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LUKOIL corporate report

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22 March 2017

LUKOIL corporate report

Report summary

The devaluation of the rouble has protected LUKOIL through the oil price crash. While many of its peers have struggled with raising debt levels, LUKOIL has emerged from the down-turn relatively unscathed. The company has one of the strongest balance sheets in the sector. If oil prices continue to recover, we forecast  it will generate strong free cash flow, thanks to its legacy asset base in Russia. With continuing market uncertainty, LUKOIL's near term goal will be to maximise cashflow, through an emphasis on capital discipline. An up-tick in the oil price has triggered the company to re-engage in drilling its brown fields in Western Siberia. Decelerating the rate of declines from its legacy asset base will be crucial if it is to demonstrate there is good running room left in its mature portfolio. Continued investment in EOR at its legacy fields, combined with ramp-up of a number of green-field developments in Russia and Central Asia underpin a robust production out-look to 2020.

Table of contents

  • Executive summary
    • Current strategic positioning
    • Strategic priorities
      • 1. Russia oil: stabilize Russia production, with greenfield providing growth
      • 2. Exploration focus highlights long-term growth strategy
      • 3. Growth through new business development
  • Financial health
  • Investment
    • Production
    • Reserves and resources
  • Key success factors
  • Economic assumptions

Tables and charts

This report includes 28 images and tables including:

  • SWOT analysis
  • Benchmark: share price performance
  • Benchmark: market rating
  • Benchmark: cash flow breakeven
  • LUKOIL: year-end net-debt
  • LUKOIL: upstream cash flow by country
  • Benchmarking: upstream base-case cash-flow outlook
  • Benchmarking: return on discretionary projects
  • Benchmarking: capital investment (2017 to 2021)
  • Key assets
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high, and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Strategic fit of upstream regions
  • Benchmark: % NPV,10 by resource theme
  • LUKOIL: production outlook
  • Reported historic and Wood Mackenzie forecast total production
  • Reserves and resource detail
  • Benchmark: reserves and resources detail
  • Benchmark: reserves and resource life
  • LUKOIL: Russian production by region
  • LUKOIL: key Russian growth projects
  • Benchmark: Deepwater acreage
  • Benchmark: reported organic reserve replacement

What's included

This report contains:

  • Document

    LUKOIL corporate report

    PDF 763.54 KB

  • Document

    LUKOIL Corporate report.xls

    XLS 3.14 MB

  • Document

    LUKOIL corporate report

    ZIP 1.47 MB

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