PJSC RussNeft (Ticker: RNFT.ME) is a vertically integrated Russian oil and gas company engaged in the prospecting, exploration, development, production, and marketing of crude oil, natural gas, and petroleum products; it also provides transportation services and property management. Founded in 2002 and headquartered at 69 Pyatnitskaya Street in Moscow, the company operates over 120 fields primarily in key Russian regions including West Siberia (e.g., Varyeganneft, Aganneftegazgeologiya, Goloil), Volga-Urals (e.g., Saratovneftegaz, Ulyanovskneft), and Central Siberia (e.g., Tomskaya Neft), with non-current assets concentrated in the Russian Federation and sales to domestic markets and far abroad exports. Core subsidiaries such as PJSC Varyeganneft, JSC Saratovneftegaz, and LLC Tomskaya Neft support its upstream activities, while reserves exceed 632 million tons of oil (AB1C1 category) and production reached 6.093 million tons in 2024, positioning it among Russia's top-10 oil producers. The company markets crude oil to major domestic and export customers, gas domestically, and minor petroleum products, with 2024 revenue of RUB 301.83 billion (up 26.4%) and RAS net profit of RUB 42.25 billion (up 32.9%).
In recent developments, RussNeft reduced oil production by 5.3% to 6.092 million tons in 2024 to comply with OPEC+ obligations, while adding over 10 million tons in reserves (171% replenishment ratio); it implemented 600 new production optimization projects yielding RUB 1.8 billion in savings. The company acquired a 99.9% stake in LLC Alatau-10 for exploration drilling licenses and disposed of its Global Energy Azerbaijan (GEA) group assets in June 2024 for USD 55 million (RUB 4.882 billion), including terminating PSA operations in Azerbaijan and recognizing a RUB 3.052 billion gain. It also dissolved non-core subsidiaries like LLC Neftebytservis, LLC RedOil, and JSC Saratov-Burenie as part of corporate optimization, redeemed treasury shares for RUB 4.7 billion, paid dividends totaling RUB 8.824 billion, and reduced debt on its 2015 USD loan by USD 205.77 million (including USD 126.34 million prepaid) amid a declining SOFR rate; additionally, it secured a CNY 1.58 billion loan equivalent. These moves supported H1 2024 IFRS profit before tax of RUB 41.597 billion and ongoing initiatives like APG utilization (95% in prior years) and environmental efforts such as river stocking in Khanty-Mansiysk.