TIDMLKOD
RNS Number : 7143Y
PJSC LukOil
14 May 2021
LUKOIL REPORTS PRELIMINARY OPERATING DATA
FOR THE FIRST QUARTER OF 2021
In the first quarter of 2021 LUKOIL Group's average hydrocarbon
production excluding the West Qurna-2 project was 2,152 thousand
boe per day, which is 4.2% 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 to the recovery
of gas production in Uzbekistan. Hydrocarbon production was 7.6%
lower year-on-year due to the OPEC+ agreement.
Hydrocarbon production, thousand boe per day
1Q 2021 4Q 2020 1Q 2021 1Q 2020
-------- -------- ---------------------------------- -------- --------
Total (excluding the West Qurna-2
2,152 2,065 project) 2,152 2,328
-------- -------- ---------------------------------- -------- --------
Oil production excluding the West Qurna-2 project was 18.8
million tonnes in the first quarter of 2021, which is 2.4% higher
quarter-on-quarter and 11.2% lower year-on-year in average daily
terms. 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. Due
to the agreement, 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, and has been
gradually recovering subsequently. As a result, in the first
quarter of 2021 oil production by the Group in Russia was
approximately 130 thousand barrels per day higher compared to May
2020 level.
Oil production, thousand tonnes
1Q 2021 4Q 2020 1Q 2021 1Q 2020
-------- -------- ----------------------------------- -------- --------
Total (excluding the West Qurna-2
18,780 18,755 project) 18,780 21,384
17,887 17,801 Russia 17,887 20,365
17,746 17,663 Subsidiaries 17,746 20,227
141 138 Share in affiliates 141 138
893 954 Outside of Russia 893 1,019
560 605 Subsidiaries 560 588
333 349 Share in affiliates 333 431
609 463 Share in the West Qurna-2 project 609 721
19,389 19,218 Total 19,389 22,105
-------- -------- ----------------------------------- -------- --------
Despite external limitations on production volumes, development
of the priority projects continued. In particular, in West Siberia
total oil and gas condensate production in the first quarter of
2021 at the V. Vinogradov, Imilorskoye, Sredne-Nazymskoye and
Pyakyakhinskoye fields increased by 8.3% year-on-year, to 1.1
million tonnes.
High viscosity oil production at the Yaregskoye field and
Permian reservoir of the Usinskoye field in the first quarter of
2021 increased by 4.3% year-on-year, to 1.3 million tonnes.
Implementation of drilling programs at the V. Filanovsky and Yu.
Korchagin fields in the Caspian Sea allowed to increase total oil
and gas condensate production in the first quarter of 2021 by 1.6%
year-on-year, to 1.9 million tonnes. The V.I. Grayfer field
development continues: subsea pipelines and cable lines are being
laid, shipyards are constructing topsides of the platforms.
The share of the abovementioned projects in the LUKOIL Group's
oil production excluding the West Qurna-2 project amounted to 23%
in the first quarter of 2021 as compared to 19% in the first
quarter of 2020.
Gas production, million cubic meters
1Q 2021 4Q 2020 1Q 2021 1Q 2020
-------- -------- ----------------------------------- -------- --------
8,789 8,225 Total 8,789 8,412
4,263 4,309 Russia 4,263 4,665
4,222 4,269 Subsidiaries 4,222 4,643
41 40 Share in affiliates 41 22
4,526 3,916 Outside of Russia 4,526 3,747
4,381 3,759 Subsidiaries 4,381 3,581
145 157 Share in affiliates 145 166
-------- -------- ----------------------------------- -------- --------
In the first quarter of 2021, gas production increased in
average daily terms by 9.2% quarter-on-quarter and by 5.6%
year-on-year, to 8.8 billion cubic meters.
In Russia gas production increased in average daily terms by
1.1% quarter-on-quarter and decreased by 7.6% year-on-year, to 4.3
billion cubic meters. Dynamics of gas production in Russia was
driven by the change in associated petroleum gas production due to
the external limitations on oil production.
Outside Russia gas production increased in average daily terms
by 18.1% quarter-on-quarter and by 22.1% year-on-year, to 4.5
billion cubic meters. The growth was driven by recovery of gas
production in Uzbekistan after temporary decline in 2020 due to
lower demand from China for gas produced in Uzbekistan amid the
COVID-19 pandemic.
Refinery throughput, thousand tonnes
1Q 2021 4Q 2020 1Q 2021 1Q 2020
-------- -------- ------------------------------------------- -------- --------
14,4 14,4
44 13,145 Total for LUKOIL Group refineries 44 17,090
10,0 26 9,682 Russia 10,0 26 10,937
4,41 8 3,463 Outside of Russia 4,41 8 6,153
3,78 8 3,085 Oil processing 3,78 8 5,590
630 378 Refined products processing 630 563
0 28 Third party refineries abroad 0 53
-------- -------- ------------------------------------------- -------- --------
In the first quarter of 2021 refinery throughput at LUKOIL
Group's refineries was 14.4 million tonnes, which is 9.9% higher
quarter-on-quarter, and 15.5% lower year-on-year. The dynamics of
refinery throughput volumes was attributable to scheduled
maintenance works and throughput optimization at some of the
refineries driven by the changes in macro environment.
Refinery throughput in Russia in the first quarter of 2021
increased by 3.6% quarter-on-quarter, to 10.0 million tonnes due to
scheduled maintenance works in the fourth quarter of 2020. Refinery
throughput in Europe in the first quarter of 2021 increased by
27.6% quarter-on-quarter to 4.4 million tonnes mainly due to
scheduled maintenance works and throughput optimization at
refineries in Italy and Bulgaria in the fourth quarter of 2020.
Note:
LUKOIL will release its Condensed Interim Consolidated Financial
Statements prepared in accordance with IFRS and MD&A for the
first quarter of 2021 on May 26, 2021.
The information in this press release is an estimate of the
LUKOIL Group's results for the first quarter of 2021 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 2021. 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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