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Surgutneftegaz oil-and-gas co. net 1Q06 profits rise 5.5%

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MOSCOW, May 15 (RIA Novosti) - Surgutneftegaz (RTS: SNGS) said Monday its net profit for January-March 2006 calculated to Russian Accounting Standards rose 5.5% on the same period last year, to 20.84 billion rubles ($774 million).

The Siberian oil and gas producer's revenues grew 34.3% year on year in the reporting period, to 115.8 bln rubles ($4.3 bln). Sales profits increased by 43.8% year on year, to 38.7 bln rubles ($1.4 bln).

The company earlier said its oil output in the first four months of 2006 stood at 21.383 million tons (156.74 mln bbl), a 4% increase year on year. It also produced about 5.021 bln cu m of natural gas in the same period, and developed 286 new wells.

Surgutneftegaz is included in the RUXX (Russian Industrial Leaders Index), a new composite economic index of Russian companies with financial instruments (shares and depository receipts) placed on major world trading floors, including the New York Stock Exchange, the London Stock Exchange, Nasdaq and AMEX.

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