TIDMLKOD
RNS Number : 0164O
PJSC LukOil
15 August 2017
LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE SECOND QUARTER
AND FIRST SIX MONTHS OF 2017
LUKOIL Group's daily hydrocarbon production excluding West
Qurna-2 project for the first six months of 2017 increased by 1.5%
year-on-year to 2,217 thousand boe per day. In the second quarter
of 2017 production was 2,222 thousand boe per day, representing a
0.4% growth quarter-on-quarter. The increase in production was
driven by the development of gas projects.
Hydrocarbon production, thousand boe per day
2Q 2017 1Q 2017 6M 2017 6M 2016
-------- -------- ------------------------------ -------- --------
Total (excluding West Qurna-2
2,222 2,213 project) 2,217 2,185
-------- -------- ------------------------------ -------- --------
LUKOIL Group's crude oil production in the second quarter of
2017 amounted to 21.8 million tonnes. The quarter-on-quarter
decline was due to the temporary external limitations of Russian
companies' production volumes. For the first six months of 2017 oil
production was 43.6 million tonnes. The year-on-year dynamics was
mainly driven by the reduction in compensation crude oil volumes
from the West Qurna-2 project in Iraq.
Planned production growth continued at V. Filanovsky and
Pyakyakhinskoe fields and amounted to 25.8% and 11.7%
quarter-on-quarter, respectively.
Oil production, thousand tonnes
2Q 2017 1Q 2017 6M 2017 6M 2016
-------- -------- -------------------------------- -------- --------
Total (excluding West
21,306 21,397 Qurna-2 project) 42,703 43,264
20,374 20,442 Russia 40,816 41,371
20,120 20,178 Subsidiaries 40,298 40,903
254 264 Share in affiliates 518 468
932 955 Outside Russia 1,887 1,893
496 517 Subsidiaries 1,013 1,000
436 438 Share in affiliates 874 893
Compensation oil from
482 405 West Qurna-2 project 887 3,510
21,788 21,802 Total 43,590 46,774
-------- -------- -------------------------------- -------- --------
LUKOIL Group's gas production for the second quarter of 2017
increased by 7.6% quarter-on-quarter and amounted to 7.0 bcm. As a
result, for the first six months of 2017 LUKOIL produced 13.4 bcm
of gas, which is 9.4% higher year-on-year. Production dynamics was
positively impacted by the launch of gas facilities at
Pyakyakhinskoe field in the beginning of 2017 and the development
of gas projects in Uzbekistan.
Gas production, million cubic meters
2Q 2017 1Q 2017 6M 2017 6M 2016
-------- -------- ----------------------------------- -------- --------
6,952 6,459 Total 13,411 12,261
4,646 4,330 Russia 8,976 7,998
4,621 4,307 Subsidiaries 8,928 7,957
25 23 Share in affiliates 48 41
2,306 2,129 Outside Russia 4,435 4,263
2,103 1,924 Subsidiaries 4,027 3,864
203 205 Share in affiliates 408 399
-------- -------- ----------------------------------- -------- --------
Refinery throughput at LUKOIL Group's refineries in the second
quarter of 2017 was 16.4 million tonnes, which is 1.2% higher
quarter-on-quarter. For the first six months of 2017, refinery
throughput was 32.6 million tonnes, a 1.1% increase
year-on-year.
The quarter-on-quarter positive dynamics was mainly attributable
to the increase in the utilization rate at our refinery in Romania
after maintenance in the first quarter of 2017. A moderate decrease
of Company's throughput volumes in Russia was driven by repair
works at Perm refinery, while utilization rates at refineries in
Nizhny Novgorod and Volgograd increased due to seasonal
factors.
In the first six months of 2017, throughput volumes at our
refineries in Russia increased by 5.1% year-on-year primarily due
to maintenance works at refineries in Nizhny Novgorod and Volgograd
in the first half of 2016.
Refinery throughput, thousand tonnes
2Q 2017 1Q 2017 6M 2017 6M 2016
-------- -------- ------------------------------------------- -------- --------
Total for LUKOIL Group
16,394 16,196 refineries 32,590 32,220
10,447 10,506 Russia 20,953 19,937
5,947 5,690 Outside Russia 11,637 12,283
5,359 5,119 Oil processing 10,478 9,538
588 571 Refined products processing 1,159 2,745
Third party refineries
1,678 1,396 abroad 3,074 165
-------- -------- ------------------------------------------- -------- --------
Note:
LUKOIL will release its Interim Consolidated Financial
Statements for the second quarter and the first six months of 2017
prepared in accordance with IFRS and MD&A on August 29,
2017.
The information in this press release is an estimate of the
LUKOIL Group's results for the second quarter and the first six
months of 2017 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 the first six months of 2017. 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 providing LUKOIL with maximum synergies from its
activities. 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 company news service from the London Stock Exchange
END
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