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LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 2017

LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 2017

  • International
  • LUKOIL Group’s daily hydrocarbon production excluding West Qurna-2 project for the first six months of 2017 increased by 1.5% year-on-year to 2,217 thousand boe per day. In the second quarter of 2017 production was 2,222 thousand boe per day, representing a 0.4% growth quarter-on-quarter. The increase in production was driven by the development of gas projects.
  • LUKOIL
  • info@lukoil.com

Hydrocarbon production, thousand boe per day

2Q 2017 1Q 2017 6M 2017 6M 2016
2,222 2,213 Total (excluding West Qurna-2 project) 2,217 2,185

 

LUKOIL Group’s crude oil production in the second quarter of 2017 amounted to 21.8 million tonnes. The quarter-on-quarter decline was due to the temporary external limitations of Russian companies’ production volumes. For the first six months of 2017 oil production was 43.6 million tonnes. The year-on-year dynamics was mainly driven by the reduction in compensation crude oil volumes from the West Qurna-2 project in Iraq.

Planned production growth continued at V. Filanovsky and Pyakyakhinskoe fields and amounted to 25.8% and 11.7% quarter-on-quarter, respectively.

Oil production, thousand tonnes

2Q 2017 1Q 2017 6M 2017 6M 2016
21,306 21,397 Total (excluding West Qurna-2 project) 42,703 43,264
20,374 20,442 Russia 40,816 41,371
20,120 20,178 Subsidiaries 40,298 40,903
254 264 Share in affiliates 518 468
932 955 Outside Russia 1,887 1,893
496 517 Subsidiaries 1,013 1,000
436 438 Share in affiliates 874 893
482 405 Compensation oil from West Qurna-2 project 887 3,510
21,788 21,802 Total 43,590 46,774

 

LUKOIL Group’s gas production for the second quarter of 2017 increased by 7.6% quarter-on-quarter and amounted to 7.0 bcm. As a result, for the first six months of 2017 LUKOIL produced 13.4 bcm of gas, which is 9.4% higher year-on-year. Production dynamics was positively impacted by the launch of gas facilities at Pyakyakhinskoe field in the beginning of 2017 and the development of gas projects in Uzbekistan.

Gas production, million cubic meters

2Q 2017 1Q 2017 6M 2017 6M 2016
6,952 6,459 Total 13,411 12,261
4,646 4,330 Russia 8,976 7,998
4,621 4,307 Subsidiaries 8,928 7,957
25 23 Share in affiliates 48 41
2,306 2,129 Outside Russia 4,435 4,263
2,103 1,924 Subsidiaries 4,027 3,864
203 205 Share in affiliates 408 399

 

Refinery throughput at LUKOIL Group’s refineries in the second quarter of 2017 was 16.4 million tonnes, which is 1.2% higher quarter-on-quarter. For the first six months of 2017, refinery throughput was 32.6 million tonnes, a 1.1% increase year-on-year.

The quarter-on-quarter positive dynamics was mainly attributable to the increase in the utilization rate at our refinery in Romania after maintenance in the first quarter of 2017. A moderate decrease of Company’s throughput volumes in Russia was driven by repair works at Perm refinery, while utilization rates at refineries in Nizhny Novgorod and Volgograd increased due to seasonal factors.

In the first six months of 2017, throughput volumes at our refineries in Russia increased by 5.1% year-on-year primarily due to maintenance works at refineries in Nizhny Novgorod and Volgograd in the first half of 2016.

Refinery throughput, thousand tonnes

2Q 2017 1Q 2017 6M 2017 6M 2016
16,394 16,196 Total for LUKOIL Group refineries 32,590 32,220
10,447 10,506 Russia 20,953 19,937
5,947 5,690 Outside Russia 11,637 12,283
5,359 5,119 Oil processing 10,478 9,538
588 571 Refined products processing 1,159 2,745
1,678 1,396 Third party refineries abroad 3,074 165

 

Note:

LUKOIL will release its Interim Consolidated Financial Statements for the second quarter and the first six months of 2017 prepared in accordance with IFRS and MD&A on August 29, 2017.

The information in this press release is an estimate of the LUKOIL Group’s results for the second quarter and the first six 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 second quarter and the first six 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.

 

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