LUKOIL
publishes consolidated US GAAP financial accounts for the first quarter of 2010.
The
Company’s net income was $2,053 million in the first quarter of 2010, which is
126.9% higher y-o-y. EBITDA was $3,729 million, which is 54.5% higher y-o-y.
Revenues from sales were $23,902 million.
Capital
expenditures including non-cash transactions in the first quarter of 2010
remained flat y-o-y and amounted to $1.5 billion. The Company’s policy of
capital expenditures control helps to generate high free cash flow which reached
$1,399 million in the first quarter of 2010 compared to $229 million in the
first quarter of 2009.
Lifting
costs per boe of production in the first quarter of 2010 increased by 28% y-o-y,
to $3.97 from $3.10 in the first quarter of 2009. The growth was mainly due to
the real ruble appreciation which reached 22%. However, it should be noted that
lifting costs decreased by 2.5% q-o-q.
The
Company’s tax expenses totalled $7.2 billion in the first quarter of 2010,
including income tax expense of $0.5 billion.
LUKOIL
Group total hydrocarbon production available for sale reached 2,280 th. boe per
day in the first quarter of 2010, which is a 2.5% increase y-o-y.
Crude
oil production of LUKOIL Group in the first quarter of 2010 totalled 24.06 mln
tons. Natural and petroleum gas output of LUKOIL Group available for sale
increased by 23.9% to 4.72 bcm: output as part of international projects
totalled 1.24 bcm, output in Russia was 3.48
bcm.
Throughputs
at the Company’s refineries (including its share in oil and petroleum product
throughput at the ISAB and TRN refining complexes) increased by 6.3% y-o-y in
the first quarter of 2010 and reached 15.34 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 23.4%
y-o-y.
Measures
aimed at higher efficiency and cost control allow LUKOIL to generate positive
free cash flow and obtain high income per boe of
production.
CONSOLIDATED
STATEMENT OF INCOME
|
|
3 months
of |
|
|
2010 |
2009 |
|
|
|
(millions
of US dollars) |
|
|
Revenues |
|
|
|
|
Sales (including excise and
export tariffs) |
23,902 |
14,745 |
|
|
|
|
|
|
|
Costs and other
deductions |
|
|
|
|
Operating
expenses |
(1,770) |
(1,232) |
|
|
Cost of purchased crude oil,
gas and products |
(9,520) |
(5,362) |
|
|
Transportation
expenses |
(1,351) |
(1,169) |
|
|
Selling, general and
administrative expenses |
(802) |
(729) |
|
|
Depreciation, depletion and
amortization |
(1,030) |
(994) |
|
|
Taxes other than income
taxes |
(2,080) |
(1,198) |
|
|
Excise and export
tariffs |
(4,578) |
(2,519) |
|
|
Exploration
expense |
(117) |
(37) |
|
|
(Loss) gain on disposals and
impairments of assets |
(3) |
27 |
|
|
Income from operating
activities |
2,651 |
1,532 |
|
|
|
|
|
|
|
Interest
expense |
(177) |
(163) |
|
|
Interest and dividend
income |
53 |
38 |
|
|
Equity share in income of
affiliates |
107 |
111 |
|
|
Currency translation
loss |
(40) |
(15) |
|
|
Other non-operating
expense |
(29) |
(1) |
|
|
Income before income
taxes |
2,565 |
1,502 |
|
|
|
|
|
|
|
Current income
taxes |
(556) |
(300) |
|
|
Deferred income
taxes |
34 |
(90) |
|
|
Total income tax
expense |
(522) |
(390) |
|
|
|
|
|
|
|
Net
income |
2,043 |
1,112 |
|
|
|
|
|
|
|
Less: net loss (income)
attributable to noncontrolling interests |
10 |
(207) |
|
|
|
|
|
|
|
Net income attributable to OAO
LUKOIL |
2,053 |
905 |
|
|
|
|
|
|
|
Basic and diluted earning per
share of common stock attributable to OAO LUKOIL (in US
dollars) |
2.42 |
1.07 |
Full consolidated US GAAP financial
accounts of LUKOIL for the first quarter of 2010 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.
