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Lukoil Oil Company
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2014 Financial Results
| Leonid Fedun | Page 12 of 11 |
November 21, 2024
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[3/19/2015 2:52 PM] 12 0.7 0.9 1.1 1.3 1.5 5 6 7 8 9 10 2012 2013 2014 2015 US Oil production, mln bpd Drilling rigs (oil), th. 3 3.5 4 87 89 91 93 95 2012 2013 2014 2015 World Oil production, mln bpd Drilling rigs (oil & gas), th. The Price War is Almost Over Source: Baker Hughes, Bloomberg, LUKOIL estimates. • World drilling rates have sharply decreased since November 2014 • Number of active drilling rigs in US decreased to a 3 years minimum • Oil price stabilization is expected since 2H 2015 40 60 80 100 120 1 Q 2014 2 Q 2014 3 Q 2014 4 Q 2014 1 Q 2015E 2 Q 2015E 3 Q 2015E 4 Q 2015E 110 102 77 Brent oil price forecast $/bbl E -36%