PJSC LukOil Result of BoD Meeting (6041I)
August 31 2016 - 11:21AM
UK Regulatory
TIDMLKOD
RNS Number : 6041I
PJSC LukOil
31 August 2016
PJSC LUKOIL'S BOARD OF DIRECTORS SUMS UP COMPANY'S PERFORMANCE
IN THE FIRST HALF OF 2016
LUKOIL's Board of Directors held a meeting in Moscow today to
discuss the Company's performance in the first half of 2016.
The Board of Directors pointed out that the major tasks for the
first half of the year were accomplished in compliance with the
plan, budget and investment program for 2016. The oil production
targets were achieved, and the gas production targets were
exceeded, power generation sector also recorded an increase. An
ambitious program aimed at upgrading the Russian refineries was
finalized, increasing the value of the petroleum products basket
through a major enhancement of oil refining depth.
Despite challenging macroeconomic conditions, due to a sound
financial policy, strict capital discipline, and high quality of
the asset base, the Company recorded in the first half of 2016 a
free cash flow of RUB 93 billion, a 17 percent increase compared to
the first half of 2015 results.
The 2015 dividends approved by the Shareholders Meeting on June
23, 2016 amounted to RUB 177 per common share including the earlier
paid interim dividends, increased 15% compared to the previous
period. The dividends were paid within the set timelines.
'LUKOIL is celebrating its 25-anniversary as a global energy
company capable of overcoming its external challenges. I am
convinced that the experience and the knowledge of our employees
will further contribute to the accomplishment of the identified
production and financial tasks', said Vagit Alekperov, PJSC
LUKOIL's President.
The Board of Directors also resolved to appoint Natalya
Podolskaya to the position of the Company's Corporate
Secretary.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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August 31, 2016 11:21 ET (15:21 GMT)
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