Sector: Oil & Gas
RU_SNGS
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | FY 2025 (12M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | — y/y -127.2% | — | — | 9096.8 y/y -4.9% | 7942.0 y/y -4.5% | -3.2% | — | Link |
| 2025-06-30 | Q2 2025 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | — | 8981.3 y/y 7.8% | 7769.8 y/y 3.7% | — | — | Link |
| 2025-03-31 | Q1 2025 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | -439.7 y/y -263.7% | — | — | 9053.5 y/y 6.7% | 7877.8 y/y 1.7% | -21.7% | — | Link |
| 2024-12-31 | FY 2024 (12M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | 783.4 y/y 63.1% | — | — | 9562.0 y/y 18.9% | 8314.1 y/y 17.3% | 11.7% | — | Link |
| 2024-06-30 | Q2 2024 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | -128.7 y/y -83.4% | — | — | 8333.2 y/y 12.5% | 7490.7 y/y 13.4% | 3.7% | — | Link |
| 2024-03-31 | Q1 2024 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | 268.5 y/y — | — | — | 8487.8 y/y — | 7742.8 y/y — | 14.5% | — | Link |
| 2023-12-31 | Q4 2023 (3M) | OK | 1363.4 y/y — | 297.9 y/y — | 14.3 y/y — | 312.2 y/y — | 480.2 y/y — | 444.8 | -426.0 | 8039.9 y/y — | 7086.7 y/y — | 19.3% | -196.5 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 939.1 y/y — | 236.2 y/y — | 265.1 y/y — | 501.3 y/y — | 841.9 y/y — | 150.4 | -126.7 | 7409.0 y/y — | 6607.0 y/y — | — | -68.5 | Report (PDF) |
Quarterly values (₽ mln)
FCF (₽ mln)
Net debt / cash (₽ mln)
Physical operating metrics — supplementary, not part of the financial statements
Oil & Gas (oil)
| Year | Production, Mt |
|---|---|
| 2025 | 54.70 +1.9% |
| 2024 | 53.70 −4.8% |
| 2023 | 56.40 |
Surgutneftegas FY2025 oil production 54.7 Mt (+1.8% YoY, Interfax citing annual report). FY2024 53.7 Mt.
Potential discount −40% (factor 0.60)
This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.
Current 98spot vs LTM +28%
The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the current EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.
Oil & gas upside may be overstated: mineral-extraction tax / export duty rise with price but costs are not re-priced here.
Upside (conservative): +27% · spot +49% · 3-yr +6%
How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap
| 1 · Reported baseline (latest FY) | |
| Revenue | 2.30 trn RUB |
| EBITDA | 813.5 bln RUB |
| Cash costs (revenue − EBITDA) | 1.49 trn RUB |
| 2 · Revenue projection | |
| Multiplier — spot | ×1.22 (+22%) |
| = Spot revenue | 2.82 trn RUB |
| Multiplier — 3-yr prices | ×1.04 (+4%) |
| = 3-yr-price revenue | 2.40 trn RUB |
| 3 · Cost projection (+ RU inflation ~5%) | |
| Cost multiplier | ×1.05 (+5%) |
| = Cash costs | 1.56 trn RUB |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 1.25 trn RUB |
| = 3-yr-price EBITDA | 835.3 bln RUB |
| = Avg-scenario EBITDA (spot + 3-yr)/2 | 1.04 trn RUB |
| Conservative EBITDA = min(spot, avg(spot, 3-yr)) | 1.04 trn RUB |
| 5 · Valuation → target market cap | |
| EV/EBITDA (current) | 1.0x |
| Target EV = EV/EBITDA × conservative EBITDA | 1.04 trn RUB |
| Net debt | -196.5 bln RUB |
| Target market cap = EV − net debt | 1.24 trn RUB |
| Current market cap | 973.6 bln RUB |
Upside = target market cap ÷ current − 1 = +27%
Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.
| Commodity | Revenue share | Spot | LTM avg | $ vs LTM | RUB vs LTM (FX) | RUB 3-yr (FX) |
|---|---|---|---|---|---|---|
| Brent | 80% | 97.73 | 76.58 | +28% | +28% | +5% |
SNGSP upside (via the FX hoard): +65%
The pref dividend ≈ 10% of IFRS profit, which is dominated by FX revaluation of the FX deposit. Valued at a 12.4% fair dividend yield on the expected dividend (oil&gas + hoard). Deposit/rate constants are refreshed annually (2026 cycle (dividend 2026 by FY2025) — constants set ~2025-04, refresh annually).
| 1 · The FX cash hoard | |
| CNY deposit | 3633 bn RUB |
| RUB deposit | 2341 bn RUB |
| Total deposit | 5974 bn RUB |
| CNYRUB: now 11.57 vs anchor 11.16 | +3.7% |
| 2 · Hoard profit (this year) | |
| FX revaluation of the deposit | 135 bn RUB |
| RUB deposit interest (RUONIA) | 371 bn RUB |
| CNY deposit interest | 18 bn RUB |
| = Pre-tax profit effect | 524 bn RUB |
| 3 · Expected SNGSP dividend | |
| This-year dividend (oil&gas + hoard) | 8.05 ₽ |
| Normalised future dividend | 8.27 ₽ |
| Average expected dividend | 8.16 ₽ |
| 4 · Fair-yield valuation | |
| Fair dividend yield (historical) | 12.4% |
| Target price (discounted to record date) | 60.3 ₽ |
| Current SNGSP price | 36.44 ₽ |
Upside = target price ÷ current − 1 = +65%
Live inputs: CNYRUB (cross USDRUB/USDCNY) and the SNGSP price.
