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27.10.2008 Preliminary Operating Results

27.10.2008
Preliminary Operating Results  

LUKOIL INCREASES 3Q 2008 HYDROCARBON PRODUCTION AVAILABLE FORSALE BY 4.1%

LUKOIL Group (subsidiary companies and LUKOIL’s share in output by equity affiliates) total hydrocarbon production available for sale reached 2.21 mln boe per day in the third quarter of 2008, up 4.1% y-o-y. Hydrocarbon production available for sale increased by 0.4% y-o-y to 2.19 mln boe per day in 9M 2008.
Launch of commercial production at the Yuzhnaya Khylchuya field in Timan Pechora region in August 2008 offset the Company’s production decrease in traditional regions. Successful development of Uzbek project Kandym – Khauzak – Shady provided the most of the gas production growth.
Throughputs at LUKOIL own refineries totaled 41.98 mln tons, up 8.7% y-o-y, due to LUKOIL refining capacity expansion and modernization as well as a high refinery margin in Russia. Increase in refinery throughputs at the Company refineries in Russia was 5.6%, at foreign refineries – 22.0%. Volgograd and Odessa refineries (the latter was put back into operation in April 2008 after modernization) accounted for most of the growth.

Hydrocarbon production available for sale, th. boe per day

9M 20089M 2007Growth
LUKOIL Group output:2,1902,181+0.4%
Including
Crude oil output*1,9151,967-2.6%
Petroleum and natural gas output**275214+28.5%


Crude oil output, th. tons

 9M 20089M 2007Growth
LUKOIL Group output:71,18872,695-2.1%
Including      
Subsidiary companies69,40170,796-2.0%
Share in affiliated companies1,7871,899-5.9%
       
Russia:67,27768,449-1.7%
Including      
Subsidiary companies67,05368,156-1.6%
Share in affiliated companies224293-23.5%
       
International projects:3,9114,246-7.9%
Including      
Subsidiary companies2,3482,640-11.1%
Share in affiliated companies1,5631,606-2.7%
LUKOIL Group output,
th. bpd*		1,9151,967-2.6%

  * Conversion ratio from tons to barrels characterizes the density of oil from each of LUKOIL oilfields.
** Conversion ratio from cubic meters to barrels of oil equivalents is 1,000 cubic meters = 5.885 boe.

Gas output available for sale, mcm

 9M 20089M 2007Growth
LUKOIL Group output:12,7849,948+28.5%
Including      
Subsidiary companies12,5939,781+28.7%
Share in affiliated companies191167+14.4%
       
Russia:9,8298,892+10.5%
Including      
Subsidiary companies9,8048,867+10.6%
Share in affiliated companies2525+0.0%
       
International projects:2,9551,056+179.8%
Including      
Subsidiary companies2,789914+205.1%
Share in affiliated companies166142+16.9%
LUKOIL Group output,
th. boe per day*		275214+28.5%

* Conversion ratio from cubic meters to barrels of oil equivalents is 1,000 cubic meters = 5.885 boe.

 

Refinery throughputs**, th. tons

 9M 20089M 2007Growth
Owned refineries
41,98338,640+8.7%
Russia33,28431,509+5.6%
International8,6997,131+22.0%
Third-party refineries4,1563,367+23.4%

** Including mini-refineries.

The information is based on preliminary operating data, which may be adjusted and corrected during preparation of LUKOIL financial accounts for nine months of 2008. So the figures in this press-release may differ from operating statistics, which will be published together with the financial accounts.

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