TIDMLKOD
RNS Number : 4800W
PJSC LukOil
14 November 2017
LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE THIRD QUARTER
AND NINE MONTHS OF 2017
The LUKOIL Group's hydrocarbon production excluding West Qurna-2
project for the first nine months of 2017 increased by 2.3% as
compared to the same period of 2016 to 2,218 thousand boe per day.
The increase was driven by gas projects development. In the third
quarter of 2017 production was 2,219 thousand boe per day, almost
unchanged quarter-on-quarter.
Hydrocarbon production, thousand boe per day
3Q 2017 2Q 2017 9M 2017 9M 2016
-------- -------- ---------------------------- -------- --------
Total (excluding West-Qurna
2,219 2,222 2 project) 2,218 2,168
-------- -------- ---------------------------- -------- --------
Starting January 2017 LUKOIL Group's oil production volume and
dynamics are mainly defined by the external limitations of Russian
companies' production volumes. For the first nine months of 2017
production excluding West Qurna-2 project was 64.1 million tons,
including 21.4 million tons produced in the third quarter of
2017.
In the third quarter of 2017 production growth continued as
planned at V. Filanovsky and Pyakyakhinskoe fields and amounted to
4.5% and 2.4% quarter-on-quarter respectively. The active
development of high viscosity oil projects in Timan-Pechora
continued. As such, production at Yaregskoe field increased by 30%
as compared to the second quarter of 2017.
Oil production, thousand tons
3Q 2017 2Q 2017 9M 2017 9M 2016
-------- -------- ----------------------------------- -------- --------
Total (excluding West-Qurna
21,411 21,306 2 project) 64,114 64,824
20,538 20,374 Russia 61,354 62,031
20,337 20,120 Subsidiaries 60,635 61,317
201 254 Share in affiliates 719 714
873 932 Outside of Russia 2,760 2,793
464 496 Subsidiaries 1,477 1,533
409 436 Share in affiliates 1,283 1,260
Compensation oil from West
540 482 Qurna-2 project 1,427 4,477
21,951 21,788 Total 65,541 69,301
-------- -------- ----------------------------------- -------- --------
The LUKOIL Group's gas production increased by 4.4%
quarter-on-quarter in the third quarter of 2017 to 7.3 billion
cubic meters. As a result, for the first nine months of 2017
production increased by 12.4% year-on-year to 20.7 billion cubic
meters. Gas production was positively impacted by the launch of gas
facilities at Pyakyakhinskoe field in January 2017 and main
production facilities at Gissar project in Uzbekistan in the third
quarter of 2017. Quarter-on-quarter production at Gissar project
more than doubled.
Gas production, million cubic meters
3Q 2017 2Q 2017 9M 2017 9M 2016
-------- -------- ----------------------------------- -------- --------
7,257 6,952 Total 20,668 18,383
4,619 4,646 Russia 13,595 12,176
4,596 4,621 Subsidiaries 13,524 12,113
23 25 Share in affiliates 71 63
2,638 2,306 Outside of Russia 7,073 6,207
2,445 2,103 Subsidiaries 6,472 5,646
193 203 Share in affiliates 601 561
-------- -------- ----------------------------------- -------- --------
Refinery throughput at the LUKOIL Group's refineries in the
third quarter of 2017 increased by 5.9% quarter-on-quarter and
amounted to 17.4 million tons. Growth of refinery throughput in
Russia was mainly due to maintenance works at Perm refinery in the
second quarter of 2017. An increase in the utilization rate of
European refineries was attributable to the completion of the
maintenance works at Petrotel and ISAB refineries, as well as
favorable market environment.
Refinery throughput for the first nine months of 2017 increased
by 1.2% year-on-year to 49.9 million tons. Refinery throughput in
Russia increased by 3.0% year-on-year, which was mainly due to
maintenance works at our Nizhny Novgorod and Volgograd refineries
in 2016. Refinery throughput in Europe decreased by 1.8%
year-on-year mainly due to the maintenance works at Petrotel and
ISAB refineries in the first half of 2017.
Refinery throughput at refineries, thousand tons
3Q 2017 2Q 2017 9M 2017 9M 2016
-------- -------- ------------------------------------------- -------- --------
Total for LUKOIL Group
17,356 16,394 refineries 49,946 49,339
11,010 10,447 Russia 31,963 31,029
6,346 5,947 Outside of Russia 17,983 18,310
5,823 5,359 Oil processing 16,301 14,900
523 588 Refined products processing 1,682 3,410
Third party refineries
1,670 1,678 abroad 4,744 245
-------- -------- ------------------------------------------- -------- --------
Note:
LUKOIL will release its Interim Consolidated Financial
Statements prepared in accordance with IFRS and related MD&A
for the third quarter and nine months of 2017 on November 29,
2017.
The information in this press release is an estimate of the
LUKOIL Group's results in third quarter and nine months of 2017 and
therefore constitutes forward-looking statements. This information
is preliminary and based on information available at the date of
this document, and may be revised after statistical, financial, tax
and accounting statements become available. The information on the
LUKOIL Group's operational results in this press release are
subject to many external factors which may cause the actual results
to differ materially from those expressed or forecasted in this
press release for the third quarter and nine months of 2017. The
LUKOIL Group assumes no obligation to update or alter its
forward-looking statements, whether as a result of new information,
subsequent events or otherwise, except to the extent required by
applicable law.
This document does not constitute or form part of an invitation
or inducement to engage in investment activity with, or any offer
or invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for, any securities of, the LUKOIL Group, nor
shall any part of it nor the fact of its distribution form part of
or be relied on in connection with any contract or investment
decision relating thereto, nor does it constitute a recommendation
regarding the securities of, or any investment in, the LUKOIL
Group.
Information about the Company:
PJSC "LUKOIL" is one of the largest publicly traded, vertically
integrated oil and gas companies in the world in terms of proved
hydrocarbon reserves and production; and the second largest
producer of crude oil in Russia. Established in 1991, the Company
currently operates in more than 30 countries with core upstream
assets located in Russia. The full production cycle includes oil
and gas exploration, production and refining; production of
petrochemicals and lubricants; power generation; marketing and
distribution. The Company's shares are listed in Russia on Moscow
Exchange under the ticker "LKOH" and depositary receipts are listed
on the London Stock Exchange under the ticker "LKOD".
This information is provided by RNS
The company news service from the London Stock Exchange
END
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