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TMK Announces Q3 2019 and 9M 2019 Operation Report

https://en.steelhome.com [SteelHome] 2019-10-17 11:46:00

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TMK, one of the world’s leading producers of tubular products for the oil and gas industry, annouances its operational results for the third quarter and nine months of 2019.

9M and 3Q 2019 Summary Results

(thousand tonnes)

Product

9M 2019

9M 2018

Change

3Q 2019

2Q 2019

Change

Seamless pipe

2,003

2,025

-1%

651

680

-4%

Welded pipe

927

979

-5%

290

343

-15%

Total

2,930

3,004

-2%

941

1,023

-8%

Including:

1,364

1,422

-4%

416

467

-11%

 OCTG

9M 2019 vs. 9M 2018

- Total pipe shipments slightly declined year-on-year, due to lower shipments of both seamless and welded pipe (down 1% and 5% year-on-year, respectively), resulting mainly from a decrease in shipments at the American division.
This was partially offset by increased total pipe shipments at the Russian division (up 5% year-on-year), driven by higher shipments of seamless OCTG pipe (9% year-on-year) and large diameter pipe (up 68% year-on-year).

- Total OCTG shipments were down 4% year-on-year. OCTG shipments at the Russian division grew 7% year-on-year due to an increasing complexity of hydrocarbon production projects in Russia and a higher share of horizontal drilling.

- Total shipments of premium-threaded connections were down by 5% year-on-year, to 282 thousand tonnes, while shipments at the Russian division increased 16% year-on-year.

3Q 2019 vs. 2Q 2019

- Total pipe shipments declined, as the Company guided before, as the third quarter is traditionally lower, due to pre-planned upgrade and maintenance works at the Russian division’s key production facilities and a seasonal slowdown of activities in the European market.

- Seamless pipe shipments were down 4% quarter-on-quarter, largely due to lower OCTG and line pipe shipments at the American division, as activity in the North American market continues to soften – impacted by oil price instability, a continued decrease in rig count, higher pipe inventories on the ground and stricter capital discipline of oil and gas companies. The pre-planned upgrade and maintenance works at the Russian division’s key production facilities and a seasonal slowdown of activities in the European market have also contributed to the total result.

- Welded pipe shipments decreased by 15% quarter-on-quarter, due to a decline in OCTG and line pipe shipments at the American division, as well as due to lower large diameter pipe shipments at the Russian division.

- OCTG shipments declined by 11% quarter-on-quarter, mainly due to lower shipment volumes at the American division and lower shipments at the Russian division as the result of pre-planned upgrade and maintenance works at the Russian division’s key production facilities.

Source from TMK

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