Page 14 - GLNG Week 43 2022

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Novatek not to publish 3Q22

results, investors face

information blackouts

RESULTS RUSSIA’S second-largest natural gas company, investors’ expectations, BCS Global Markets
Novatek, will neither publish 3Q22 IFRS results analysts believe.
nor hold a conference call accompanying the “The lack of timely and accurate accounting
publication of these results. data is slowly becoming a more acute problem
As followed by bne IntelliNews, Novatek has for equity and debt markets. As time passes, the
been consolidating its market share as foreign lack of accurate data on financial performance
energy majors are pulling out of Russia amid the increases the chance that investors’ understand-
military invasion of Ukraine. Novatek bought a ing of the financial health of Russia’s public-
49% stake in its Terneftegaz joint venture with ly-traded oil & gas companies will diverge from
TotalEnergies from its French partner and is reality,” BCS GM analysts warn.
considering buying Shell’s 27.5% stake in Sakha- While BCS GM notes that Novatek is tradi-
lin-2 liquefied natural gas (LNG) project. tionally the first to publish accounting results
While non-publication of the 3Q22 results is after the end of each quarter, the reporting
“completely expected”, it is still a small negative transparency is seen as a problem for the entire
for all Oil & Gas stocks, as a lack of data risks sector and “practically the entire Russian equity
that economic performance is diverging from market”.™

P14 www. NEWSBASE .com Week 43 27•October•2022