Surgutneftegas Public Joint Stock Company — Cyborg Score 4/10
Mixed
Oil & Gas Exploration, Production, and Refining
Strategic Profile
The group's activity is organized around three areas: hydrocarbon exploration and production, crude oil refining and natural gas transformation, and distribution of petroleum products and production of electrical energy. The company refines and produces petroleum products including motor fuels, aromatics, and diesel fuel, and engages in wholesaling, retailing, and storage of petroleum products.
Cyborg Score Rationale
Surgutneftegas is a large, established Russian integrated oil and gas producer with substantial production capacity and diversified operations. However, the company faces severe operational and financial headwinds from escalating U.S. and Western sanctions targeting its oil exports and 183 vessels in its shadow fleet, significantly constraining market access and revenue potential.
Top Insights
Subject to aggressive U.S. sanctions as of early 2025, targeting oil exports and shipping fleet, materially restricting market access and revenue generation
Operates integrated value chain from exploration to retail distribution, providing operational resilience across commodity cycles
Major shareholder of Oneximbank and operates Kirishinefteorgsintez refinery, providing downstream diversification and financial services exposure
2023 revenue of $26.0B despite geopolitical headwinds, with market cap around $23.5B reflecting discount for sanctions exposure
Named Competitors
Gazprom — Russian gas and oil major, largest competitor in Russia
Rosneft — Major Russian integrated oil and gas producer
LukOil — Russian oil and gas company with international operations
Shell — Global integrated energy company
Recent Developments
(January 2025) Subject to sweeping U.S. sanctions targeting Russian oil exports and 183 vessels in shadow fleet
(December 2024) Final cash pile determination critical for dividend payments to shareholders in summer payouts
(2023) Revenue of $26.0B (-4.7% YoY), with net income showing significant recovery of 312.5% YoY
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