LukOil 1Q Hydrocarbon Production Fell on Lower Chinese Demand

   By Adriano Marchese

LukOil PJSC said Wednesday that hydrocarbon production fell in the first quarter year-on-year, driven by lower gas supply to China as the coronavirus outbreak depressed demand there.

The Russian oil-and-gas company said hydrocarbon production excluding the West Qurna-2 project was 2.33 million barrels of oil per day compared with 2.38 million barrels a day in the first quarter of 2019.

Oil production, also excluding the West Qurna-2 project, reached 21.4 million metric tons, a 0.7% year-on-year increase, the company said.

LukOil said that total quarterly gas production amounted to 8.41 billion cubic meters, down from 8.98 billion, weighed by lower production outside of Russia. Gas production in Russia increased 5.9% year-on-year, and 1.1% quarter-on-quarter.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 20, 2020 10:36 ET (14:36 GMT)

PJSC Lukoil (CE) (USOTC:LUKOY)
Historical Stock Chart
From Mar 2024 to Apr 2024