TIDMLKOD
RNS Number : 8581Y
PJSC LukOil
13 May 2019
LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE FIRST QUARTER
OF 2019
In the first quarter of 2019 LUKOIL Group's average hydrocarbon
production excluding the West Qurna-2 project was 2,379 thousand
boe per day, which is 4.1% higher year-on-year and 0.3% higher
quarter-on-quarter. The increase was mainly driven by the
development of gas projects in Uzbekistan.
Hydrocarbon production, thousand boe per day
1Q 2019 4Q 2018 1Q 2019 1Q 2018
-------- -------- ---------------------------------- -------- --------
Total (excluding the West Qurna-2
2,379 2,371 project) 2,379 2,286
-------- -------- ---------------------------------- -------- --------
Oil production excluding the West Qurna-2 project in the first
quarter of 2019 was 21.2 million tonnes, which is 1.5% higher
year-on-year and 0.5% lower quarter-on-quarter in average daily
terms. LUKOIL Group's oil production volumes and dynamics are
mainly defined by the external limitations of Russian companies'
production volumes.
Oil production, thousand tonnes
1Q 2019 4Q 2018 1Q 2019 1Q 2018
-------- -------- --------------------------------------- -------- --------
Total (excluding the West Qurna-2
21,244 21,832 project) 21,244 20,926
20,328 20,922 Russia 20,328 20,005
20,177 20,763 Subsidiaries 20,177 19,847
151 159 Share in affiliates 151 158
916 910 Outside of Russia 916 921
484 497 Subsidiaries 484 490
432 413 Share in affiliates 432 431
Compensation oil from the West Qurna-2
390 276 project 390 451
21,634 22,108 Total 21,634 21,377
-------- -------- --------------------------------------- -------- --------
Active development of the priority projects continued. In
particular, in the first quarter of 2019 oil production at the V.
Filanovsky field increased by 18% year-on-year. The seventh well
was commissioned at the second production platform of the
field.
In the first quarter of 2019 oil production at the Yu. Korchagin
field increased by 27% year-on-year as a result of drilling program
at the field's second development stage.
The development of the Yaregskoe field and Permian reservoir of
the Usinskoe field, including the launch of new steam-generating
capacities, allowed increasing high viscosity oil production in the
first quarter of 2019 by 16% year-on-year, to 1.2 million
tonnes.
The development of growth projects in West Siberia also
continued. Overall oil and gas condensate production at the V.
Vinogradov, Imilorskoe and Pyakyakhinskoe fields increased in the
first quarter of 2019 by 14% year-on-year.
The share of the abovementioned projects in the LUKOIL Group's
oil production excluding the West Qurna-2 project amounted to 18%
in the first quarter of 2019 compared to 15% in the first quarter
of 2018.
Gas production, million cubic meters
1Q 2019 4Q 2018 1Q 2019 1Q 2018
-------- -------- ----------------------------------- -------- --------
8,976 8,905 Total 8,976 7,999
4,407 4,405 Russia 4,407 4,496
4,386 4,385 Subsidiaries 4,386 4,473
21 20 Share in affiliates 21 23
4,569 4,500 Outside of Russia 4,569 3,503
4,406 4,341 Subsidiaries 4,406 3,343
163 159 Share in affiliates 163 160
-------- -------- ----------------------------------- -------- --------
In the first quarter of 2019, LUKOIL Group's gas production was
9.0 billion cubic meters, which is 12% higher year-on-year. The
main driver of gas production growth was the development of
projects in Uzbekistan. As a result of the launch of the second
stage of the Kandym gas processing plant, production in Uzbekistan
in the first quarter of 2019 increased to 3.8 billion cubic meters
(LUKOIL's share) which is 33% higher year-on-year.
Refinery throughput, thousand tonnes
1Q 2019 4Q 2018 1Q 2019 1Q 2018
-------- -------- ------------------------------------------- -------- --------
16,668 17,002 Total for LUKOIL Group refineries 16,668 16,113
10,967 10,927 Russia 10,967 10,655
5,701 6,075 Outside of Russia 5,701 5,458
5,224 5,544 Oil processing 5,224 4,549
477 531 Refined products processing 477 909
1,588 1,634 Third party refineries abroad 1,588 1,660
-------- -------- ------------------------------------------- -------- --------
In the first quarter of 2019 refinery throughput at LUKOIL
Group's refineries was 16.7 million tonnes, which in average daily
terms is 0.2% higher quarter-on-quarter and 3.4% higher
year-on-year.
Refinery throughput in Russia increased to 11.0 million tonnes,
which in average daily terms is 2.6% higher quarter-on-quarter and
2.9% higher year-on-year. The increase was due to higher
utilization rate of the Nizhny Novgorod refinery.
Lower quarter-on-quarter refinery throughput in Europe was
driven by feedstock supply disruptions through the port of
Novorossiysk due to weather conditions. Higher year-on-year
refinery throughput in Europe was driven by the maintenance works
at the refineries in Bulgaria and Italy in the first quarter of
2018.
Note:
LUKOIL will release its Condensed Interim Consolidated Financial
Statements prepared in accordance with IFRS and MD&A for the
first quarter of 2019 on May 29, 2019.
The information in this press release is an estimate of the
LUKOIL Group's results for the first quarter of 2019 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 2019. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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