Page 99 - RusRPTDec21

of geopolitical stabilization, Bank of America anticipates a strengthening to as much as 72 rubles against the U.S. dollar.
Why the world should care: It’s hard to imagine geopolitical tensions will stop being the fundamental driver of the Russian markets any time soon — and these tensions show no sign of easing. Ukrainian President Volodymyr Zelensky said Friday that he had received information about a Russian-backed coup attempt. That evening, U.S. President Joe Biden announced his intention to talk to both Zelensky and Russian President Vladimir Putin.
8.3.2 Dividends dynamics
● Oil & gas
Gazprom held its 3Q21 IFRS results call 29 November, after publishing record results. Management said that the weighted average export price as of 25 October for 4Q21 was $550/mcm, which would imply an average of $320/mcm for FY21, which is in line with the company’s guidance. Management also guided for a double-digit dividend yield. Gas production for 3Q21 and 9M21 is at a 13-year high. Gazprom is currently producing 1.5bcm per day. The dividend yield is expected to be in the double digits, and management highlighted that analysts expect even better results for 2022. Adjusted net income for 9M21 was RUB 1.407trln, implying a dividend of RUB 29.71/share, or a 3Q21 implied dividend of RUB 11.86/share.
Gazprom Neft’s BoD recommends Rb40/sh for its 9M21 interim dividend. Interfax reported. Surprisingly strong dividend recommendation hints at good 3Q21. Gazprom Neft only reports its 3Q21 IFRS numbers this coming
99 RUSSIA Country Report December 2021 www.intellinews.com