The Supervisory Board of Ukrnafta visited the company’s production units in western Ukraine and summarised the results of the first quarter of 2026.
Despite the war, infrastructure damage and difficult operating conditions, the company maintains operational stability, continues to develop its production division and demonstrates growth in the retail segment.
“The Supervisory Board positively assesses the results achieved by the Ukrnafta team in extremely challenging conditions,” said Timothy Dodson, Chairman of the Supervisory Board of Ukrnafta. – The company demonstrates the sustainability of its operating model, a systematic approach to development and the ability to adapt to unprecedented challenges. It is important to note that in parallel with ensuring stable operations, the team continues to invest in technology and form the basis for long-term growth”.
The company’s annual results were also confirmed by an independent auditor, part of the international KPMG network. Based on 2025 results, the company achieved revenues of UAH 99.6bn, paid UAH 28.8bn in taxes and transferred UAH 5bn in dividends to the state.
“It is very important that the company is developing, modernising, supporting the defence forces and the country’s economy and has become an industry leader. And the introduction of modern standards of transparency and corporate governance open opportunities for cooperation with world leaders and attract international capital,” – said an independent member of the Supervisory Board of JSC “Ukrnafta” Ekaterina Kuznetsova.
According to Bohdan Kukura, Chairman of the Board of Ukrnafta, the company continues to adapt its operations to wartime challenges.
“Despite the Russian shelling of infrastructure, significant damage to equipment and de-energisation, which affected the mechanised fund, we managed to maintain hydrocarbon production volumes at the level of the same period of 2025, – said Bohdan Kukura. – The additional effect of operational and technical measures – well workovers, stimulation, optimisation and hydraulic fracturing – provided 22,000 tonnes of oil and 8.2 million m3 of gas of additional production”.
A separate result was an increase in the reliability of the well stock. The use of modern pumping equipment from Baker Hughes, Oil Dynamics and Alkhorayef, as well as a comprehensive upgrade of pipes, cables and corrosion protection systems helped to increase the time between workovers.
The retail business also continued to grow, with sales of light petroleum products up 49% compared to the first quarter of 2025. In particular, petrol spills increased by 31% and diesel spills by 75%.
During the working trip, the members of the Supervisory Board visited the production units, which despite the de-energisation and destruction demonstrate positive dynamics: +5% for oil and +9% for gas.
In particular, they toured one of the company’s youngest and most promising assets – one of the highest oil and gas production facilities in Europe, at an altitude of more than 1,000 metres above sea level.
Starting from 2024, the team realised the installation of compressor facilities, which increased oil rates by 185% and gas rates by 147%.
Today, there are 19 wells operating on this asset: 18 oil wells and one gas well. Five of them were built after 2024 and demonstrate flow rates 2-3 times higher than average thanks to modern pumping equipment and stimulation measures.
Members of the Supervisory Board also highly appreciated the work of the company’s research and design institute-R&D Centre.
Thanks to the work of the Institute’s specialists, 9 new 3D field models were created and 8 existing ones were updated, two test models of oil and gas bearing systems were launched and the data collection cycle for creating digital twins was automated.
“Scientific approach is one of the foundations of modern oil and gas production, because it is research that allows us to more accurately assess the subsoil potential and improve drilling efficiency. As a geologist, I am pleased to see that this area is already producing practical results,” added Timothy Dodson.
Modern laboratory equipment has allowed us to significantly expand the analysis of physical properties of reservoir fluids – if previously about 7 parameters were evaluated, now there are more than 20.
In general, the company demonstrates financial stability, adapts to external challenges and continues to provide stable work even in the conditions of constant attacks on the infrastructure.
Ukrnafta JSC is the largest oil producing company in Ukraine and is the operator of the largest national network of petrol stations-UKRNAFTA. In 2024, the company joined Glusco Asset Management. In 2025 finalised an agreement with Shell Overseas Investments BV to purchase the Shell network in Ukraine. The company operates almost 700 petrol stations in total. The company is implementing a comprehensive programme to restart operations and update the format of its network of petrol stations. Since February 2023, the company has been issuing its own fuel coupons and NAFTACard, which are sold to legal entities and individuals through Ukrnafta-Postav LLC. Ukrnafta’s largest shareholder is Naftogaz NJSC.