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Bloomberg· 2025-08-15 14:52
Lukoil’s major Volgograd refinery has halted oil intake following one of the latest in a series of Ukrainian drone strikes on Russian energy assets, said a person familiar with the matter, who asked not to be named discussing non-public information https://t.co/5U0OAMwMPE ...
乌官员称俄罗斯一座关键炼油厂起火
news flash· 2025-06-07 15:04
Group 1 - A fire occurred at a refinery owned by Russian company Lukoil, which is a key asset in the Russian fuel industry [1] - Lukoil primarily supplies aviation, armored vehicle, and logistical fuel to the Russian military [1] - There has been no official statement from the Russian side regarding the incident [1]
PJSC LUKOIL(LUKOY) - 2021 Q3 - Earnings Call Transcript
2021-11-24 18:35
Financial Data and Key Metrics Changes - In Q3 2021, EBITDA reached RUB 355 billion, doubling year-on-year for the nine months period [8] - Free cash flow totaled RUB 222 billion, more than doubling quarter-on-quarter [8] - The net profit was RUB 192 billion, nearly flat quarter-on-quarter [34] Business Line Data and Key Metrics Changes - Upstream segment EBITDA increased by 11% quarter-on-quarter, driven by output recovery and superior production mix [16] - Downstream EBITDA in Russia grew by 27% quarter-on-quarter, while EBITDA outside of Russia declined by 57% quarter-on-quarter [29] Market Data and Key Metrics Changes - The average Urals oil price increased by 6% quarter-on-quarter, while the net ruble price dropped by 2% due to tax lag effects and ruble appreciation [14] - Refining margins in Russia nearly doubled quarter-on-quarter, exceeding pre-pandemic levels [26] Company Strategy and Development Direction - The company plans to complete its long-term strategy update by Q1 2022 [11] - Focus on investments in Russia and tapping into hard-to-recover reserves through a joint venture with Gazprom Neft [20] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about oil demand recovery and plans to ramp up production if OPEC+ constraints are lifted [50] - The company expects hydrocarbon production to grow by about 4% in 2021, excluding the West Qurna-2 project [35] Other Important Information - The company successfully placed US$2.3 billion in debt, marking the largest single placement in its history [9] - The interim dividend for 2021 is set at RUB 340 per share, in line with the existing dividend policy [9] Q&A Session Summary Question: Expectations for high viscosity oil arrangements with the government - Management indicated that proposals are expected in Q1 2022, with potential production resumption from 2022 onwards [40] Question: Update on CapEx for 2022 - The basic CapEx target for 2022 is RUB 550 billion, with flexibility to adjust based on market conditions [45] Question: Launch timeline for the Grayfer field - The Valery Grayfer field is expected to be launched at the end of 2022 [50] Question: Ramp-up time for the delayed coker at Nizhny Novgorod - The unit is expected to ramp up to full capacity in the first half of 2022 [54] Question: CapEx for 2021 and cost transfers to next year - Management confirmed guidance for 2021 CapEx at RUB 450 billion, with some costs transferred to next year [58]
PJSC LUKOIL(LUKOY) - 2021 Q3 - Earnings Call Presentation
2021-11-24 15:28
Financial Performance - Sales revenue for 3Q21 increased by 17.6% to RUB 2,589 billion compared to 2Q21[15] - EBITDA for 3Q21 increased by 4.5% to RUB 355 billion compared to 2Q21[15] - Free cash flow (FCF) for 3Q21 increased 2.0x to RUB 228 billion compared to 2Q21[15] - Net financial debt was negative RUB 174 billion[15] - Sales revenue for 9M21 increased by 62.3% to RUB 6,667 billion compared to 9M20[15] - EBITDA for 9M21 increased 2.0x to RUB 1,009 billion compared to 9M20[15] - Free cash flow (FCF) for 9M21 increased 2.6x to RUB 503 billion compared to 9M20[15] Operational Highlights (Upstream) - Hydrocarbon production increased from 2.07 mboepd in 2Q21 to 2.13 mboepd in 3Q21[11] - Liquids production increased from 1.61 mboepd in 2Q21 to 1.64 mboepd in 3Q21[11] - Gas production increased from 0.46 mboepd in 2Q21 to 0.49 mboepd in 3Q21[11] - The company is acquiring a 15.5% interest in the Shah Deniz natural gas project for $2.25 billion[69] - Hydrocarbon production in gas projects in Uzbekistan increased from 196 Kboepd in 2Q21 to 250 Kboepd in 3Q21[66] Operational Highlights (Downstream) - Refinery throughput increased from 1.27 mbpd in 2Q21 to 1.38 mbpd in 3Q21[13] - Refinery throughput in Russia and Europe recovered to pre-pandemic levels, reaching 1,378 Kbpd[76, 77] - Light product yield at refineries in Russia increased from 70% in 2Q21 to 72% in 3Q21[77] - Light product yield at refineries in Europe remained stable at 78%[77]
PJSC LUKOIL(LUKOY) - 2021 Q2 - Earnings Call Transcript
2021-08-27 18:10
