 bcm of natural gas, including LNG, and 1.2 mmt of stable gas condensate and petroleum products in storage or transit and recognized as inventory.

NOVATEK’s hydrocarbon production including share in the production of joint ventures

1Q 2024

1Q 2023

Change

Natural gas, bcm

21.12

20.88

1.2%

Liquid hydrocarbons, mmt

3.46

3.08

12.2%

Total hydrocarbons, mmboe

167.4

163.0

2.7%

Total hydrocarbons, mmboe per day

1.84

1.81

1.6%

***

Information provided in this press release represents expected results of PAO NOVATEK operations in the first quarter 2024. The information represents preliminary assessment only, which can be adjusted after statistical, financial, fiscal and business reporting becomes available. Therefore, the results and indicators actually achieved may significantly differ from any declared or forecasted results in the first quarter 2024. PAO NOVATEK assumes no obligation (and expressly declares that it has no such obligation) to update or change any declarations concerning any future results, due to new information obtained, any future events or for any other reasons.


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.