Home  Issuers' Corner  Press Releases  Oil Company "LUKOIL"
CLOSE

Press Releases > Oil Company "LUKOIL"  all about the company

company search
all press releases
all Oil Company "LUKOIL" press releases

Oil Company "LUKOIL"

November 11, 2019

LUKOIL reports preliminary operating data for the third quarter and nine months of 2019

For the nine months of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project amounted to 2,337 thousand boe per day, which is 1.6% higher year-on-year. The increase was mainly driven by the development of gas projects in Uzbekistan, as well as oil production growth in Russia due to change in the terms of the external limitations of Russian companies' production volumes.

Hydrocarbon production, thousand boe per day

3Q    2019

2Q    2019

 

9M    2019

9M    2018

2,308

2,324

Total (excluding the West Qurna-2 project)

2,337

2,301

Oil production excluding the West Qurna-2 project for the nine months of 2019 totaled 64.2 million tonnes, which is 0.7% higher year-on-year. In the third quarter of 2019 oil production grew by 0.2% quarter-on-quarter in average daily terms.

Oil production, thousand tonnes

3Q    2019

2Q    2019

 

9M    2019

9M    2018

21,640

21,353

Total (excluding the West Qurna-2 project)

64,238

63,778

20,704

20,459

Russia

61,491

61,123

20,552

20,304

Subsidiaries

61,033

60,649

152

155

Share in affiliates

458

474

936

894

Outside of Russia

2,747

2,655

508

476

Subsidiaries

1,468

1,404

428

418

Share in affiliates

1,279

1,251

417

410

Compensation oil from the West Qurna-2 project

1,192

1,238

22,057

21,763

Total

65,430

65,016

Active development of the priority projects was on track. For the nine months of 2019 oil production at the V. Filanovsky field increased by 7% year-on-year. In October 2019, production started at the third production platform of the field.

For the nine months of 2019 oil production at the Yu. Korchagin field ramped up by 22% year-on-year due to drilling program within the field's second development stage.

The development of the Yaregskoye field and Permian reservoir of the Usinskoye field, including the launch of new steam-generating facilities, led to increase of high viscosity oil production for the nine months of 2019 by 18% year-on-year, to 3.7 million tonnes.

The development of growth projects in West Siberia also continued. The aggregate oil and gas condensate production at the V. Vinogradov, Imilorskoye and Pyakyakhinskoye fields for the nine months of 2019 increased by 17% 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% for the nine months of 2019 compared to 16% for the nine months of 2018.

Gas production, million cubic meters

3Q    2019

2Q    2019

 

9M    2019

9M    2018

8,262

8,376

Total

25,614

24,638

4,326

4,449

Russia

13,182

13,399

4,304

4,426

Subsidiaries

13,116

13,327

22

23

Share in affiliates

66

72

3,936

3,927

Outside of Russia

12,432

11,239

3,778

3,766

Subsidiaries

11,950

10,755

158

161

Share in affiliates

482

484

For the nine months of 2019, LUKOIL Group's gas production was 25.6 billion cubic meters, which is 4.0% 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 in April 2018, production in Uzbekistan for the nine months of 2019 increased to 10.3 billion cubic meters (LUKOIL's share) which is 9% higher year-on-year.

Refinery throughput, thousand tonnes

3Q    2019

2Q    2019

 

9M    2019

9M    2018

18,246

16,823

Total for LUKOIL Group refineries

51,737

50,314

11,610

10,749

Russia

33,326

32,262

6,636

6,074

Outside of Russia

18,411

18,052

6,208

5,554

Oil processing

16,986

15,726

428

520

Refined products processing

1,425

2,326

1,742

1,643

Third party refineries abroad

4,973

4,913

For the nine months of 2019, refinery throughput at LUKOIL Group's refineries was 51.7 million tonnes, which is 2.8% higher year-on-year. In the third quarter of 2019 refinery throughput was 7.3% higher quarter-on-quarter in average daily terms.

Refinery throughput in Russia for the nine months of 2019 increased to 33.3 million tonnes, which is 3.3% higher year-on-year. The increase was mainly due to higher utilization rate of the Nizhny Novgorod refinery. A 6.8% quarter-on-quarter increase in refinery throughput in the third quarter of 2019 was due to scheduled maintenance works at the Perm refinery in the second quarter of 2019.

Refinery throughput in Europe for the nine months of 2019 increased to 18.4 million tonnes, which is 2.0% higher year-on-year. The growth was driven by the maintenance works at the refinery in Bulgaria in the first quarter of 2018. A 8.1% quarter-on-quarter increase in refinery throughput in the third quarter of 2019 was driven by scheduled maintenance works at the refinery in the Netherlands in the second quarter of 2019, as well as by higher utilization rate of the refinery in Italy.

Note:

LUKOIL will release its Condensed Interim Consolidated Financial Statements prepared in accordance with IFRS and MD&A for the third quarter and nine months of 2019 on November 26, 2019.

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

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”.

CONTACT INFORMATION

Press Centre PJSC "LUKOIL"

media@lukoil.com

+7 (495) 627-16-77

https://www.lukoil.com

https://www.facebook.com/Lukoil.en

https://twitter.com/lukoilengl

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z



Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer