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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