Shares of OJSC Gazprom Neft are traded in Russia on the main trading floors of the integrated OJSC Moscow Exchange (MICEX).
In 2012, the volume of trade in OJSC Gazprom Neft shares on all MICEX trading floors amounted to RUB 32 billion (USD 1,050 million). As of the end of 2012, American depositary receipts (ADR) issued against OJSC Gazprom Neft shares accounted for 0.3% of the total trade volume among ADR of foreign companies traded on the London Stock Exchange in the IOB system, or USD 1,306 million compared with USD 1,123 million in 2011.
As of the end of 2012, there was a small decrease in the price of the Company’s shares. According to final trading results on MICEX from December 28, 2012, the price of OJSC Gazprom Neft shares stood at RUB 142.52 per ordinary share (-3.8% compared with the beginning of the year). Market capitalization of OJSC Gazprom Neft as of December 31, 2012, was USD 22.248 billion.
Based on generally recognized market value indicators, OJSC Gazprom Neft remained undervalued by the market in 2012, in comparison with both international oil companies and with Russian competitors. In many respects, this is due to the limited liquidity of the Company’s shares.
The Company has a fairly good fundamental potential for market value growth in 2013. According to the estimates by many leading analysts OJSC Gazprom Neft is the best business with “added value” potential among Russian oil companies. This favorable outlook is due to the Company’s growth in hydrocarbon extraction, its refining capabilities, availability of its own marketing resource and a high-level portfolio of new oil production projects. Taken together, all these factors provide considerable competitive advantages for the Company, offering substantial potential for long-term growth in its value.