Tatneft published its U.S. GAAP consolidated interim financial statements for the first quarter of 2011

Selected financial highlights below are based on the respective U.S. GAAP financial statements of the Company. These highlights do not replace the Financial Statements or the MD&A and all interested persons are encouraged to read these documents for full understanding of the first quarter 2011 U.S. GAAP results. Russian Ruble amounts below have been translated into U.S. Dollars, for revenue and net income at the average exchange rate during the respective reporting period, and for balance sheet items at the exchange rate on the last day of the respective reporting period.
The Company’s consolidated revenues in the first quarter of 2011 were 131,726 million Rubles (US$ 4,500 million) as compared to 105,152 million Rubles (US$ 3,518 million) in the first quarter of 2010. The consolidated net income attributable to Group shareholders in the first quarter 2011 was 24,476 million Rubles (US$ 836 million) as compared to 11,599 million Rubles (US$ 388 million) in the first quarter 2010.
Total consolidated assets of the Company increased from 567,179 million Rubles (US$ 18,608 million) as of December 31, 2010, to 583,264 million Rubles (US$ 20,517 million) as of March 31, 2011.
Total consolidated liabilities of the Company decreased from 216,633 million Rubles (US$ 7,107 million) as of December 31, 2010, to 207,858 million Rubles (increased in US dollar terms to US$ 7,311 million) as of March 31, 2011.
Total consolidated shareholders’ equity increased from 338,607 million Rubles (US$ 11,109 million) as of December 31, 2010, to 362,867 million Rubles (US$ 12,764 million) as of March 31, 2011.
The Company’s representatives will discuss the U.S. GAAP financial highlights for the three months 2011 on a conference call on June 22, 2011 at 4:00 PM Moscow time, 1:00 PM British Summer Time, 8:00 AM EDT: