Yukos' Production Up 9.3% in the First Quarter Of 2004

YUKOS Oil Company released its preliminary consolidated operating results for the first quarter of 2004.

YUKOS' production was 21.1 million metric tons (154.3 million barrels) of crude oil and gas condensate, including 0.4 million metric tons (3.0 million barrels) of YUKOS' interest in the production of equity affiliates in the first quarter of 2004, which is 9.3% more than in the corresponding period of 2003. Refinery throughput increased by 6.4% in the first quarter of 2004 to 9.8 million metric tons (71.9 million barrels).

Gas production was 1.8 billion cubic meters (63.1 billion cubic feet), including 0.4 billion cubic meters (14.6 billion cubic feet) from YUKOS' interest in production of equity affiliates in the first quarter of 2004, which is 18.6% more than in the first quarter of 2003.

International sales of crude oil were 11.9 million metric tons (86.7 million barrels), an increase of 21.1% over the same period in 2003. Excluded from international sales of crude oil were 2.0 million metric tons (14.9 million barrels) of intercompany sales of crude oil to Mazeikiu Nafta as well as other intercompany sales in the first quarter of 2004. International sales of petroleum products were at a level of 4.8 million metric tons (35.9 million barrels) in the first quarter of 2004, which is 25.2% higher than in the first quarter of 2003. Sales of petroleum products on the Russian domestic market in the first quarter of 2004 were 4.0 million metric tons (30.7 million barrels), which is 10.4% lower than in the same period of 2003.

In the first quarter of 2004 exports of crude oil outside the territory of the Russian Federation including sales to Mazeikiu Nafta were 13.5 million metric tons (99 million barrels), an increase of 20.3% over the same period in 2003. Exports of petroleum products outside the territory of the Russian Federation were 2.9 million metric tons (20 million barrels) in the first quarter of 2004, an increase of 25.7% over the same period in 2003.

The light product yield at Company refineries, including Mazeikiu Nafta, was 61.84% in the first quarter of 2004, compared to 60.70% in the first quarter of 2003. Excluding Mazeikiu Nafta, the light product yield was 58.94% in the first quarter of 2004 and 57.74% in the first quarter of 2003.

YUKOS drilled 154.7 thousand meters of production wells in the first quarter of 2004, compared to 223.5 thousand meters in the first quarter of 2003 excluding YUKOS' interest in equity affiliates, with more drilling anticipated in the second half of 2004. Placed on stream in the first quarter of 2004 were 61 new wells compared to 71 in the first quarter of 2003 excluding YUKOS' interest in equity affiliates.

The above operational data for the first quarter 2004 does not include operational results of OAO Sibneft. YUKOS completed the acquisition of 92% of OAO Sibneft in October 2003, however, Sibneft has not provided YUKOS with the information necessary to consolidate the Sibneft operating results for the first quarter of 2004 and prior periods.
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