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Press Release

LUKOIL REPORTS PRELIMINARY OPERATING DATA FOR THE THIRD QUARTER AND NINE MONTHS OF 2019

For the nine months of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project amounted to 2,337 thousand boe per day, which is 1.6% higher year-on-year. The increase was mainly driven by the development of gas projects in Uzbekistan, as well as oil production growth in Russia due to change in the terms of the external limitations of Russian companies' production volumes.

Hydrocarbon production, thousand boe per day

3Q    20192Q    2019 9M    20199M    2018
2,3082,324Total (excluding the West Qurna-2 project)2,3372,301

Oil production excluding the West Qurna-2 project for the nine months of 2019 totaled 64.2 million tonnes, which is 0.7% higher year-on-year. In the third quarter of 2019 oil production grew by 0.2% quarter-on-quarter in average daily terms.

Oil production, thousand tonnes

3Q    20192Q    2019 9M    20199M    2018
21,64021,353Total (excluding the West Qurna-2 project)64,23863,778
20,70420,459Russia61,49161,123
20,55220,304Subsidiaries61,03360,649
152155Share in affiliates458474
936894Outside of Russia2,7472,655
508476Subsidiaries1,4681,404
428418Share in affiliates1,2791,251
417410Compensation oil from the West Qurna-2 project1,1921,238
22,05721,763Total 65,43065,016

Active development of the priority projects was on track. For the nine months of 2019 oil production at the V. Filanovsky field increased by 7% year-on-year. In October 2019, production started at the third production platform of the field.

For the nine months of 2019 oil production at the Yu. Korchagin field ramped up by 22% year-on-year due to drilling program within the field's second development stage.

The development of the Yaregskoye field and Permian reservoir of the Usinskoye field, including the launch of new steam-generating facilities, led to increase of high viscosity oil production for the nine months of 2019 by 18% year-on-year, to 3.7 million tonnes.

The development of growth projects in West Siberia also continued. The aggregate oil and gas condensate production at the V. Vinogradov, Imilorskoye and Pyakyakhinskoye fields for the nine months of 2019 increased by 17% year-on-year.

The share of the abovementioned projects in the LUKOIL Group's oil production excluding the West Qurna-2 project amounted to 18% for the nine months of 2019 compared to 16% for the nine months of 2018.

Gas production, million cubic meters

3Q    20192Q    2019 9M    20199M    2018
8,2628,376Total25,61424,638
4,3264,449Russia13,18213,399
4,3044,426Subsidiaries13,11613,327
2223Share in affiliates6672
3,9363,927Outside of Russia12,43211,239
3,7783,766Subsidiaries11,95010,755
158161Share in affiliates482484

For the nine months of 2019, LUKOIL Group's gas production was 25.6 billion cubic meters, which is 4.0% higher year-on-year. The main driver of gas production growth was the development of projects in Uzbekistan.

As a result of the launch of the second stage of the Kandym gas processing plant in April 2018, production in Uzbekistan for the nine months of 2019 increased to 10.3 billion cubic meters (LUKOIL's share) which is 9% higher year-on-year.

Refinery throughput, thousand tonnes

3Q    20192Q    2019 9M    20199M    2018
18,24616,823Total for LUKOIL Group refineries51,73750,314
11,61010,749Russia33,32632,262
6,6366,074Outside of Russia18,41118,052
6,2085,554Oil processing16,98615,726
428520Refined products processing1,4252,326
1,7421,643Third party refineries abroad4,9734,913

For the nine months of 2019, refinery throughput at LUKOIL Group's refineries was 51.7 million tonnes, which is 2.8% higher year-on-year. In the third quarter of 2019 refinery throughput was 7.3% higher quarter-on-quarter in average daily terms.

Refinery throughput in Russia for the nine months of 2019 increased to 33.3 million tonnes, which is 3.3% higher year-on-year. The increase was mainly due to higher utilization rate of the Nizhny Novgorod refinery. A 6.8% quarter-on-quarter increase in refinery throughput in the third quarter of 2019 was due to scheduled maintenance works at the Perm refinery in the second quarter of 2019.

Refinery throughput in Europe for the nine months of 2019 increased to 18.4 million tonnes, which is 2.0% higher year-on-year. The growth was driven by the maintenance works at the refinery in Bulgaria in the first quarter of 2018. A 8.1% quarter-on-quarter increase in refinery throughput in the third quarter of 2019 was driven by scheduled maintenance works at the refinery in the Netherlands in the second quarter of 2019, as well as by higher utilization rate of the refinery in Italy.

Note:

LUKOIL will release its Condensed Interim Consolidated Financial Statements prepared in accordance with IFRS and MD&A for the third quarter and nine months of 2019 on November 26, 2019.

The information in this press release is an estimate of the LUKOIL Group's results for the third quarter and nine months of 2019 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 third quarter and nine months of 2019. 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.

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