YUKOS’ crude oil production up 8.7% in the first half of 2004
Posted: 7 September 2004
YUKOS Oil Company released its preliminary consolidated operating results for the second quarter and first six months of 2004.
Second Quarter 2004 vs. Second Quarter 2003
YUKOS’ production was 21.3 million metric tons (156 million barrels) of crude oil and gas condensate, including 0.4 million metric tons (3.2 million barrels) of YUKOS’ interest in production of equity affiliates in the second quarter of 2004, which is 8.0% more than in the corresponding period of 2003. Refinery throughput increased by 7.7% in the second quarter of 2004 to 9.6 million metric tons (70 million barrels).
Gas production increased by 28.9% from 1.15 billion cubic meters (40.7 billion cubic feet) in the second quarter of 2003 to 1.49 billion cubic meters (52.5 billion cubic feet) in the second quarter of 2004, including 0.45 billion cubic meters (15.9 billion cubic feet) of YUKOS’ interest in production of equity affiliates.
In the second quarter of 2004 international sales of crude oil were 11.8 million metric tons (86 million barrels), an increase of 3.1% over the corresponding period of 2003. Excluded from the international sales of crude oil were 1.5 million metric tons (11 million barrels) of intercompany sales of crude oil to Mazeikiu Nafta as well as other intercompany sales in the second quarter of 2004. International sales of petroleum products were at a level of 4.6 million metric tons (35 million barrels) in the second quarter of 2004, which is 9.7% higher than in the second quarter of 2003. Sales of petroleum products on the Russian domestic market in the second quarter of 2004 were 4.1 million metric tons (32 million barrels), which is 6.1% lower than in the corresponding period of 2003.
In the second quarter of 2004 exports of crude oil outside the territory of the Russian Federation including sales to Mazeikiu Nafta were 13.3 million metric tons (97 million barrels), an increase of 7.5% over the second quarter of 2003. Exports of petroleum products outside the territory of the Russian Federation were 3.0 million metric tons (21 million barrels) in the second quarter of 2004, a decrease of 2.8% over the corresponding period of 2003.
The light product yield at Company refineries, including Mazeikiu Nafta, was 59.73% in the second quarter of 2004, compared to 59.89% in the second quarter of 2003. Excluding Mazeikiu Nafta, the light product yield was 58.65% in the second quarter of 2004, compared to 58.10% in the second quarter of 2003.
YUKOS drilled 227.5 thousand meters of production wells in the second quarter of 2004, 27.5% less than in the second quarter of 2003 excluding YUKOS’ interest in equity affiliates. Placed on stream in the second quarter of 2004 were 76 new wells compared to 95 in the second quarter of 2003 excluding YUKOS’ interest in equity affiliates.
First Six Months 2004 vs. First Six Months 2003
YUKOS’ production was 42.4 million metric tons (310 million barrels) of crude oil and gas condensate, including 0.8 million metric tons (6.1 million barrels) of YUKOS’ interest in production of equity affiliates in the first six month of 2004, which is 8.7% more than in the corresponding period of 2003. Refinery throughput increased by 7.2% in the first six months of 2004 to 19.4 million metric tons (142 million barrels).
Gas production increased by 23.1% from 2.66 billion cubic meters (93.9 billion cubic feet) in the first six months of 2003 to 3.27 billion cubic meters (115.6 billion cubic feet) in the corresponding period of 2004, including 0.86 billion cubic meters (30.5 billion cubic feet) of YUKOS’ interest in production of equity affiliates.
In the first six months of 2004 international sales of crude oil were 23.6 million metric tons (173 million barrels), an increase of 11.4% over the first six months of 2003. Excluded from the international sales of crude oil were 3.5 million metric tons (26 million barrels) of intercompany sales of crude oil to Mazeikiu Nafta as well as other intercompany sales in the first half of 2004. International sales of petroleum products were at a level of 9.4 million metric tons (71 million barrels) in the first six months of 2004, which is 17.2% higher than in the corresponding period of 2003. Sales of petroleum products on the Russian domestic market in the first six months of 2004 were 7.9 million metric tons (61 million barrels), which is 10.7% lower than in the first six months of 2003.
In the first six months of 2004 exports of crude oil outside the territory of the Russian Federation including sales to Mazeikiu Nafta were 26.8 million metric tons (196 million barrels), an increase of 13.3% over the first six months of 2003. Exports of petroleum products outside the territory of the Russian Federation were 5.8 million metric tons (42 million barrels) in the first six months of 2004, an increase of 9.4% over the corresponding period of 2003.
The light product yield at Company refineries, including Mazeikiu Nafta, was 61.77% in the first six months of 2004, compared to 60.30% in the corresponding period of 2003. Excluding Mazeikiu Nafta, the light product yield was 58.76% in the first six months of 2004, compared to 57.92% in the first six months of 2003.
YUKOS drilled 397.2 thousand meters of production wells in the first six months of 2004, 26.1% less than in the corresponding period of 2003 excluding YUKOS’ interest in equity affiliates. Placed on stream in 1 half 2004 were 141 new wells compared to 168 in the first half of 2003 excluding YUKOS’ interest in equity affiliates.
For more information see www.yukos.com
Posted by Richard Price,
Editor Pipeline Magazine
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