TIDMLKOD
RNS Number : 8384E
PJSC LukOil
10 November 2020
LUKOIL REPORTS PRELIMINARY OPERATING DATA
FOR THE THIRD QUARTER AND NINE MONTHS OF 2020
For the nine months of 2020 LUKOIL Group's average hydrocarbon
production excluding the West Qurna-2 project was 2,065 kboe per
day, which is 11.6% lower year-on-year. In the third quarter of
2020 hydrocarbon production was 1,885 kboe per day, which is 4.9%
lower quarter-on-quarter. Production was reduced due to the new
OPEC+ agreement and a decrease in gas supply from Uzbekistan to
China, that were driven by a negative impact of the COVID-19
pandemic on hydrocarbon demand.
Hydrocarbon production, kboe per day
3Q 2020 2Q 2020 9M 2020 9M 2019
-------- -------- ---------------------------------- -------- --------
Total (excluding the West Qurna-2
1,885 1,982 project) 2,065 2,337
-------- -------- ---------------------------------- -------- --------
Oil production excluding the West Qurna-2 project was 58.5
million tonnes for the nine months of 2020, which is 9.0% lower
year-on-year. In the third quarter of 2020 oil production decreased
by 3.0% quarter-on-quarter, to 18.2 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. In particular, due to the
agreement crude 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. Crude oil
production in Russia was subsequently increased by approximately 20
thousand barrels per day in July and incrementally by 60 thousand
barrels per day in August.
Oil production, thousand tonnes
3Q 2020 2Q 2020 9M 2020 9M 2019
-------- -------- --------------------------------------- -------- --------
Total (excluding the West Qurna-2
18,249 18,817 project) 58,450 64,238
17,416 17,877 Russia 55,658 61,491
17,292 17,758 Subsidiaries 55,277 61,033
124 119 Share in affiliates 381 458
833 940 Outside of Russia 2,792 2,747
495 567 Subsidiaries 1,650 1,494
338 373 Share in affiliates 1,142 1,253
Compensation oil from the West Qurna-2
565 1,094 project 2,380 1,192
18,814 19,911 Total 60,830 65,430
-------- -------- --------------------------------------- -------- --------
Despite a sharp decrease in oil prices and external limitations
on production volumes, active development of the priority projects
continued. In particular, in West Siberia total oil and gas
condensate production for the nine months of 2020 at the V.
Vinogradov, Imilorskoye, Sredne-Nazymskoye and Pyakyakhinskoye
fields increased by 23.6% year-on-year and exceeded 3.1 million
tonnes.
High viscosity oil production at the Yaregskoye field and
Permian reservoir of the Usinskoye field for the nine months of
2020 increased by 5.1% year-on-year, to 3.9 million tonnes.
Implementation of drilling programs at the V. Filanovsky and Yu.
Korchagin fields in the Caspian Sea allowed to maintain production
at project levels. Total oil and gas condensate production for the
nine months of 2020 was 5.6 million tonnes, which is 2.0% higher
year-on-year. In September 2020 jackets were installed in the
Caspian Sea for the fixed ice-resistant platform as part of the
V.I. Grayfer field development.
The share of the abovementioned projects in the LUKOIL Group's
oil production excluding the West Qurna-2 project amounted to 21%
for the nine months of 2020 as compared to 18% for the nine months
of 2019.
Gas production, million cubic meters
3Q 2020 2Q 2020 9M 2020 9M 2019
-------- -------- ----------------------------------- -------- --------
5,971 6,399 Total 20,782 25,614
4,299 4,305 Russia 13,269 13,182
4,267 4,284 Subsidiaries 13,194 13,116
32 21 Share in affiliates 75 66
1,672 2,094 Outside of Russia 7,513 12,432
1,534 1,936 Subsidiaries 7,051 11,959
138 158 Share in affiliates 462 473
-------- -------- ----------------------------------- -------- --------
For the nine months of 2020, LUKOIL Group's gas production was
20.8 billion cubic meters, which is 18.9% lower year-on-year. In
the third quarter of 2020 gas production decreased by 6.7%
quarter-on-quarter, to 6.0 billion cubic meters. Production decline
was due to lower demand from China for gas produced in Uzbekistan
amid the COVID-19 pandemic. At the same time gas production in
Russia for the nine months of 2020 increased by 0.6% year-on-year
driven by the launch of the second stage of the booster compressor
station at the Nakhodkinskoye field in December 2019.
Refinery throughput, thousand tonnes
3Q 2020 2Q 2020 9M 2020 9M 2019
-------- -------- ------------------------------------------- -------- --------
14,848 13,525 Total for LUKOIL Group refineries 45,463 51,737
10,207 9,283 Russia 30,427 33,326
4,641 4,242 Outside of Russia 15,036 18,411
4,215 3,998 Oil processing 13,803 16,986
426 244 Refined products processing 1,233 1,425
41 24 Third party refineries abroad 118 4,973
-------- -------- ------------------------------------------- -------- --------
For the nine months of 2020 refinery throughput at LUKOIL
Group's refineries was 45.5 million tonnes, which is 12.1% lower
year-on-year. The decline was due to throughput optimization at
some of the Company's refineries in the second and third quarters
of 2020 on the back of lower demand for petroleum products and
decline in refining margins due to the COVID-19 pandemic, as well
as due to scheduled maintenance works. In the third quarter of 2020
refinery throughput was increased by 9.8% quarter-on-quarter.
Refinery throughput in Russia for the nine months of 2020
decreased by 8.7% year-on-year, to 30.4 million tonnes, due to
scheduled maintenance works and throughput optimization at Nizhny
Novgorod and Ukhta refineries in the second quarter of 2020. In the
third quarter of 2020 refinery throughput in Russia was increased
by 10.0% quarter-on-quarter.
Refinery throughput in Europe for the nine months of 2020
decreased by 18.3% year-on-year, to 15.0 million tonnes, due to
scheduled maintenance works at refineries in Bulgaria and the
Netherlands, as well as throughput optimization at European
refineries in the second and third quarters of 2020. In the third
quarter of 2020 refinery throughput in Europe was increased by 9.4%
quarter-on-quarter, to 4.6 million tonnes, mainly due to partial
throughput recovery at refineries in Bulgaria and 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 2020 on November 24, 2020.
The information in this press release is an estimate of the
LUKOIL Group's results for the third quarter and nine months 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 third quarter and nine
months 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".
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