LUKOIL
publishes consolidated US GAAP financial accounts for the third quarter and nine
months of 2009.
The
Company’s net income was $5,285 million in the nine months of 2009, including
$2,056 million in the third quarter. EBITDA was $10,237 million. Revenues from
sales were $56,802 million. Free cash flow was $1,442 million in the nine months
of 2009, including $1,297 million in the third quarter compared to -$84 million
in the second quarter.
The
Company’s tax expenses totalled $15.3 billion in the nine months of 2009,
including income tax expense of $1.6 billion.
Lifting
costs per boe of production in the nine months of 2009 decreased by 19% y-o-y,
to $3.39 from $4.16 in the nine months of 2008.
Capital
expenditures including non-cash transactions in the nine months of 2009 were
$4.7 billion which is 40% lower y-o-y. Reduction of capital expenditures was in
line with the anti-crisis program developed by the Company in the beginning of
the year.
LUKOIL
Group total hydrocarbon production available for sale reached 2,214 th. boe per
day in the nine months of 2009, which is a 1.1% increase y-o-y. Crude oil
production by LUKOIL Group increased by 3.3% y-o-y to 1,978 th. barrels per
day.
Crude oil production of LUKOIL Group in the nine months of
2009 totalled 73.28 mln tons. At the same time, crude oil output from the
Yuzhnaya Khylchuya field in Timan-Pechora, brought into production in the third
quarter of 2008, reached 5.1 mln tons. Natural and petroleum gas output of
LUKOIL Group available for sale was 10.94 bcm: output as part of international
projects totalled 3.40 bcm (grew by 15.1% y-o-y), output inRussia was down
23.3% y-o-y to 7.54 bcm.
Throughputs
at the Company’s refineries (including its share in throughput at the ISAB and
TRN refining complexes) increased by 10.9% y-o-y in the nine months of 2009 and
reached 46.55 mln tons. Throughputs at the Company’s refineries in
Russia increased by 0.9% y-o-y,
throughputs at the Company’s international refineries grew by 49.1%
y-o-y.
Crude oil
exports in the nine months of 2009 increased by 10.3% to 31.8 million tons (853
th. barrels per day), exports of petroleum products grew by 10.5% y-o-y to 21.3
million tons. LUKOIL sold 112.5 million tons of crude oil and petroleum
products, which is 13.1% higher y-o-y.
LUKOIL
copes with the difficult macroeconomic situation and secures positive free cash
flow thanks to implementing measures aimed at higher efficiency which were
developed in the beginning of the year.
CONSOLIDATED
STATEMENT OF INCOME
(Millions
of US dollars, unless otherwise noted)
|
|
9
months of |
|
|
2009 |
2008 |
|
|
|
(millions of US dollars) |
|
|
Revenues |
|
|
|
|
Sales
(including excise and export tariffs).......................................
|
56,802 |
89,265 |
|
|
|
|
|
|
|
Costs
and other deductions |
|
|
|
|
Operating
expenses....................................................................
|
(5,015) |
(5,882) |
|
|
Cost
of purchased crude oil, gas and products................................
|
(21,475) |
(31,956) |
|
|
Transportation
expenses.............................................................
|
(3,594) |
(4,048) |
|
|
Selling,
general and administrative expenses...................................
|
(2,398) |
(2,832) |
|
|
Depreciation,
depletion and amortization........................................
|
(3,001) |
(2,098) |
|
|
Taxes
other than income taxes....................................................
|
(4,569) |
(11,124) |
|
|
Excise
and export tariffs..............................................................
|
(9,176) |
(16,342) |
|
|
Exploration
expense...................................................................
|
(188) |
(273) |
|
|
Gain
(loss) on disposals and impairments of assets............................
|
15 |
(210) |
|
|
Income
from operating activities.............................................
|
7,401 |
14,500 |
|
|
|
|
|
|
|
Interest
expense.......................................................................
|
(503) |
(259) |
|
|
Interest
and dividend income.......................................................
|
105 |
113 |
|
|
Equity
share in income of affiliates.................................................
|
270 |
462 |
|
|
Currency
translation loss .............................................................
|
(337) |
(165) |
|
|
Other
non-operating income (expense).........................................
|
37 |
(115) |
|
|
Income
before income taxes....................................................
|
6,973 |
14,536 |
|
|
|
|
|
|
|
Current
income taxes..................................................................
|
(1,430) |
(3,899) |
|
|
Deferred
income taxes................................................................
|
(123) |
205 |
|
|
Total
income tax expense........................................................
|
(1,553) |
(3,694) |
|
|
|
|
|
|
|
Net
income..............................................................................
|
5,420 |
10,842 |
|
|
|
|
|
|
|
Less: net income attributable to noncontrolling interests..................
|
(135) |
(77) |
|
|
|
|
|
|
|
Net
income attributable to OAO LUKOIL..................................
|
5,285 |
10,765 |
|
|
|
|
|
|
|
Basic and diluted earning per share of common stock attributable to
OAO LUKOIL (in US
dollars)..........................................................
|
6.24 |
12.85 |
|
|
|
|
Full
consolidated US GAAP financial accounts of LUKOIL for the nine months of 2009
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.
