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 |