PJSC LukOil LUKOIL BoD Summarized Preliminary 2017 Results (7363B)
January 12 2018 - 5:15AM
UK Regulatory
TIDMLKOD
RNS Number : 7363B
PJSC LukOil
12 January 2018
PRESS RELEASE
JANUARY 12, 2018
LUKOIL BOARD OF DIRECTORS SUMMARIZED
PRELIMINARY 2017 RESULTS
The LUKOIL Board of Directors held a meeting in Moscow today to
summarize the Company's preliminary 2017 results and set priorities
for 2018 under the new Strategic development program for
2018-2027.
It was emphasized at the meeting that the Company accomplished
major operational goals for 2017, delivered significant progress in
the development of key projects and generated high level of free
cash flow, despite of the volatile market environment and external
production limits.
Among key priorities for 2018 the Board of Directors set cost
optimization and efficiency improvements on existing and new
projects, attainment of key performance indicators including
hydrocarbon production growth, as well as accident-free
performance.
"Long-term development program approved by the Board of
Directors in December last year, is primarily targeted at the
efficiency improvements and growth in the financial results. It
also includes a number of important changes that we plan to
implement already in 2018. In particular, as part of the strategy
approval process, the Board of Directors supported the management
initiative to cancel the major part of LUKOIL treasury shares and
use the remaining treasury shares in a new long-term incentive
program for key employees, as well as the initiative to establish a
share buyback program as an incremental mechanism to distribute
capital to the shareholders. I think these changes will further
support the growth of the Company's shareholder value," President
of LUKOIL Vagit Alekperov said during his speech at the
meeting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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