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Press Release


LUKOIL has published consolidated US GAAP financial statements for the first quarter of 2011.

The Company’s net income was $3,517 million in the first quarter of 2011, which is 71.3% higher y-o-y. EBITDA was $5,343 million, which is 43.3% higher y-o-y. Sales revenues were $29,626 million (+23.9% y-o-y). Positive dynamic of our financial results was mainly due to a sharp increase in hydrocarbon prices in the first quarter of 2011 compared to the respective period of 2010.

Capital expenditures including non-cash transactions in the first quarter of 2011 were $1.7 billion, which is 17.3% higher y-o-y. Free cash flow increased by 43.3% and reached $2,013 million in the first quarter of 2011.

In the first quarter of 2011, lifting costs per boe of production were $4.52, which is 13.9% higher y-o-y. The growth was mainly due to the real ruble appreciation and increased expenses for power supply.

In the first quarter of 2011, LUKOIL Group total hydrocarbon production available for sale reached 2,186 th. boe per day, which is a 4.1% decrease y-o-y. Crude oil production of LUKOIL Group in the first quarter of 2011 totalled 22.84 mln tonnes. Natural and petroleum gas output available for sale increased by 1.4%, to 4.79 bcm. Meanwhile, the production of gas on our major gas field - Nakhodkinskoe field amounted to 2.13 bcm in the first quarter of 2011 compared to 2.10 bcm for the respective period of 2010.

In the first quarter of 2011 throughputs at the Company’s refineries (including its share in crude oil and petroleum product throughput at the ISAB and TRN refining complexes) decreased by 1.0% y-o-y and reached 15.19 mln tonnes. Throughputs at the Company’s refineries in Russia remained flat y-o-y, throughputs at the Company’s international refineries decreased by 3.5% y-o-y due to the scheduled maintenance at ISAB Complex in the first quarter of 2011 and shutdown of operations at the Odessa Refinery due to unfavorable economic conditions.

Measures aimed at higher efficiency and cost control allow the Company to generate strong free cash flow and increase net income.

         3 months of
   (millions of US dollars)
Sales (including excise and export tariffs)29,62623,902
Costs and other deductions
Operating expenses(2,138)(1,988)
Cost of purchased crude oil, gas and products(12,845)(9,302)
Transportation expenses(1,420)(1,351)
Selling, general and administrative expenses(825)(802)
Depreciation, depletion and amortization(1,059)(1,030)
Taxes other than income taxes(2,822)(2,080)
Excise and export tariffs(4,614)(4,578)
Exploration expense(28)(117)
Loss on disposals and impairments of assets(3)(3)
Income from operating activities3,8722,651
Interest expense          (173)(177)
Interest and dividend income4553
Equity share in income of affiliates169107
Currency translation loss(65)(40)
Other non-operating (expense) income222(29)
Income before income taxes4,0702,565
Current income taxes(331)(556)
Deferred income taxes(308)34
Total income tax expense(639)(522)
Net income3,4312,043
Plus: net loss attributable to non-controlling interests8610
Net income attributable to OAO LUKOIL3,5172,053
Earnings per share of common stock attributable to OAO LUKOIL(in US dollars):

Full consolidated US GAAP financial accounts of LUKOIL for the first quarter of 2011 are available on the Company’s web sites: www.lukoil.com and www.lukoil.ru

These consolidated interim financial statements have been prepared by the Company in accordance with U.S. GAAP and have not been audited by our independent auditor. If these financial statements are audited in the future, the audit could reveal discrepancies, and we cannot give any assurance that any such discrepancies would not be material.

  • Press release in PDF

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