Share capital

Shareholder and investor relations

Gazprom Neft’s share capital comprises 4,741,299,639 common shares with a par value of ₽0.0016 each. In Russia, the company shares are traded on the Moscow Exchange; abroad, they are mostly traded on the OTC markets in the form of depositary receipts (DRs, in the UK, through the LSE IOB system).

As at the end of 2020, the largest shareholder in Gazprom Neft was Gazprom PJSC holding 95.68% of the total number of the company’s ordinary shares. The remaining common stock (4.32%) is spread among minority shareholders: individuals and legal entities.

A study into identification of stock owners did not reveal any significant change in the structure of free-float ownership in 2020. Investment funds are for the most part oriented either on stocks with high growth potential (Growth) or stocks currently traded below their fair value (Value). The top 10 institutional investors are focused on long-term investments of two years and up.

Shareholder structure
Institutional ownership structure of PJSC Gazprom Neft free-float shares, as at 31 December 2020, %
Key information on Gazprom Neft PJSC shares and DRs as at 30 December 2020
SHARE PRICE ON THE MOSCOW EXCHANGE
MOEX MIC code / ISIN code SIBN / RU000,906 2467
Closing price (₽) 317.0
Closing price ($) 4.3
52-week high (₽) 470.0
52-week low (₽) 240.0
PRICE PER ONE DR ON THE LONDON STOCK EXCHANGEOne DR is equivalent to five Gazprom Neft PJSC ordinary shares.
Closing price ($) 21.5
52-week high ($) 37.8
52-week low ($) 15.5
ANNUAL TRADING VOLUMES
The Moscow Exchange (₽ billion) 142.8
The London Stock Exchange (IOB, $ million) 250.4
MARKET CAPITALISATION ON THE MOSCOW EXCHANGE
Capitalisation (₽ billion) 1,502.8
CapitalisationAt the Bank of Russia’s exchange rate as at 30 December 2020. ($ billion) 20.4
Ordinary shares 4,741,299,639
Par value of one ordinary share (₽) 0.0016
Share capital (₽) 7,586,079
Free-float shares (%) 4.32
DRs issued 11,585,199
Proportion of DR in free float (%) 28
Average monthly trading volume (IOB, $ million) 20.9
Average monthly trading volumes (MOEX, ₽ million) 11,896.0

Trading volume in Gazprom Neft PJSC’s shares on the Moscow Exchange in 2020 stood at ₽142.8 billion ($1.99 billion) – a 2.5-fold increase on 2019.

On the last trading day of the year, 30 December 2020, the company’s share price on the Moscow Exchange settled at ₽317 per one ordinary share (-24.6% on 31 December 2019). Gazprom Neft’s market capitalisation as at the end of 2020 was ₽1,502.8 billion, equivalent to $20 billion. The year-on-year decline in the company’s share price and capitalisation is related to the unique situation in the global stock markets responding to news on the spread of COVID-19.

The share price peaked at an all-time high of ₽470 in early 2020. The launch of key projects, improvement of refining efficiency and financial resilience are the main factors of the company’s investment attractiveness and, according to analyst estimates, will contribute to the price recovery of 26% against the closing price, in 2021. At the end 2020, 70% of analysts recommended to hold Gazprom Neft’s shares, while 30% recommended to buy. Following the announcement of company’s FY2020 results, company shares were recommended for purchase by 45% of analysts.

Gazprom Neft PJSC share price, the MOEX oil and gas index, and the Urals price throughout 2020
Gazprom Neft PJSC share price and the industry trend throughout 2020

Participation in a depositary receipts programme

In addition to trading on the Moscow Exchange, American and global depositary receipts for the company shares are traded on the OTC markets in the USA, the UK, Germany, and other countries. Depositary receipts of Gazprom Neft PJSC are deposited with The Bank of New York Mellon.

One depositary receipt represents five Gazprom Neft PJSC’s ordinary shares. As at the end of 2020, total company DRs issued equates to 58 million ordinary shares (1.2% of the company’s share capital). The decline in the total number of DRs issued for ordinary shares was the result of ongoing redemption throughout the year amidst restrictions on new issues.

Trading volumes in Gazprom Neft PJSC’s depositary receipts through the London Stock Exchange IOB was $250.4 million, with average monthly volume standing at $20.9 million, in 2020.

2020 Gazprom Neft stock trading volumes at MOEX and LSE IOB, $ million
Sources: MOEX, LSE.