TIDMLKOD
RNS Number : 9404S
PJSC LukOil
11 November 2019
LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE THIRD QUARTER
AND NINE MONTHS OF 2019
For the nine months of 2019 LUKOIL Group's average hydrocarbon
production excluding the West Qurna-2 project amounted to 2,337
thousand boe per day, which is 1.6% higher year-on-year. The
increase was mainly driven by the development of gas projects in
Uzbekistan, as well as oil production growth in Russia due to
change in the terms of the external limitations of Russian
companies' production volumes.
Hydrocarbon production, thousand boe per day
3Q 2019 2Q 2019 9M 2019 9M 2018
-------- -------- ---------------------------------- -------- --------
Total (excluding the West Qurna-2
2,308 2,324 project) 2,337 2,301
-------- -------- ---------------------------------- -------- --------
Oil production excluding the West Qurna-2 project for the nine
months of 2019 totaled 64.2 million tonnes, which is 0.7% higher
year-on-year. In the third quarter of 2019 oil production grew by
0.2% quarter-on-quarter in average daily terms.
Oil production, thousand tonnes
3Q 2019 2Q 2019 9M 2019 9M 2018
-------- -------- --------------------------------------- -------- --------
Total (excluding the West Qurna-2
21,640 21,353 project) 64,238 63,778
20,704 20,459 Russia 61,491 61,123
20,552 20,304 Subsidiaries 61,033 60,649
152 155 Share in affiliates 458 474
936 894 Outside of Russia 2,747 2,655
508 476 Subsidiaries 1,468 1,404
428 418 Share in affiliates 1,279 1,251
Compensation oil from the West Qurna-2
417 410 project 1,192 1,238
22,057 21,763 Total 65,430 65,016
-------- -------- --------------------------------------- -------- --------
Active development of the priority projects was on track. For
the nine months of 2019 oil production at the V. Filanovsky field
increased by 7% year-on-year. In October 2019, production started
at the third production platform of the field.
For the nine months of 2019 oil production at the Yu. Korchagin
field ramped up by 22% year-on-year due to drilling program within
the field's second development stage.
The development of the Yaregskoye field and Permian reservoir of
the Usinskoye field, including the launch of new steam-generating
facilities, led to increase of high viscosity oil production for
the nine months of 2019 by 18% year-on-year, to 3.7 million
tonnes.
The development of growth projects in West Siberia also
continued. The aggregate oil and gas condensate production at the
V. Vinogradov, Imilorskoye and Pyakyakhinskoye fields for the nine
months of 2019 increased by 17% year-on-year.
The share of the abovementioned projects in the LUKOIL Group's
oil production excluding the West Qurna-2 project amounted to 18%
for the nine months of 2019 compared to 16% for the nine months of
2018.
Gas production, million cubic meters
3Q 2019 2Q 2019 9M 2019 9M 2018
-------- -------- ---------------------------------- -------- --------
8,262 8,376 Total 25,614 24,638
4,326 4,449 Russia 13,182 13,399
4,304 4,426 Subsidiaries 13,116 13,327
22 23 Share in affiliates 66 72
3,936 3,927 Outside of Russia 12,432 11,239
3,778 3,766 Subsidiaries 11,950 10,755
158 161 Share in affiliates 482 484
-------- -------- ---------------------------------- -------- --------
For the nine months of 2019, LUKOIL Group's gas production was
25.6 billion cubic meters, which is 4.0% higher year-on-year. The
main driver of gas production growth was the development of
projects in Uzbekistan.
As a result of the launch of the second stage of the Kandym gas
processing plant in April 2018, production in Uzbekistan for the
nine months of 2019 increased to 10.3 billion cubic meters
(LUKOIL's share) which is 9% higher year-on-year.
Refinery throughput, thousand tonnes
3Q 2019 2Q 2019 9M 2019 9M 2018
-------- -------- ------------------------------------------ -------- --------
18,246 16,823 Total for LUKOIL Group refineries 51,737 50,314
11,610 10,749 Russia 33,326 32,262
6,636 6,074 Outside of Russia 18,411 18,052
6,208 5,554 Oil processing 16,986 15,726
428 520 Refined products processing 1,425 2,326
1,742 1,643 Third party refineries abroad 4,973 4,913
-------- -------- ------------------------------------------ -------- --------
For the nine months of 2019, refinery throughput at LUKOIL
Group's refineries was 51.7 million tonnes, which is 2.8% higher
year-on-year. In the third quarter of 2019 refinery throughput was
7.3% higher quarter-on-quarter in average daily terms.
Refinery throughput in Russia for the nine months of 2019
increased to 33.3 million tonnes, which is 3.3% higher
year-on-year. The increase was mainly due to higher utilization
rate of the Nizhny Novgorod refinery. A 6.8% quarter-on-quarter
increase in refinery throughput in the third quarter of 2019 was
due to scheduled maintenance works at the Perm refinery in the
second quarter of 2019.
Refinery throughput in Europe for the nine months of 2019
increased to 18.4 million tonnes, which is 2.0% higher
year-on-year. The growth was driven by the maintenance works at the
refinery in Bulgaria in the first quarter of 2018. A 8.1%
quarter-on-quarter increase in refinery throughput in the third
quarter of 2019 was driven by scheduled maintenance works at the
refinery in the Netherlands in the second quarter of 2019, as well
as by higher utilization rate of the refinery in Italy.
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 2019 on November 26, 2019.
The information in this press release is an estimate of the
LUKOIL Group's results for the third quarter and nine months of
2019 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 2019. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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