Bloomberg News

Surgut Likely to Double Preferred Dividend for 2011, Troika Says

March 29, 2012

OAO Surgutneftegas (SNGSP), Russia’s fourth-largest oil producer, will probably double its 2011 dividend to 2.148 rubles a preferred share after profit rose, Troika Dialog said.

Net income climbed 81 percent to 233 billion rubles ($8 billion) last year under Russian accounting standards, because of rising crude prices and an asset revaluation, the Surgut- based company said on its website yesterday.

The dividend on preferred shares would produce a 10.3 percent yield, Troika estimated, based on Surgutneftegas’s dividend policy. The company paid 1.18 rubles a preferred share for 2010.

Surgutneftegas’s profit last year was bolstered by the revaluation of a $29 billion cash position, which may be denominated in dollars or other foreign currencies, Troika estimated.

Surgut’s preferred shares fell 1.3 percent to 20.232 rubles a share on the Micex exchange at 10:51 a.m. in Moscow.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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