TIDMLKOD
RNS Number : 9019A
PJSC LukOil
07 February 2022
LUKOIL REPORTS PRELIMINARY OPERATING DATA
FOR THE FOURTH QUARTER AND TWELVE MONTHS OF 2021
In 2021 LUKOIL Group's hydrocarbon production excluding the West
Qurna-2 project was 2,161 thousand boe per day, which is 4.7%
higher year-on-year, while in the fourth quarter of 2021
hydrocarbon production increased by 7.6% quarter-on-quarter. The
production growth was attributable to the dynamics of the external
limitations on oil production due to the OPEC+ agreement, as well
as higher gas production volumes.
Hydrocarbon production, thousand boe per day
3Q 202
4Q 2021 1 12M 2021 12M 2020
-------- ------- ---------------------------------- --------- ---------
Total (excluding the West Qurna-2
2,295 2,132 project) 2,161 2,064
-------- ------- ---------------------------------- --------- ---------
In 2021 oil production excluding the West Qurna-2 project was
79.3 million tonnes, which is 3.0% higher year-on-year in average
daily terms, while in the fourth quarter of 2021 oil production
increased by 5.3% quarter-on-quarter and amounted to 21.1 million
tonnes. Oil production dynamics was driven by the OPEC+ agreement
concluded in April 2020, which led to limitations on oil production
by the Group in Russia and at certain international projects. Due
to the agreement, oil production by the Group in Russia was cut in
May 2020 by approximately 310 thousand barrels per day, or by 19%,
as compared to the level of the first quarter of 2020, and has been
gradually recovering subsequently. As a result, in the fourth
quarter of 2021 oil production by the Group in Russia was
approximately 270 thousand barrels per day higher compared to May
2020 level.
Oil production, thousand tonnes
3Q 202
4Q 2021 1 12M 2021 12M 2020
-------- ------- ----------------------------------- --------- ---------
Total (excluding the West Qurna-2
21,062 20,003 project) 79,313 77,206
20,120 19,304 Russia 75,933 73,459
20,000 19,200 Subsidiaries 75,430 72,940
120 104 Share in affiliates 503 519
942 699 Outside of Russia 3,380 3,747
560 430 Subsidiaries 2,052 2,256
382 269 Share in affiliates 1,328 1,491
488 271 Share in the West Qurna-2 project 1,828 2,843
21,550 20,274 Total 81,141 80,049
-------- ------- ----------------------------------- --------- ---------
Despite the external limitations on crude oil production
volumes, development of the priority projects continued. In
particular, in West Siberia total oil and gas condensate production
in 2021 at the V. Vinogradov, Imilorskoye, Sredne-Nazymskoye and
Pyakyakhinskoye fields increased by 8.1% year-on-year, to 4.5
million tonnes.
Gas production, million cubic meters
3Q 202
4Q 2021 1 12M 2021 12M 2020
-------- ------- ----------------------------------- --------- ---------
8,642 7,666 Total 32,159 29,005
3,976 3,886 Russia 16,105 17,578
3,946 3,858 Subsidiaries 15,970 17,463
30 28 Share in affiliates 135 115
4,666 3,780 Outside of Russia 16,054 11,427
4,489 3,657 Subsidiaries 15,456 10,808
177 123 Share in affiliates 598 619
-------- ------- ----------------------------------- --------- ---------
In 2021, gas production increased in average daily terms by
11.2% year-on-year to 32.2 billion cubic meters. The growth was
driven by recovery of gas production in Uzbekistan after temporary
decline in 2020 due to lower demand from China for gas produced in
Uzbekistan amid the COVID-19 pandemic.
In the fourth quarter of 2021, gas production increased by 12.7%
quarter-on-quarter and amounted to 8.6 billion cubic meters. The
increase was mainly attributable to seasonal growth of demand for
gas, as well as higher associated petroleum gas production
following an increase in oil production.
Refinery throughput, thousand tonnes
3Q 202
4Q 2021 1 12M 2021 12M 2020
-------- ------- ------------------------------------------- --------- ---------
15,478 17,299 Total for LUKOIL Group refineries 62,959 58,608
10,920 11,270 Russia 42,616 40,109
4,558 6,029 Outside of Russia 20,343 18,499
4,223 5,396 Oil processing 18,331 16,888
335 633 Refined products processing 2,012 1,611
3 2 Third party refineries abroad 6 146
-------- ------- ------------------------------------------- --------- ---------
In 2021, refinery throughput at LUKOIL Group's refineries was
63.0 million tonnes, which is 7.4% higher year-on-year. The
increase in refinery throughput volumes both in and outside Russia
was attributable to higher refineries utilization rates due to
better market environment in 2021, as well as scheduled maintenance
works in 2020. In the fourth quarter of 2021 refinery throughput
was 15.5 million tonnes, which is 10.5% lower quarter-on-quarter
due to scheduled maintenance works at the refineries outside
Russia, as well as seasonal throughput optimization in Russia.
Note:
LUKOIL will release its Audited Consolidated Financial
Statements prepared in accordance with IFRS and MD&A for the
fourth quarter and twelve months of 2021 on March 10, 2022.
The information in this press release is an estimate of the
LUKOIL Group's results for the fourth quarter and twelve months of
2021 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 fourth quarter and twelve
months of 2021. 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".
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END
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