Financial Data and Key Metrics Changes - In Q2 2021, LUKOIL achieved an all-time high EBITDA of RUB 340 billion, reflecting a strong recovery in production volumes and market conditions, with a 8% increase quarter-on-quarter [7][53] - Free cash flow decreased quarter-on-quarter to RUB 112 billion due to a significant increase in working capital, but free cash flow before changes in working capital reached a record high of RUB 212 billion, up 13% quarter-on-quarter [8][55] - Net profit for Q2 2021 was RUB 190 billion, an increase of over 20% quarter-on-quarter, primarily driven by stronger EBITDA [54] Business Line Data and Key Metrics Changes - Hydrocarbon production increased by 4.2% year-on-year, totaling 2.1 million barrels of oil equivalent per day, with a 3% quarter-on-quarter increase in average daily oil production in Russia [16][5] - EBITDA in the Russian Upstream segment rose by 3% quarter-on-quarter to RUB 193 billion, while EBITDA in the International segment also grew due to higher oil prices and recovery in gas production [19][20] - Downstream EBITDA rose by 6% quarter-on-quarter to RUB 127 billion, driven by higher refining margins and throughput volumes [46] Market Data and Key Metrics Changes - The average Urals oil price increased by 12% quarter-on-quarter, maintaining an all-time high at RUB 1,840 per barrel [15] - Refining margins improved significantly, with European benchmark margins growing more than 1.5 times quarter-on-quarter, although still below pre-pandemic levels [36][37] - Retail sales of motor fuels saw a strong recovery, with volumes exceeding pre-pandemic levels in July [43] Company Strategy and Development Direction - LUKOIL plans to ramp up production volumes in response to the recovering global oil demand and market environment, while maintaining a focus on cost control and climate risk management [13][57] - The company is committed to enhancing its sustainability practices and has released a Sustainability Report for 2020, aiming for better disclosure and management of sustainability issues [11][12] - Investment plans for 2021 have been updated to a range of RUB 470 billion to RUB 490 billion, reflecting a strong investment story and commitment to maximizing shareholder returns [57][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of global oil demand and the downstream market environment, indicating plans to fully unlock existing production potential [13] - The company expects hydrocarbon production to grow by about 4% in 2021, excluding the West Qurna-2 project, and remains flexible in managing refining fleet utilization [57] - Management highlighted that LUKOIL's market capitalization is lagging behind its financial performance, suggesting that shares are undervalued [58] Other Important Information - LUKOIL is progressing with high-priority projects, including the D33 field in the Baltic Sea, which is expected to start production in 2024 [24][26] - The company is also focusing on modernization projects at its refineries, which are expected to enhance product output and efficiency [49][50] Q&A Session Summary Question: Breakdown of working capital increase - Management indicated that about 25% of the working capital increase was due to higher prices for oil and petroleum products, while 75% was attributed to short-term trading strategies, with expectations for some working capital to be released in the upcoming quarters [61][62] Question: CapEx plans for next year - Management stated it is too early to provide specific targets for 2022 CapEx, but indicated a potential increase to around RUB 500 billion [67][69] Question: Climate strategy update - The mid-term strategy update, which includes climate targets, is expected to be finalized by the end of the year, with a presentation likely in spring 2022 [73][74] Question: M&A strategy - Management confirmed no changes to the buyback approach and emphasized an opportunistic M&A strategy focused on high-quality undervalued assets [78][79] Question: Upstream project ramp-up - Management provided details on the ramp-up plans for projects in Iraq and Mexico, with expectations for significant production increases in the coming years [82][83]
PJSC LUKOIL(LUKOY) - 2020 Q4 - Earnings Call Transcript
2021-03-17 19:23
Financial Data and Key Metrics Changes - The company faced unprecedented challenges due to the COVID-19 pandemic, impacting overall performance [6] - Specific financial results for 2020 were not detailed in the provided excerpts [6] Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided in the excerpts [6] Market Data and Key Metrics Changes - No specific market data or key metrics changes were mentioned in the excerpts [6] Company Strategy and Development Direction and Industry Competition - The company emphasized the importance of health care during the pandemic as a top priority [6] - Strategic responses to the pandemic were not detailed in the provided excerpts [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant impact of the COVID-19 pandemic on operations and the need to adapt to new circumstances [6] Other Important Information - The conference call included a presentation followed by a Q&A session, indicating a structured approach to discussing results [4] Q&A Session Summary - No specific questions or answers from the Q&A session were provided in the excerpts [4]
PJSC LUKOIL(LUKOY) - 2020 Q2 - Earnings Call Transcript
2020-08-28 19:00
Financial Data and Key Metrics Changes - The second quarter of 2020 was described as one of the most challenging periods in the company's history, indicating significant financial pressures [6]. Business Line Data and Key Metrics Changes - Specific details regarding changes in various business lines were not provided in the available content. Market Data and Key Metrics Changes - Information on market data and key metrics changes was not included in the provided content. Company Strategy and Development Direction and Industry Competition - The company is navigating a challenging environment, which may influence its strategic decisions moving forward [6]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the difficulties faced during the second quarter, suggesting a cautious outlook for the future [6]. Other Important Information - The call included a disclaimer about forward-looking statements, highlighting the risks and uncertainties that could affect actual results [4]. Q&A Session Summary - No specific questions and answers from the Q&A session were included in the provided content.
