Novatek Q4 21 - Total DPS for 2021 might set a new record of RUB 70.2
EBITDA was close to projections despite higher than anticipated revenueStrong net income pushes Novateks DPS to RUB 70.2 for 2021
First dividends from Yamal LNG supported free cash flow in Q4 21
We consider the results to be neutral for the stock
Novatek is an independent gas producer and natural gas producer in Russia. Co. is engaged in the exploration, production, and processing of natural gas and liquid hydrocarbons. Co.'s upstream activities are concentrated in the Yamal-Nenets region, which is a natural gas producing area and accounts for a significant part of Russia's natural gas production. Co.'s three core fields are located in the regions of Yurkharovskoye, East Tarkosalinskoye and Khancheyskoye. Co. maintains natural gas reserves of approximately 1,144 bcm. Co.'s total net proved reserves totals around 8,088 million barrels of oil equivalent (boe).
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