TIDMLKOD
RNS Number : 9765R
PJSC LukOil
10 November 2021
LUKOIL REPORTS PRELIMINARY OPERATING DATA
FOR THE THIRD QUARTER AND NINE MONTHS OF 2021
For the nine months of 2021 LUKOIL Group's average hydrocarbon
production excluding the West Qurna-2 project was 2,116 thousand
boe per day, which is 2.5% higher year-on-year, while in the third
quarter of 2021 hydrocarbon production increased by 3.2%
quarter-on-quarter. The production growth was attributable to the
dynamics of the external limitations on oil production due to the
OPEC+ agreement, as well as higher gas production volumes.
Hydrocarbon production, thousand boe per day
2Q 202
3 Q 2021 1 9 M 2021 9 M 2020
--------- ------- ---------------------------------- --------- ---------
Total (excluding the West Qurna-2
2, 132 2, 065 project) 2,1 16 2, 065
--------- ------- ---------------------------------- --------- ---------
For the nine months of 2021 oil production excluding the West
Qurna-2 project remained unchanged year-on-year in average daily
terms and amounted to 58.3 million tonnes, while in the third
quarter of 2021 oil production increased by 1.6% quarter-on-quarter
in average daily terms and amounted to 20.0 million tonnes. Oil
production dynamics was driven by the OPEC+ agreement concluded in
April 2020, which led to limitations on oil production by the Group
in Russia and at certain international projects. Due to the
agreement, oil production by the Group in Russia was cut in May
2020 by approximately 310 thousand barrels per day, or by 19%, as
compared to the level of the first quarter of 2020, and has been
gradually recovering subsequently. As a result, in the third
quarter of 2021 oil production by the Group in Russia was
approximately 210 thousand barrels per day higher compared to May
2020 level.
Oil production, thousand tonnes
2Q 202
3 Q 2021 1 9 M 2021 9 M 2020
--------- ------- ----------------------------------- --------- ---------
20,00 Total (excluding the West Qurna-2 58,25
3 19,468 project) 1 58,451
19,304 18,622 Russia 55,813 55,658
19,200 18,484 Subsidiaries 55,430 55,277
104 138 Share in affiliates 383 381
699 846 Outside of Russia 2,438 2,793
430 501 Subsidiaries 1,492 1,651
269 345 Share in affiliates 946 1,142
271 460 Share in the West Qurna-2 project 1,340 2,380
20,274 19,928 Total 59,591 60,831
--------- ------- ----------------------------------- --------- ---------
Despite the external limitations on crude oil production
volumes, development of the priority projects continued. In
particular, in West Siberia total oil and gas condensate production
for the nine months of 2021 at the V. Vinogradov, Imilorskoye,
Sredne-Nazymskoye and Pyakyakhinskoye fields increased by 6.8%
year-on-year, to 3.3 million tonnes.
Implementation of drilling programs at the V. Filanovsky and Yu.
Korchagin fields in the Caspian Sea allowed to increase total oil
and gas condensate production for the nine months of 2021 by 0.6%
year-on-year, to 5.6 million tonnes. The V. Grayfer field
development continues: cable lines construction is complete, subsea
pipelines are being laid, shipyards are finishing construction of
topsides of the platforms.
Gas production, million cubic meters
2Q 202
3 Q 2021 1 9 M 2021 9 M 2020
--------- ------- ----------------------------------- --------- ---------
7,666 7,062 Total 23,517 20,780
3,886 3,980 Russia 12,129 13,269
3,858 3,944 Subsidiaries 12,024 13,194
28 36 Share in affiliates 105 75
3,780 3,082 Outside of Russia 11,388 7,511
3,657 2,929 Subsidiaries 10,967 7,049
123 153 Share in affiliates 421 462
--------- ------- ----------------------------------- --------- ---------
For the nine months of 2021, gas production increased in average
daily terms by 13.6% year-on-year, to 23.5 billion cubic meters.
The growth was driven by recovery of gas production in Uzbekistan
after temporary decline in 2020 due to lower demand from China for
gas produced in Uzbekistan amid the COVID-19 pandemic.
In the third quarter of 2021, gas production increased in
average daily terms by 7.4% quarter-on-quarter and amounted to 7.7
billion cubic meters. The increase was mainly attributable to
completion of scheduled maintenance works at the projects in
Uzbekistan.
Refinery throughput, thousand tonnes
2Q 202
3 Q 2021 1 9 M 2021 9 M 2020
--------- ------- ------------------------------------------- --------- ---------
17,299 15,738 Total for LUKOIL Group refineries 47,481 45,463
11,270 10,400 Russia 31,696 30,427
6,029 5,338 Outside of Russia 15,785 15,036
5,396 4,924 Oil processing 14,108 13,803
633 414 Refined products processing 1,677 1,233
2 1 Third party refineries abroad 3 118
--------- ------- ------------------------------------------- --------- ---------
For the nine months of 2021 refinery throughput at LUKOIL
Group's refineries was 47.5 million tonnes, which is 4.4% higher
year-on-year. In the third quarter of 2021 refinery throughput was
17.3 million tonnes, which is 9.9% higher quarter-on-quarter. The
increase in refinery throughput volumes both in and outside Russia
was attributable to the recovery of refineries utilization rates
after scheduled maintenance works, as well as throughput
optimization at the refineries driven by the changes in macro
environment.
Note:
LUKOIL will release its Condensed Interim Consolidated Financial
Statements prepared in accordance with IFRS and MD&A for the
third quarter and nine months of 2021 on November 24, 2021.
The information in this press release is an estimate of the
LUKOIL Group's results for the third quarter and nine months of
2021 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 2021. 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".
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END
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