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2018-04-02 09:00:00

LUKOIL PROFIT: +102.5%

ЧИСТАЯ ПРИБЫЛЬ ЛУКОЙЛА: +102,5%

LUKOILPJSC LUKOIL released its audited consolidated financial statements for the full year of 2017 prepared in accordance with the International Financial Reporting Standards (IFRS).

 

Financial highlights      
4Q 2017  3Q 2017  (RUB bln) 12M 2017  12M 2016 
1,662.5 1,483.5 Sales 5,936.7 5,227.0
223.7 221.1 EBITDA 831.6 730.7
219.1 215.3     EBITDA ex. West Qurna-2 814.4 691.3
120.5 97.3 Profit for the period attributable to LUKOIL shareholders 418.8 206.8
122.2 103.7 Adjusted profit* 399.4 303.8
137.7 118.9 Capital expenditures 511.5 497.1
73.3 90.7 Free cash flow 247.0 255.1
76.9 80.7 Adjusted free cash flow** 286.3 196.8

* Profit before impairments loss, impairments reversal gain, foreign exchange effect and gain on sale of JSC Arkhangelskgeoldobycha.

** Free cash flow before working capital changes, West Qurna-2 project and income tax on sale of JSC Arkhangelskgeoldobycha..

 

Sales

Our sales for 2017 increased by 13.6% year-on-year to RUB 5,936.7 bln. In the fourth quarter of 2017 our sales were RUB 1,662.5 bln, up 12.1% q-o-q.

The positive sales dynamics was mainly driven by the higher hydrocarbon prices and trading volumes in both periods. Year-on-year dynamics was negatively affected by the stronger ruble and lower volumes of compensation crude oil from the West Qurna-2 project.

EBITDA

Our EBITDA for 2017 increased to a record level of RUB 831.6 bln, growing 13.8% year-on-year. In the fourth quarter of 2017, our EBITDA also reached a record quarterly level of RUB 223.7 bln, which is 1.2% higher quarter-on-quarter.

Positive EBITDA dynamics was supported mainly by higher sales prices, larger share of high-margin volumes in our overall production, higher gas production in Russia and Uzbekistan, better refined products slate at our own refineries and higher sales volumes via premium channels. Annual EBITDA dynamics was also positively impacted by the decrease in transportation and SG&A expenses. Lower volumes of compensation crude oil from the West Qurna-2 project in Iraq had a negative impact on EBITDA dynamics. Net of this project, EBITDA increased in 2017 by 17.8% year-on-year.

Profit for the period

For the full year 2017, profit attributable to our shareholders more than doubled year-on-year and amounted to RUB 418.8 bln. In the fourth quarter of 2017, profit was RUB 120.5 bln, which is 23.8% higher quarter-on-quarter.

Profit dynamics was significantly impacted by non-cash foreign exchange differences, impairments and impairment reversal effects, as well as a gain on sale of JSC Arkhangelskgeoldobycha in the second quarter of 2017. Excluding these items, profit attributable to PJSC LUKOIL shareholders increased by 31.5% year-on-year and 17.8% quarter-on-quarter.

Capital expenditures

For the full year of 2017, capital expenditures amounted to RUB 511.5 bln, up 2.9% year-on-year. Higher upstream investments driven by the development of priority projects in Russia and Uzbekistan were partially offset by the lower capital expenditures in the downstream due to the completion of a major refinery upgrade program, as well as lower capital expenditures in other upstream projects abroad.

In the fourth quarter of 2017 our capital expenditures increased by 15.8% quarter-on-quarter to RUB 137.7 bln, mainly due to the seasonal work dynamics in the traditional regions as well as higher capital expenditures in the downstream due to the commencement of works related to construction of the delayed coker at Nizhny Novgorod refinery.

Free cash flow

In the fourth quarter of 2017, adjusted free cash flow (before working capital changes, West Qurna-2 project and income tax on assets sale) amounted to RUB 76.9 bln. As a result, for the full year 2017 despite an increase in the capital expenditures adjusted free cash flow increased by 45.4% year-on-year and reached a record level of RUB 286.3 bln.

 

Operational highlights    
4Q 2017 3Q 2017   12M 2017 12M 2016
2,315 2,259 Hydrocarbon production, Kboepd 2,269 2,276
2,286 2,219 excluding West Qurna-2 2,235 2,181
213.0 207.8 Hydrocarbon production, mln boe 828.2 833.0
210.3 204.0 excluding West Qurna-2 815.7 798.2
164.7 165.1 Liquid hydrocarbons, mln barrels 658.3 686.3
162.0 161.4 excluding West Qurna-2 645.8 651.5
8.2 7.3 Gas, bcm 28.9 24.9
16.3 16.5
Production of refined products at own refineries, mln t
63.5 62.3

 

In 2017 the Group's hydrocarbon production excluding the West Qurna-2 project increased by 2.5% year-on-year and amounted to 2,235 thousand boe per day. In the fourth quarter of 2017 our production increased by 3.0% quarter-on-quarter to 2,286 thousand boe per day. The increase was driven by the development of gas projects.

Liquid hydrocarbons

Starting January 2017 the Group's oil production volume and dynamics are mainly defined by the external limitations of Russian companies' production volumes. In 2017 our liquids production excluding West Qurna-2 project was 645.8 million barrels, including 162.0 million barrels produced in the fourth quarter of 2017.