PJSC LUKOIL(LUKOY) - 2020 Q1 - Earnings Call Transcript
2020-06-04 19:10
Financial Data and Key Metrics Changes - The average price of the euros grid dropped by 23% quarter-on-quarter, while the net price excluding mineral extraction tax and export duties fell by 30% [31] - EBITDA in the first quarter was significantly impacted by the negative tax lag effect and inventory write-downs, leading to a net loss for the quarter [76][78] - Free cash flow exceeded RUB 55 billion, supported by a reduction in working capital associated mainly with lower oil prices [80] Business Line Data and Key Metrics Changes - In the upstream segment, average hydrocarbon production totaled 2.3 million barrels per day, down 2.5% quarter-on-quarter, primarily due to reduced supplies from Uzbekistan [35] - The upstream EBITDA fell by half both quarter-on-quarter and year-on-year, significantly affected by the negative tax lag effect and inventory write-downs [44] - The downstream segment's EBITDA decreased by 51% quarter-on-quarter, driven by inventory effects and write-downs to net realizable value [67] Market Data and Key Metrics Changes - Oil prices experienced unprecedented declines, with demand for hydrocarbons plunging, leading to inventory buildup and oil prices reaching 20-year lows [9] - The OPEC+ agreement led to a 19% reduction in crude oil production in Russia, amounting to about 310,000 barrels per day [38] - Retail sales of gasoline and diesel fuel were down more than 10% quarter-on-quarter, with a significant decline in April due to the pandemic [62] Company Strategy and Development Direction - The company aims to maintain operational flexibility and respond quickly to macro changes to maximize financial performance [27] - Investment program optimization is underway, with a new target for capital expenditures set between RUB 450 million to RUB 500 million [24] - The long-term strategy, including shareholder return policies, remains unchanged despite current market challenges [28] Management Comments on Operating Environment and Future Outlook - The management expects oil demand to normalize by early 2021, but full recovery will take longer due to the ongoing pandemic [10] - The company maintains a conservative approach to planning, expecting oil prices to exceed US$50 per barrel within the next 18 to 24 months [12] - Management highlighted the importance of cost optimization and maintaining positive free cash flow in any macro environment [25] Other Important Information - The company successfully placed 10-year $1.5 billion Eurobonds to cover debt repayment obligations until the end of the year [26] - The company is committed to social responsibility efforts during the pandemic, including producing sanitizers and supporting healthcare institutions [8] Q&A Session Summary Question: Share buyback triggers and retail profitability - Management stated that dividends are the priority for capital distribution, with buybacks being opportunistic [84] - Retail margins are volatile and depend on wholesale price fluctuations, making future predictions difficult [86] Question: Production cuts and fuel oil prices - The company confirmed compliance with the OPEC+ quota of 310,000 barrels per day and will continue as long as the quota exists [90] - Management indicated that they comply with legal requirements regarding excise duties on fuel oil [90] Question: Working capital expectations - Management refrained from providing specific numbers but noted that trading business benefits from current market conditions [92] Question: CapEx guidance and refining utilization - The company aims to be flexible with capital expenditures, adjusting based on market conditions [99] - Refining capacity utilization is expected to improve as scheduled repairs are completed [102] Question: Gas production in Uzbekistan and normalized EBITDA - Lower production in Uzbekistan affects cost recovery under the PSA, but the company is prepared to ramp up production quickly [107][118] - Normalized EBITDA is expected to recover as oil prices rise and the tax lag effect reverses [109]