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Press Release

LUKOIL NET INCOME EXCLUDING NON-CASH WRITE-OFF REACHED $10.3 BILLION IN 2013, EBITDA – $19.3 BILLION

LUKOIL has published consolidated US GAAP financial statements for 2013.

The Company’s 2013 net income reached $7,832 million. EBITDA (earnings before interest, taxation, depreciation and amortization) reached $16,668 million in 2013. Sales revenues were $141,452 million (+1.6% y-o-y). The positive dynamics of revenues was due to a y-o-y increase in hydrocarbon, petrochemicals and premium petroleum products production in 2013.

Net income for the fourth quarter of 2013 was negatively affected by $2,449 million non-cash losses due to write-off of Yuzhnoye Khylchuyu field, West Africa projects, Karpatneftekhim and ISAB plants, LUKOIL-Ecoenergo and other assets. Excluding the non-cash losses net income was $10,281 mln and EBITDA was $19,255 mln (+1,8% y-o-y).

Free cash flow in 2013 amounted to $643 million. Capital expenditures was $15,434 million in 2013.

In 2013, LUKOIL Group total hydrocarbon production available for sale increased by 1.5% y-o-y and reached 2,202 thousand boe per day.

Crude oil production of LUKOIL Group in 2013 increased 1.1% to 90.807 million tonnes. Production of gas available for sale increased by 2.3% to 20.391 bcm including 6.428 bcm produced internationally and 13.963 bcm in Russia.

Throughput at the Company’s own and affiliated refineries increased by 0.4% to 66.3 million tonnes. Throughput the Company’s refineries in Russia increased 1.8%.

Consolidated Statements of Income
201320122011
(millions of US dollars)
Revenues
Sales (including excise and export tariffs).................................141,452139,171133,650
Costs and other deductions
Operating expenses..............................................................(10,086)(9,359)(9,055)
Cost of purchased crude oil, gas and products..........................(65,924)(64,148)(59,694)
Transportation expenses.......................................................(6,290)(6,171)(6,121)
Selling, general and administrative expenses.............................(3,849)(3,755)(3,822)
Depreciation, depletion and amortization..................................(5,756)(4,832)(4,473)
Taxes other than income taxes..............................................(13,803)(13,666)(12,918)
Excise and export tariffs........................................................(22,334)(22,836)(22,217)
Exploration expense..............................................................(602)(364)(532)
(Loss) gain on disposals and impairments of assets.....................(2,561)30(1,663)
Income from operating activities.......................................10,24714,07013,155
Interest expense..................................................................(488)(538)(694)
Interest and dividend income.................................................239257211
Equity share in income of affiliates...........................................575518690
Currency translation loss........................................................(443)(512)(301)
Other non-operating income (expense)...................................328(72)58
Income before income taxes..............................................10,45813,72313,119
Current income taxes............................................................(2,051)(2,738)(2,678)
Deferred income taxes..........................................................(780)(60)(615)
Total income tax expense..................................................(2,831)(2,798)(3,293)
Net income........................................................................7,62710,9259,826
Net loss attributable to non-controlling interests........................20579531
Net income attributable to OAO LUKOIL............................7,83211,00410,357
Earning per share of common stock attributable to OAO LUKOIL
(in US dollars):
Basic.............................................................................10.3814.4713.30
Diluted..........................................................................10.1814.1713.04

  • Press release in PDF

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