TIDMLKOD
RNS Number : 9897E
PJSC LukOil
15 February 2018
LUKOIL REPORTS PRELIMINARY OPERATING
DATA FOR THE FOURTH QUARTER AND FULL-YEAR 2017
The LUKOIL Group's hydrocarbon production excluding West Qurna-2
project in the fourth quarter of 2017 increased by 2.9%
quarter-on-quarter to 2,284 thousand boe per day. The increase was
driven by the development of gas projects.
In 2017 production increased by 2.4% year-on-year to 2,234
thousand boe per day.
Hydrocarbon production, thousand boe per day
4Q 2017 3Q 2017 12M 2017 12M 2016
-------- -------- ---------------------------- --------- ---------
Total (excluding West-Qurna
2,284 2,219 2 project) 2,234 2,181
-------- -------- ---------------------------- --------- ---------
In 2017 oil production excluding West Qurna-2 project was 85.6
million tons, including 21.5 million tons produced in the fourth
quarter of 2017. Starting January 2017 LUKOIL Group's oil
production volumes and dynamics are mainly defined by the external
limitations of Russian companies' production volumes.
In the fourth quarter of 2017 oil production at V. Filanovsky
field increased 21.2% quarter-on-quarter and reached 4.6 million
tons for the full year, outperforming the planned annual level by
170 thousand tonnes. Production growth was driven by the launch of
three production and two injection wells during the year.
Production drilling at the second stage of the field development
started in December, 2017.
Active development of high viscosity oil projects continued in
Timan-Pechora. Production at Yaregskoe field and Permian reservoir
of Usinskoe field increased by 11.5% and 9.3% quarter-on-quarter
respectively.
Successful development of Pyakyakhinskoe field led to an
increase in crude oil and gas condensate production to 1.5 million
tons for 2017.
Oil production, thousand tons
4Q 2017 3Q 2017 12M 2017 12M 2016
-------- -------- ----------------------------------- --------- ---------
Total (excluding West-Qurna
21,476 21,412 2 project) 85,591 86,928
20,525 20,538 Russia 81,879 83,177
20,360 20,337 Subsidiaries 80,995 82,206
165 201 Share in affiliates 884 971
951 874 Outside of Russia 3,712 3,751
524 464 Subsidiaries 2,001 2,037
427 410 Share in affiliates 1,711 1,714
Compensation oil from
396 539 West Qurna-2 project 1,822 5,064
21,872 21,951 Total 87,413 91,992
-------- -------- ----------------------------------- --------- ---------
In the fourth quarter of 2017 the LUKOIL Group's gas production
increased by 12.5% quarter-on-quarter to 8.2 billion cubic meters.
As a result, in 2017 production increased by 15.7% year-on-year to
28.8 billion cubic meters.
LUKOIL had achieved significant progress in Uzbekistan gas
projects development. In the fourth quarter of 2017 production at
Kandym and Gissar projects increased by 30.7% quarter-on-quarter to
2.8 billion cubic meters. The growth was driven by the launch of
new gas treatment facilities.
Gas production growth in Russia was mainly attributable to the
launch of gas facilities at Pyakyakhinskoe field in January,
2017.
Gas production, million cubic meters
4Q 2017 3Q 2017 12M 2017 12M 2016
-------- -------- ----------------------------------- --------- ---------
8,166 7,257 Total 28,834 24,922
4,581 4,619 Russia 18,176 16,496
4,556 4,596 Subsidiaries 18,080 16,407
25 23 Share in affiliates 96 89
3,585 2,638 Outside of Russia 10,658 8,426
3,386 2,445 Subsidiaries 9,858 7,654
199 193 Share in affiliates 800 772
-------- -------- ----------------------------------- --------- ---------
Refinery throughput at the LUKOIL Group's refineries in the
fourth quarter of 2017 was practically flat quarter-on-quarter and
amounted to 17.3 million tons. Refinery throughput in 2017
increased by 1.8% year-on-year to 67.2 million tons.
Growth of refinery throughput in Russia in the fourth quarter of
2017 was mainly due to scheduled maintenance works at Nizhny
Novgorod refinery in the third quarter of 2017. Quarterly dynamics
of refinery throughput at European refineries was attributable to
scheduled maintenance works at Zeeland refinery in the fourth
quarter of 2017.
In 2017 refinery throughput in Russia increased by 3.2%
year-on-year, which was mainly due to Volgograd refinery upgrade,
as well as scheduled maintenance works at Nizhny Novgorod and
Volgograd refineries in 2016.
Refinery throughput at refineries, thousand tons
4Q 2017 3Q 2017 12M 2017 12M 2016
-------- -------- ------------------------------------------- --------- ---------
Total for LUKOIL Group
17,294 17,356 refineries 67,240 66,061
11,144 11,010 Russia 43,107 41,752
6,150 6,346 Outside of Russia 24,133 24,309
5,669 5,823 Oil processing 21,970 20,356
481 523 Refined products processing 2,163 3,953
Third party refineries
1,803 1,670 abroad 6,547 744
-------- -------- ------------------------------------------- --------- ---------
Note:
LUKOIL will release its Audited Consolidated Financial
Statements prepared in accordance with IFRS and related MD&A
for the fourth quarter and full-year 2017 on March 21, 2018.
The information in this press release is an estimate of the
LUKOIL Group's results in the fourth quarter and full-year 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 fourth quarter and full-year 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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