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PJSC LukOil (LKOD)

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Tuesday 14 November, 2017

PJSC LukOil

LUKOIL Reports 3Q2017 Preliminary Operating Data

RNS Number : 4800W
PJSC LukOil
14 November 2017
 

LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE THIRD QUARTER AND NINE MONTHS OF 2017

 

The LUKOIL Group's hydrocarbon production excluding West Qurna-2 project for the first nine months of 2017 increased by 2.3% as compared to the same period of 2016 to 2,218 thousand boe per day. The increase was driven by gas projects development. In the third quarter of 2017 production was 2,219 thousand boe per day, almost unchanged quarter-on-quarter.

Hydrocarbon production, thousand boe per day

3Q 2017

2Q 2017


9M 2017

9M 2016

2,219

2,222

Total (excluding West-Qurna 2 project)

2,218

2,168

 

Starting January 2017 LUKOIL Group's oil production volume and dynamics are mainly defined by the external limitations of Russian companies' production volumes. For the first nine months of 2017 production excluding West Qurna-2 project was 64.1 million tons, including 21.4 million tons produced in the third quarter of 2017.

In the third quarter of 2017 production growth continued as planned at V. Filanovsky and Pyakyakhinskoe fields and amounted to 4.5% and 2.4%  quarter-on-quarter respectively. The active development of high viscosity oil projects in Timan-Pechora continued. As such, production at Yaregskoe field increased by 30% as compared to the second quarter of 2017.

Oil production, thousand tons

3Q 2017

2Q 2017


9M 2017

9M 2016

21,411

21,306

Total (excluding West-Qurna 2 project)

64,114

64,824

20,538

20,374

Russia

61,354

62,031

20,337

20,120

Subsidiaries

60,635

61,317

201

254

Share in affiliates

719

714

873

932

Outside of Russia

2,760

2,793

464

496

Subsidiaries

1,477

1,533

409

436

Share in affiliates

1,283

1,260

540

482

Compensation oil from West Qurna-2 project

1,427

4,477

21,951

21,788

Total

65,541

69,301

 

The LUKOIL Group's gas production increased by 4.4% quarter-on-quarter in the third quarter of 2017 to 7.3 billion cubic meters. As a result, for the first nine months of 2017 production increased by 12.4% year-on-year to 20.7 billion cubic meters. Gas production was positively impacted by the launch of gas facilities at Pyakyakhinskoe field in January 2017 and main production facilities at Gissar project in Uzbekistan in the third quarter of 2017. Quarter-on-quarter production at Gissar project more than doubled.

Gas production, million cubic meters

3Q 2017

2Q 2017


9M 2017

9M 2016

7,257

6,952

Total

20,668

18,383

4,619

4,646

Russia

13,595

12,176

4,596

4,621

Subsidiaries

13,524

12,113

23

25

Share in affiliates

71

63

2,638

2,306

Outside of Russia

7,073

6,207

2,445

2,103

Subsidiaries

6,472

5,646

193

203

Share in affiliates

601

561

 

Refinery throughput at the LUKOIL Group's refineries in the third quarter of 2017 increased by 5.9% quarter-on-quarter and amounted to 17.4 million tons. Growth of refinery throughput in Russia was mainly due to maintenance works at Perm refinery in the second quarter of 2017. An increase in the utilization rate of European refineries was attributable to the completion of the maintenance works at Petrotel and ISAB refineries, as well as favorable market environment.

Refinery throughput for the first nine months of 2017 increased by 1.2% year-on-year to 49.9 million tons. Refinery throughput in Russia increased by 3.0% year-on-year, which was mainly due to maintenance works at our Nizhny Novgorod and Volgograd refineries in 2016. Refinery throughput in Europe decreased by 1.8% year-on-year mainly due to the maintenance works at Petrotel and ISAB refineries in the first half of 2017.

Refinery throughput at refineries, thousand tons

3Q 2017

2Q 2017


9M 2017

9M 2016

17,356

16,394

Total for LUKOIL Group refineries

49,946

49,339

11,010

10,447

Russia

31,963

31,029

6,346

5,947

Outside of Russia

17,983

18,310

5,823

5,359

Oil processing

16,301

14,900

523

588

Refined products processing

1,682

3,410

1,670

1,678

Third party refineries abroad

4,744

245

 

Note:

LUKOIL will release its Interim Consolidated Financial Statements prepared in accordance with IFRS and related MD&A for the third quarter and nine months of 2017 on November 29, 2017.

 

The information in this press release is an estimate of the LUKOIL Group's results in third quarter and nine 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 third quarter and nine 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. 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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