PJSC LukOil Result of BoD Meeting (1566U)
January 13 2017 - 7:34AM
UK Regulatory
TIDMLKOD
RNS Number : 1566U
PJSC LukOil
13 January 2017
LUKOIL BOARD OF DIRECTORS SUMMARIZES COMPANY PRELIMINARY
PERFORMANCE IN 2016
The LUKOIL Board of Directors held a meeting in Moscow today to
summarize the Company's preliminary performance in 2016 and set
priorities for 2017.
Despite the complex macroeconomic situation in 2016, the Company
successfully delivered on its objectives. The launch of Vladimir
Filanovsky and Pyakyakhinskoye fields was among the Company's key
achievements in the past year. Major refinery modernization program
was completed in the Downstream business segment, including the
construction of a new deep-conversion complex at the Volgograd
refinery, which allows for an increase in high-margin output. In
the highly volatile oil price environment, the Company continued to
improve efficiency in all of its business segments, including the
spin-off of its non-core assets. Effective management and tight
control over its operating and capital expenditures enabled the
Company to significantly increase its free cash flow generation. In
addition, a new progressive dividend policy was implemented in
2016.
The Board of Directors set the Company's 2017 business
priorities, including financial stability and sustained
competitiveness in its key operations in Russia and globally.
The Company also plans to actively implement its projects in the
Upstream segment, to continue gradual production shift towards
high-margin volumes and to intensify exploration activities in the
Caspian and the Baltic Seas, as well as to sustain investments in
unconventional oil projects and enhanced oil recovery. The Company
will also continue to optimize operations and improve profitability
of its Downstream segment.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 13, 2017 07:34 ET (12:34 GMT)
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