Dividend-model upside: -46%
The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | -251 bn RUB |
| Payout ratio | 2% |
| Recent actual dividend (3-yr median) | 0.85 ₽ |
| = Forecast dividend per share | 0.85 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.2% |
| Historical yield spread to rate (3-yr median) | -13.3 pp |
| = Fair dividend yield | 10.8% |
| 3 · Valuation → upside | |
| Current price | 14.55 ₽ |
| Forecast dividend yield | 5.8% |
| Fair price (dividend-based) | 7.91 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Paid, trailing 12-mo: 0.85 RUB/sh · 5.8%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 0.85 ₽ | |
| 2025 | 0.90 ₽ | |
| 2024 | 0.85 ₽ | |
| 2023 | 0.80 ₽ | |
| 2022 | 0.80 ₽ | |
| 2021 | 0.70 ₽ | |
| 2020 | 0.65 ₽ | |
| 2019 | 0.65 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2026 q3 | 2026-07-15 | 0.85 ₽ |
| 2025 q3 | 2025-07-16 | 0.90 ₽ |
| 2024 q3 | 2024-07-17 | 0.85 ₽ |
| 2023 q3 | 2023-07-18 | 0.80 ₽ |
| 2022 q3 | 2022-07-18 | 0.80 ₽ |
| 2021 q3 | 2021-07-16 | 0.70 ₽ |
| 2020 q3 | 2020-07-16 | 0.65 ₽ |
| 2019 q3 | 2019-07-16 | 0.65 ₽ |
| 2018 q3 | 2018-07-17 | 0.65 ₽ |
| 2017 q3 | 2017-07-17 | 0.60 ₽ |
No dividend rows found for this issuer.
Share of volume initiated by buyers (crossing the spread):
1d: 47% buy — balanced5d: 50% buy — balanced20d: 49% buy — balanced
Iceberg levels last session: 2 bid / 2 ask; largest — bid 14.46 (filled ×5.9 of displayed, 74 refills).
Robot clips (recurring characteristic order size): 1 bid / 3 ask; largest — ask 3 lots ×174 appearances across 57 price levels. Ping probes (1-2 lots, typical iceberg hunting): ask ×438.
| Day | Buyer initiative | Icebergs bid/ask | Robots bid/ask | Trades |
|---|---|---|---|---|
| 23.07 | 47% | 2/2 | 1/3 | 23,187 |
| 22.07 | 57% | 0/0 | 4/4 | 14,877 |
| 21.07 | 47% | 1/0 | 7/6 | 16,038 |
| 20.07 | 52% | 0/0 | 6/5 | 20,307 |
| 17.07 | 49% | 0/0 | 5/7 | 17,509 |
Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.
| 26.06.26 | Filing | ★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента 26 июня 2026 года будет определена дата для владельцев акций ПАО «Сургутнефтегаз», имеющих право на получение дивидендов. Дата, на которую определяются лица, имеющие право на осуществление прав по ценным бумагам, установлена на 16 июля 2026 года. |
| 26.06.26 | AGM / Board | ★ ▲ Решения общих собраний участников (акционеров) На общем собрании акционеров ПАО «Сургутнефтегаз», состоявшемся 26 июня 2026 года, было принято решение о выплате дивидендов в размере 0,85 руб. на акцию. Также утверждены годовой отчет и финансовая отчетность за 2025 год, назначена аудиторская компания на 2026 год. |
| 15.05.26 | AGM / Board | ★ ▲ Решения совета директоров (наблюдательного совета) Совет директоров ПАО «Сургутнефтегаз» рекомендовал объявить дивиденды по акциям в размере 0,85 руб. за акцию, направив на это 36,9 млрд. руб. нераспределенной прибыли. Дата определения лиц, имеющих право на получение дивидендов, установлена на 16 июля 2026 года. |
Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.
Substantive mentions last 7 days: 0, last 30 days: 1 across tracked channels, broker research and shows. 14 passing mentions (digests, calendars) hidden.
Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.
Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=312
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Surgutneftegas (SNGS) — from primary filings.
SNGS is a Russian oil and gas company primarily engaged in the exploration, production, and sale of crude oil and natural gas, as well as refining and marketing petroleum products.