TIDMLKOD
RNS Number : 2921O
PJSC LukOil
08 February 2021
LUKOIL REPORTS PRELIMINARY OPERATING DATA
FOR THE FOURTH QUARTER AND TWELVE MONTHS OF 2020
In the fourth quarter of 2020 LUKOIL Group's average hydrocarbon
production excluding the West Qurna-2 project was 2,065 kboe per
day, which is 9.5% higher quarter-on-quarter. The growth was
attributable to the dynamics of the external limitations on oil
production due to the OPEC+ agreement, as well as recovery of gas
production in Uzbekistan. In 2020 average hydrocarbon production
was 2,064 kboe per day, which is 12.2% lower year-on-year.
Production was reduced due to the OPEC+ agreement and a temporary
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
4Q 2020 3Q 2020 12M 2020 12M 2019
-------- -------- ---------------------------------- --------- ---------
Total (excluding the West Qurna-2
2,065 1,885 project) 2,064 2,350
-------- -------- ---------------------------------- --------- ---------
Oil production excluding the West Qurna-2 project was 18.8
million tonnes in the fourth quarter of 2020, which is 2.8% higher
quarter-on-quarter. As a result, in 2020 oil production totaled
77.2 million tonnes, which is 10.1% lower year-on-year. 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. By
the end of 2020 production was gradually increased by approximately
100 thousand barrels per day as compared to the May level.
Oil production, thousand tonnes
4Q 2020 3Q 2020 12M 2020 12M 2019
-------- -------- ---------------------------------------- --------- ---------
Total (excluding the West Qurna-2
18,755 18,250 project) 77,206 85,872
17,801 17,416 Russia 73,459 82,068
17,663 17,292 Subsidiaries 72,940 81,458
138 124 Share in affiliates 519 610
954 834 Outside of Russia 3,747 3,804
605 496 Subsidiaries 2,256 2,110
349 338 Share in affiliates 1,491 1,694
Share in production of the West Qurna-2
464 565 project 2,844 1,616
19,219 18,815 Total 80,050 87,488
-------- -------- ---------------------------------------- --------- ---------
Despite a sharp decrease in oil prices and external limitations
on production volumes, development of the priority projects
continued. In particular, in West Siberia total oil and gas
condensate production in 2020 at the V. Vinogradov, Imilorskoye,
Sredne-Nazymskoye and Pyakyakhinskoye fields increased by 20.4%
year-on-year, to 4.2 million tonnes.
High viscosity oil production at the Yaregskoye field and
Permian reservoir of the Usinskoye field in 2020 increased by 6.2%
year-on-year, to 5.2 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 in 2020
totaled 7.4 million tonnes. The V.I. Grayfer field development
continues: jackets have been installed in the Caspian Sea for the
fixed ice-resistant platform and accommodation platform, topsides
of both platforms are being built at the shipyards.
The share of the abovementioned projects in the LUKOIL Group's
oil production excluding the West Qurna-2 project amounted to 22%
in 2020 as compared to 18% in 2019.
Gas production, million cubic meters
4Q 2020 3Q 2020 12M 2020 12M 2019
-------- -------- ----------------------------------- --------- ---------
8,225 5,969 Total 29 005 35,046
4,309 4,299 Russia 17,578 17,797
4,269 4,267 Subsidiaries 17,463 17,709
40 32 Share in affiliates 115 88
3,916 1,670 Outside of Russia 11,427 17,249
3,759 1,532 Subsidiaries 10,808 16,608
157 138 Share in affiliates 619 641
-------- -------- ----------------------------------- --------- ---------
In the fourth quarter of 2020, gas production increased by 37.8%
quarter-on-quarter, to 8.2 billion cubic meters. The growth was
driven by recovery of gas production in Uzbekistan. As a result, in
2020 gas production was 29.0 billion cubic meters, which is 17.2%
lower year-on-year. Production decline was due to temporary decline
in demand from China for gas produced in Uzbekistan amid the
COVID-19 pandemic.
Refinery throughput, thousand tonnes
4Q 2020 3Q 2020 12M 2020 12M 2019
-------- -------- ------------------------------------------- --------- ---------
13,145 14,848 Total for LUKOIL Group refineries 58,608 68,746
9,682 10,207 Russia 40,109 44,154
3,463 4,641 Outside of Russia 18,499 24,592
3,085 4,215 Oil processing 16,888 22,673
378 426 Refined products processing 1,611 1,919
28 41 Third party refineries abroad 146 4,460
-------- -------- ------------------------------------------- --------- ---------
In the fourth quarter of 2020 refinery throughput at LUKOIL
Group's refineries was 13.1 million tonnes, which is 11.5% lower
quarter-on-quarter. As a result, in 2020 refinery throughput was
58.6 million tonnes, which is 14.7% lower year-on-year. The decline
was attributable to throughput optimization at some of the
Company's refineries on the back of lower demand for petroleum
products and decline in refining margins due to the COVID-19
pandemic, as well as to scheduled maintenance works.
Refinery throughput in Russia in the fourth quarter of 2020
decreased by 5.1% quarter-on-quarter to 9.7 million tonnes due to
scheduled maintenance works at Volgograd and Nizhny Novgorod
refineries. As a result, in 2020 refinery throughput in Russia was
40.1 million tonnes, which is 9.2% lower year-on-year due to
scheduled maintenance works and throughput optimization at
refineries.
Refinery throughput in Europe in the fourth quarter of 2020
decreased by 25.4% quarter-on-quarter to 3.5 million tonnes mainly
due to scheduled maintenance works and throughput optimization at
refineries in Italy and Bulgaria. As a result, in 2020 refinery
throughput in Europe totaled 18.5 million tonnes, which is 24.8%
lower year-on-year due to scheduled maintenance works at refineries
in Bulgaria, Italy and the Netherlands, as well as throughput
optimization at European refineries.
Note:
LUKOIL will release its Audited Consolidated Financial
Statements prepared in accordance with IFRS and MD&A for the
fourth quarter and twelve months of 2020 on March 10, 2021.
The information in this press release is an estimate of the
LUKOIL Group's results for the fourth quarter and twelve 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 fourth quarter and twelve
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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END
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