In 2017 oil production in the Caspian Sea increased to 5.5 million tonnes, which is almost 2.5 times higher year-on-year. The growth was due to the V. Filanovsky field that produced 4.6 million tonnes in 2017.

Active development of high viscosity oil projects continued in Timan-Pechora. Production at Yaregskoe field and Permian layer of Usinskoe field increased by 18.5% and 6.7% year-on-year, respectively.

Successful development of Pyakyakhinskoe field led to an increase in crude oil and gas condensate production at the field to 1.5 million tonnes in 2017.

Gas

In the fourth quarter of 2017 the LUKOIL Group's gas production increased by 12.9% quarter-on-quarter to 8.2 billion cubic meters. As a result, in 2017 production increased by 15.8% year-on-year to a record level of 28.9 billion cubic meters.

LUKOIL had achieved significant progress in Uzbekistan gas projects development. In 2017 production at Kandym and Gissar projects increased by 43.9% year-on-year to 8.1 billion cubic meters. The growth was driven by the launch of new gas treatment facilities.

Gas production growth in Russia was mainly attributable to the launch of gas facilities at Pyakyakhinskoe field in January, 2017.

Refined products

Refinery output at the LUKOIL Group's refineries in 2017 increased by 1.8% year-on-year and amounted to 63.5 million tonnes of refined products, including 16.3 million tonnes in the fourth quarter of 2017.

In 2017 throughput volumes at our refineries in Russia increased by 3.2% year-on-year primarily due to Volgograd refinery upgrade, as well as planned maintenance works at refineries in Nizhny Novgorod and Volgograd in 2016. There was a significant improvement in the product slate at our Russian refineries due to the reaching design parameters of the new conversion facilities. In particular, in 2017 production of the fuel oil and vacuum gasoil at Russian refineries decreased by 33% year-on-year, which increased light products yield by 6 p.p. to 69%. The improvement in the production efficiency of our Russian refineries was also attributable to the optimization of capacity utilization, including the cross-supplies of dark products and the change of feedstock mix.

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Earlier:

 ПЛАН ЛУКОЙЛА: $50
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

 ЛУКОЙЛ: ЧИСТАЯ ПРИБЫЛЬ 298,3 МЛРД. РУБ.
2017, December, 4, 22:35:00

LUKOIL PROFIT: RUB 298.3 BLN

LUKOIL - For the first nine months of 2017 profit attributable to PJSC LUKOIL shareholders was 298.3 bln RUB, up 86.2% year-on-year. In the third quarter of 2017 profit decreased by 29.8% quarter-on-quarter to 97.3 bln RUB.

 ЛУКОЙЛ: БОЛЬШЕ НА 91%
2017, August, 29, 18:00:00

LUKOIL UP 91%

For the first six months of 2017, profit attributable to PJSC LUKOIL shareholders was 201.0 bln RUB, up 90.7% year-on-year. In the second quarter of 2017 profit increased by 122.5% quarter-on-quarter to 138.7 bln RUB.

 RUSSIA - IRAN OIL TALKS
2017, May, 31, 17:40:00

RUSSIA - IRAN OIL TALKS

Iran has so far signed memoranda of understanding (MoUs) with four Russian companies for developing its oil and gas fields: Lukoil for Ab Teymour and Mansouri fields, Zarubezhneft for Aban and West Paydar fields, Tatneft for Dehloran and Shadegan fields and Gazprom for Cheshmeh Khosh and Changouleh fields.

 

 ЛУКОЙЛ: ПРИБЫЛЬ ВЫШЕ НА 33,7%
2017, May, 30, 20:30:00

LUKOIL PROFIT UP 33.7%

In the first quarter of 2017, profit attributable to PJSC LUKOIL shareholders was 62.3 bln RUB, up 33.7% and 45.5% quarter-on-quarter and year-on-year, respectively. Profit was significantly impacted by non-cash foreign exchange loss. Excluding this item, profit attributable to PJSC LUKOIL shareholders amounted to 97.1 bln RUB, a 22.7% increase year-on-year.

 ЛУКОЙЛ: СНИЖЕНИЕ НА 29%
2017, March, 31, 18:25:00

LUKOIL DOWN TO 29%

In the fourth quarter of 2016, profit attributable to our shareholders was 46.6 bln RUB, down 15.0% quarter-on-quarter. For the full year 2016, profit decreased by 29.0% and amounted to 206.8 bln RUB.

 ЛУКОЙЛ: ДОБЫЧА НИЖЕ НА 3%
2017, March, 3, 18:30:00

LUKOIL PRODUCTION DOWN BY 3%

The LUKOIL Group oil production for the fourth quarter and twelve months of 2016 was 22.7 and 92.0 million tonnes, respectively. Production for the fourth quarter excluding compensation crude oil from West Qurna-2 project in Iraq increased by 2.5% compared to the third quarter of 2016.

Tags: ЛУКОЙЛ, LUKOIL

Chronicle:

ЧИСТАЯ ПРИБЫЛЬ ЛУКОЙЛА: +102,5%
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

ЧИСТАЯ ПРИБЫЛЬ ЛУКОЙЛА: +102,5%
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

ЧИСТАЯ ПРИБЫЛЬ ЛУКОЙЛА: +102,5%
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

ЧИСТАЯ ПРИБЫЛЬ ЛУКОЙЛА: +102,5%
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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