TIDMLKOD
RNS Number : 5126N
PJSC LukOil
20 May 2020
LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE FIRST QUARTER
OF 2020
In the first quarter of 2020 LUKOIL Group's average daily
hydrocarbon production excluding the West Qurna-2 project totaled
2,328 thousand boe per day, which is 2.1% lower year-on-year and
2.5% lower quarter-on-quarter. The decline in production was driven
by lower gas supply to China from projects in Uzbekistan due to
lower demand because of coronavirus. The negative impact of this
factor was partially offset by higher oil production at
international projects.
Hydrocarbon production, thousand boe per day
1Q 2020 4Q 2019 1Q 2020 1Q 2019
-------- -------- ---------------------------------- -------- --------
Total (excluding the West Qurna-2
2,328 2,388 project) 2,328 2,379
-------- -------- ---------------------------------- -------- --------
Oil production excluding the West Qurna-2 project in the first
quarter of 2020 reached 21.4 million tonnes, which is 0.7% higher
year-on-year. The growth was mainly driven by international
projects due to acquisition of a share in the Marine XII project in
the Republic of Congo, as well as an increase in production share
at PSA projects owing to decline in oil prices. Oil production
volumes and dynamics in Russia were defined by the external
limitations of production volumes due to the OPEC+ agreement. As a
result, production in Russia was almost flat year-on-year.
Average daily oil production excluding the West Qurna-2 project
remained unchanged quarter-on-quarter.
Oil production, thousand tonnes
1Q 2020 4Q 2019 1Q 2020 1Q 2019
-------- -------- --------------------------------------- -------- --------
Total (excluding the West Qurna-2
21,384 21,634 project) 21,384 21,245
20,365 20,577 Russia 20,365 20,328
20,227 20,425 Subsidiaries 20,227 20,177
138 152 Share in affiliates 138 151
1,019 1,057 Outside of Russia 1,019 917
588 616 Subsidiaries 588 484
431 441 Share in affiliates 431 433
Compensation oil from the West Qurna-2
733 424 project 733 365
22,117 22,058 Total 22,117 21,610
-------- -------- --------------------------------------- -------- --------
Active development of the priority projects was on track. In
particular, further development of the Yaregskoye field and Permian
reservoir of the Usinskoye field, including the launch of new
steam-generating facilities, allowed increasing high viscosity oil
production in the first quarter of 2020 by 6% year-on-year, to 1.2
million tonnes.
In West Siberia the aggregate oil and gas condensate production
at the V. Vinogradov, Imilorskoye, Sredne-Nazymskoye and
Pyakyakhinskoye fields increased in the first quarter of 2020 by
29% year-on-year, exceeding 1.0 million tonnes.
In the Caspian Sea at the V. Filanovsky and Yu. Korchagin fields
the production was maintained at designed levels due to drilling
programs. Total oil and gas condensate production at these fields
in the first quarter of 2020 was 1.8 million tonnes, which is flat
year-on-year.
The share of the abovementioned projects in the LUKOIL Group's
oil production excluding the West Qurna-2 project amounted to 19%
in the first quarter of 2020 compared to 18% in the first quarter
of 2019.
Gas production, million cubic meters
1Q 2020 4Q 2019 1Q 2020 1Q 2019
-------- -------- ----------------------------------- -------- --------
8,412 9,432 Total 8,412 8,976
4,665 4,615 Russia 4,665 4,407
4,643 4,593 Subsidiaries 4,643 4,386
22 22 Share in affiliates 22 21
3,747 4,817 Outside of Russia 3,747 4,569
3,581 4,649 Subsidiaries 3,581 4,406
166 168 Share in affiliates 166 163
-------- -------- ----------------------------------- -------- --------
In the first quarter of 2020, LUKOIL Group's gas production
amounted to 8.4 billion cubic meters. Gas production in Russia
increased by 5.9% year-on-year and by 1.1% quarter-on-quarter. The
growth was attributed to the launch of the second stage of the
compressor booster station at the Nakhodkinskoye field in December
2019. International gas production decreased by 18.0% year-on-year
and by 22.2% quarter-on-quarter. The main decline factor was lower
gas demand in China due to the coronavirus.
Refinery throughput, thousand tonnes
1Q 2020 4Q 2019 1Q 2020 1Q 2019
-------- -------- ------------------------------------------- -------- --------
17,090 17,009 Total for LUKOIL Group refineries 17,090 16,668
10,937 10,828 Russia 10,937 10,967
6,153 6,181 Outside of Russia 6,153 5,701
5,590 5,687 Oil processing 5,590 5,224
563 494 Refined products processing 563 477
53 45 Third party refineries abroad 53 1,588
-------- -------- ------------------------------------------- -------- --------
In the first quarter of 2020 refinery throughput at LUKOIL
Group's refineries increased to 17.1 million tonnes, which in
average daily terms is 1.4% higher year-on-year and 1.6% higher
quarter-on-quarter.
Refinery throughput in Russia totaled 10.9 million tonnes. In
average daily terms refinery throughput came 2.1% higher
quarter-on-quarter due to planned maintenance works at Volgograd
and Nizhny Novgorod refineries in the fourth quarter of 2019. In
average daily terms refinery throughput went down by 1.4%
year-on-year due to optimization of feedstock mix in the changing
market environment as well as planned maintenance works at some
secondary refining units at Nizhny Novgorod refinery in the first
quarter of 2020.
Refinery throughput in Europe amounted to 6.2 million tonnes. In
average daily terms refinery throughput came 6.7% higher
year-on-year and 0.6% higher quarter-on-quarter due to planned
maintenance works at the refinery in Italy in the fourth quarter of
2019, as well as feedstock supply disruptions through the port of
Novorossiysk due to weather conditions in the first quarter of
2019.
Note:
LUKOIL will release its Condensed Interim Consolidated Financial
Statements prepared in accordance with IFRS and MD&A for the
first quarter of 2020 on June 3, 2020.
The information in this press release is an estimate of the
LUKOIL Group's results for the first quarter of 2020 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 first quarter of 2020. 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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