By Jaime Llinares Taboada

Lukoil PJSC on Wednesday reported an improved profit for the third quarter, as production and prices increased. Here's what the Russian oil-and-gas major had to say:

On sales:

"In the third quarter of 2021, our sales amounted to RUB2,588.7 billion, up 17.6% quarter-on-quarter."

"The growth was attributable to higher prices for crude oil and refined products, higher hydrocarbon production and refinery throughput volumes, higher oil and refined products trading volumes, as well as higher refined products retail sales volumes."

"As compared to the nine months of 2020, our sales increased by 62.3% mainly due to higher hydrocarbon prices, ruble devaluation, higher gas production volumes, as well as higher refinery throughput and oil and refined products trading volumes."

On earnings:

"In the third quarter of 2021, Ebitda increased by 4.5% quarter-on-quarter to RUB355.2 billion."

"Besides higher oil prices, Ebitda of the exploration-and-production segment in Russia was positively affected by higher oil production volumes due to the changes in external limitations under the OPEC+ agreement."

"Outside Russia, Ebitda dynamics was mainly attributable to higher gas prices and recovery of gas production in Uzbekistan."

"As compared to the nine months of 2020, Ebitda more than doubled mainly as a result of higher hydrocarbon prices, ruble devaluation, positive inventory effect at the refineries, higher refining margin in Russia, positive time lag effect of export duty and MET, as well as higher gas production volumes outside Russia."

On oil and gas production:

"For the nine months of 2021 Lukoil Group's average hydrocarbon production excluding the West Qurna-2 project was 2,116 thousand BOE per day, which is 2.5% higher year-on-year, while in the third quarter of 2021 hydrocarbon production increased by 3.2% quarter-on-quarter."

"The production growth was attributable to the dynamics of the external limitations on oil production due to the OPEC+ agreement, as well as higher gas production volumes."

On refined products:

"For the nine months of 2021, production of refined products at Lukoil Group's refineries was 45.2 million tonnes, which is 6.2% higher year-on-year."

"In the third quarter of 2021, production of refined products was 16.5 million tonnes, which is 8.7% higher quarter-on-quarter. The increase in production of refined products both in and outside Russia was attributable to the recovery of refineries utilization rates after maintenance works, as well as throughput optimization at the refineries driven by the changes in macro environment."

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

11-24-21 0439ET