Yukos’ crude oil production up 18.5%
Posted: 22 November 2003
YUKOS Oil Company released its preliminary consolidated
operating results for the third quarter and the first nine months
of 2003
Third Quarter 2003 vs. Third Quarter 2002
YUKOS’ production was 20.7 million metric tons (151 million
barrels) of crude oil and gas condensate, including 0.2 million
metric tons (1.5 million barrels) of YUKOS’ interest in the
production of equity affiliates in the third quarter of 2003, which
is 14.7 per cent more than in the corresponding period of 2002.
Refinery throughput increased by 25.2 per cent in the third quarter
of 2003 to 10.3 million metric tons (75 million barrels) primarily
as a result of consolidation into the Company’s operating
results of 2.12 million metric tons (15.4 million barrels) of crude
oil refined by YUKOS’ Lithuanian subsidiary Mazeikiu Nafta
in the third quarter of 2003.
Gas production increased from 0.65 billion cubic meters (23.0 billion
cubic feet) in the third quarter of 2002 to 1.28 billion cubic meters
(45.2 billion cubic feet) in the third quarter of 2003, including
0.29 billion cubic meters (10.3 billion cubic feet) of YUKOS’
interest in the production of equity affiliates, primarily due to
inclusion into the Company’s operating results of Sakhaneftegas
production and YUKOS’ interest in Rospan production.
In the third quarter of 2003 international sales of crude oil were
11.2 million metric tons (82 million barrels), an increase of 10.9
per cent over the same period in 2002. Excluded from the international
sales of crude oil were 2.09 million metric tons (15.3 million barrels)
of intercompany sales of crude oil to Mazeikiu Nafta and other intercompany
sales in the third quarter of 2003. International sales of petroleum
products were at a level of 5.5 million metric tons (40 million
barrels) in the third quarter of 2003, which is 79.5 per cent higher
than in the third quarter of 2002 mostly as a result of inclusion
into the Company’s international petroleum product sales of
1.99 million metric tons (15.1 million barrels) sold by Mazeikiu
Nafta. Sales of petroleum products on the Russian domestic market
in the third quarter of 2003 were 4.9 million metric tons (38 million
barrels), which is 11.3 per cent higher than in the same period
of 2002.
In the third quarter of 2003 exports of crude oil outside the territory
of the Russian Federation including sales to Mazeikiu Nafta were
12.5 million metric tons (92 million barrels), an increase of 26.4
per cent over the same period in 2002. Exports of petroleum products
outside the territory of the Russian Federation were 3.5 million
metric tons (24 million barrels) in the third quarter of 2003, an
increase of 16.5 per cent over the same period in 2002.
The light product yield at Company refineries, including Mazeikiu
Nafta, was 60.77 per cent in the third quarter of 2003, compared to 57.25 per cent
in the third quarter of 2002. Excluding Mazeikiu Nafta, the light
product yield was 57.64 per cent in the third quarter of 2003.
Excluding YUKOS’ interest in equity affiliates, YUKOS drilled
297.5 thousand meters of production wells in the third quarter of
2003, 18.9 per cent more than in the third quarter of 2002. Excluding
YUKOS’ interest in equity affiliates, placed on stream in
the third quarter of 2003 were 113 new wells compared to 83 in the
third quarter of 2002.
Nine Months 2003 vs. Nine Months 2002
YUKOS’ production was 59.7 million metric tons (436 million
barrels) of crude oil and gas condensate, including 0.4 million
metric tons (3.3 million barrels) of YUKOS’ interest in the
production of equity affiliates in the first nine months of 2003,
which is 18.5 per cent more than in the corresponding period of
2002. Refinery throughput increased by 21.7 per cent in the first
nine months of 2003 to 28.4 million metric tons (208 million barrels)
primarily as a result of consolidation into the Company’s
operating results of 5.0 million metric tons (36.3 million barrels)
of crude oil refined by YUKOS’ Lithuanian subsidiary Mazeikiu
Nafta in the first nine months of 2003.
Gas production increased from 1.60 billion cubic meters (56.7 billion
cubic feet) in the first nine months of 2002 to 3.94 billion cubic
meters (139.2 billion cubic feet) in the first nine months of 2003,
including 0.58 billion cubic meters (20.4 billion cubic feet) of
YUKOS’ interest in the production of equity affiliates, primarily
due to inclusion into the Company’s operating results of Sakhaneftegas
production and YUKOS’ interest in Rospan production.
In the first nine months of 2003 international sales of crude oil
were 32.5 million metric tons (237 million barrels), an increase
of 22.6 per cent over the same period in 2002. Excluded from the
international sales of crude oil were 4.8 million metric tons (35.3
million barrels) of intercompany sales of crude oil to Mazeikiu
Nafta and other intercompany sales in the first nine months of 2003.
International sales of petroleum products were at a level of 13.5
million metric tons (98 million barrels) in the first nine months
of 2003, which is 71.1 per cent higher than in the same period of
2002 primarily as a result of inclusion into the Company’s
international petroleum product sales of 4.5 million metric tons
(34.6 million barrels) sold by Mazeikiu Nafta. Sales of petroleum
products on the Russian domestic market in the first nine months
of 2003 were 13.8 million metric tons (105 million barrels), which
is 1.1 per cent higher than in the same period of 2002.
In the first nine months of 2003 exports of crude oil outside the
territory of the Russian Federation including sales to Mazeikiu
Nafta were 36.2 million metric tons (265 million barrels), an increase
of 37.8 per cent over the same period in 2002. Exports of petroleum
products outside the territory of the Russian Federation were 8.8
million metric tons (62 million barrels) in the first nine months
of 2003, an increase of 14.7 per cent over the same period in 2002.
The light product yield at Company refineries, including Mazeikiu
Nafta, was 60.48 per cent in the first nine months of 2003, compared
to 57.83 per cent in the first nine months of 2002. Excluding Mazeikiu
Nafta, the light product yield was 57.83 per cent in the first nine
months of 2003.
Excluding YUKOS’ interest in equity affiliates, YUKOS drilled
835.2 thousand meters of production wells in the first nine months
of 2003, 17.4 per cent more than in the same period of 2002. Excluding
YUKOS’ interest in equity affiliates, placed on stream in
the first nine months of 2003 were 281 new wells compared to 245
in the same period of 2002.
The results of Mazeikiu Nafta and Sakhaneftegas operations were
consolidated into the Company’s results beginning with the
fourth quarter and December 2002, respectively. YUKOS’ interests
in the production of Rospan and the Zapadno-Malobalykskoe oilfield
have been included in the production of equity affiliates beginning
with the first quarter and the second quarter of 2003, respectively.
Sibneft’s operations will be consolidated into the Company’s
operational and financial results beginning with the fourth quarter
of 2003.
Also released were the preliminary YukosSibneft operational targets
for 2004, which are subject to further review in light of the recent
tax changes announced or passed in the Russian Federation, and to
final approval by the YukosSibneft Board of Directors.
YukosSibneft’s crude oil and gas condensate production is
forecasted to reach 142 million metric tons (1.041 billion bbl),
including YukosSibneft’s stakes in Slavneft and other equity
affiliates’ production in the amount of 12 million metric
tons (87 million bbl) in 2004, while gas production is forecasted
at a level 13 billion cubic meters (457 billion cubic feet), including
YukosSibneft’s stakes in Slavneft and other equity affiliates’
production of 4 billion cubic meters (124 billion cubic feet). Refinery
throughput, excluding Slavneft volumes, is forecasted to reach 56
million metric tons (409 million bbl) in 2004.
For more information see www.yukos.com
Posted by Richard Price,
Editor Pipeline Magazine
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