London, 23 March - Neftegaz.RU. Today Lukoil hosted an Investor Day in London with the participation of Vagit Alekperov, the CEO, Alexander Matytysyn, the Chief Financial Officer, Vadim Vorobyev, the Senior Vice President, Downstream and the Senior Vice President, Upstream Business, Azat Shamsuarov, who took part by video link from Moscow.
Just 2 days ago Lukoil published their consolidated financial statements with the record results for 2017. EBITDA was RUB 832 billion - a historic maximum. A core free cash flow also reached an all-time high of RUB 286 billion.
At the event in London were discussed, the company's 2017 results and long-term development strategy. Vagit Alekperov noted: «Lukoil is a unique investment story combining the best features of both Russian and international oil and gas companies»
Lukoil expect that their hydrocarbon production in 2018 to grow in the range of 1 to 2% driven by gas. In refining, the company expect to maintain the quantitative and qualitative indicators at the 2017 level. Lukoil´s planned investment program excluding service contracts is about $ 8 billion.
Vagit Alekperov highlighted that the strategy is based on the unique competitive advantages, including vast reserves and resource base, low costs of conventional barrels, successful track record in large projects' delivery, technological expertise, leadership in the refining efficiency and strong financial position.
Key tools for the delivery of the strategic goals are continuous improvement of efficiency and technological expertise, flexible and efficient reinvestment policy and adherence to the highest standards of industrial safety, labor protection and corporate governance.
Alekperov said: «I think that Lukoil is a unique investment story. I am confident that Lukoil shares are significantly undervalued. Our dividend yield is comparable to the yield of some Russian corporate bonds, which contradicts the financial logic, as we continue to develop business, improve financial performance and increase dividends. I would expect that our new strategy will become an important reason for the market to reconsider the company’s value».
To read the news in Russian.