TIDMLKOD

RNS Number : 0027I

PJSC LukOil

09 August 2021

LUKOIL REPORTS PRELIMINARY OPERATING DATA

FOR THE SECOND QUARTER AND SIX MONTHS OF 2021

For the six months of 2021 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,109 thousand boe per day, which is 2.1% lower year-on-year, while in the second quarter of 2021 hydrocarbon production increased by 4.2% year-on-year. The production dynamics was attributable to the dynamics of the external limitations on oil production due to the OPEC+ agreement. Hydrocarbon production was 4.0% lower quarter-on-quarter due to the dynamics of gas production in Uzbekistan.

Hydrocarbon production, thousand boe per day

 
            1Q 202 
 2 Q 2021        1                                       6 M 2021   6M 2020 
---------  -------  ----------------------------------  ---------  -------- 
                     Total (excluding the West Qurna-2 
    2,065    2,152    project)                              2,109     2,155 
---------  -------  ----------------------------------  ---------  -------- 
 

For the six months of 2021 oil production excluding the West Qurna-2 project was 38.2 million tonnes, which is 4.3% lower year-on-year in average daily terms, while in the second quarter of 2021 oil production was 19.5 million tonnes, which is 2.5% higher quarter-on-quarter in average daily terms. 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 second quarter of 2021 oil production by the Group in Russia was approximately 170 thousand barrels per day higher compared to May 2020 level.

Oil production, thousand tonnes

 
            1Q 202 
 2 Q 2021        1                                        6 M 2021   6M 2020 
---------  -------  -----------------------------------  ---------  -------- 
                     Total (excluding the West Qurna-2 
   19,468   18,780    project)                              38,248    40,201 
   18,622   17,887          Russia                          36,509    38,242 
   18,484   17,746                  Subsidiaries            36,230    37,985 
      138      141                  Share in affiliates        279       257 
      846      893          Outside of Russia                1,739     1,959 
      501      561                  Subsidiaries             1,062     1,155 
      345      332                  Share in affiliates        677       804 
      460      609   Share in the West Qurna-2 project       1,069     1,815 
   19,928   19,389   Total                                  39,317    42,016 
---------  -------  -----------------------------------  ---------  -------- 
 

Despite external limitations on production volumes, development of the priority projects continued. In particular, in West Siberia total oil and gas condensate production for the six months of 2021 at the V. Vinogradov, Imilorskoye, Sredne-Nazymskoye and Pyakyakhinskoye fields increased by 7.3% year-on-year, to 2.2 million tonnes.

High viscosity oil production at the Yaregskoye field and Permian reservoir of the Usinskoye field for the six months of 2021 increased by 5.1% year-on-year, to 2.6 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 six months of 2021 by 1.7% year-on-year, to 3.7 million tonnes. The V. Grayfer field development continues: subsea pipelines and cable lines are being laid, shipyards are constructing topsides of the platforms.

Gas production, million cubic meters

 
            1Q 202 
 2 Q 2021        1                                        6 M 2021   6M 2020 
---------  -------  -----------------------------------  ---------  -------- 
    7,062    8,789   Total                                  15,851    14,811 
    3,980    4,263          Russia                           8,243     8,970 
    3,944    4,222                  Subsidiaries             8,166     8,927 
       36       41                  Share in affiliates         77        43 
    3,082    4,526          Outside of Russia                7,608     5,841 
    2,929    4,381                  Subsidiaries             7,310     5,517 
      153      145                  Share in affiliates        298       324 
---------  -------  -----------------------------------  ---------  -------- 
 

For the six months of 2021, gas production increased in average daily terms by 7.6% year-on-year, to 15.9 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 second quarter of 2021, gas production decreased in average daily terms by 20.5% quarter-on-quarter, to 7.1 billion cubic meters. The decrease was mainly attributable to scheduled maintenance works at the projects in Uzbekistan.

Refinery throughput, thousand tonnes

 
            1Q 202 
 2 Q 2021        1                                                6 M 2021   6M 2020 
---------  -------  -------------------------------------------  ---------  -------- 
  15, 738   14,444   Total for LUKOIL Group refineries              30,182    30,615 
  10, 400   10,026          Russia                                  20,426    20,220 
    5,338    4,418          Outside of Russia                        9,756    10,395 
    4,924    3,788                  Oil processing                   8,712     9,588 
      414      630                  Refined products processing      1,044       807 
        1        0   Third party refineries abroad                       1        77 
---------  -------  -------------------------------------------  ---------  -------- 
 

For the six months of 2021 refinery throughput at LUKOIL Group's refineries was 30.2 million tonnes, which is 0.9% lower year-on-year in average daily terms.

In the second quarter of 2021 refinery throughput was 15.7 million tonnes, which is 9.0% higher quarter-on-quarter and 16.3% higher year-on-year. 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 some of 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 second quarter and six months of 2021 on August 27, 2021.

The information in this press release is an estimate of the LUKOIL Group's results for the second quarter and six 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 second quarter and six 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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August 09, 2021 06:00 ET (10:00 GMT)

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