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I. Graifer, Chairman of the Board of directors of LUKOILV. I. Graifer, Chairman of the Board of directors of LUKOILV. Alekperov, President of OAO LUKOIL V. Alekperov, President of OAO LUKOIL Oilmen of LUKOILOilmen of LUKOILProduction facilities of the Caspian Yuri Karchagin fieldProduction facilities of the Caspian Yuri Karchagin fieldOffshore platforme D6 in the Baltic Sea. Kratsovskoe fieldOffshore platforme D6 in the Baltic Sea. Kratsovskoe field Permnefteorgsintez Refinery Permnefteorgsintez RefineryVolgograd RefineryVolgograd Refinery Uhtaneftepererabotka Refinery Uhtaneftepererabotka Refinery Nijnegorodnefteorgsintez Refinery Nijnegorodnefteorgsintez RefineryMini refineries in KogalymMini refineries in KogalymPetrotel-LUKOIL (Romania)Petrotel-LUKOIL (Romania)LUKOIL Neftokhim Burgas (Bulgaria)LUKOIL Neftokhim Burgas (Bulgaria)Filling station commissioning in New-YorkFilling station commissioning in New-YorkChange of brand of a filling station in the USAChange of brand of a filling station in the USAOfficial ceremony to mark the commencement of production at West Qurna-2 oilfield in Iraq. 29.03.2014Official ceremony to mark the commencement of production at West Qurna-2 oilfield in Iraq. 29.03.2014Dmitry Medvedev, Prime Minister of the Russian Federation, visited the ice-rsistant platform at the Y.Korchagin field in the Caspian Sea. October 02, 2013Dmitry Medvedev, Prime Minister of the Russian Federation, visited the ice-rsistant platform at the Y.Korchagin field in the Caspian Sea. October 02, 2013President of Russia Dmitry Medvedev visited Krasnodarskaya Combined Heat and Power Plant (CHPP) of OOO LUKOIL-Kubanenergo and participated in the launch of a new 410 MW combined-cycle gas turbine (CCGT-410). October 8, 2011President of Russia Dmitry Medvedev visited Krasnodarskaya Combined Heat and Power Plant (CHPP) of OOO LUKOIL-Kubanenergo and participated in the launch of a new 410 MW combined-cycle gas turbine (CCGT-410). October 8, 2011The first large-tonnage oil shipment through the FOIROT (Varandey Oil Export Terminal). June 9, 2008The first large-tonnage oil shipment through the FOIROT (Varandey Oil Export Terminal). June 9, 2008Mounting of mooring cargo handling system on the FOIROT (Varandey Oil Export Terminal)Mounting of mooring cargo handling system on the FOIROT (Varandey Oil Export Terminal)Loading of FOIROT onto sea-going barges (Varandey Oil Export Terminal)Loading of FOIROT onto sea-going barges (Varandey Oil Export Terminal)Construction of Varandey TerminalConstruction of Varandey TerminalCommissioning of a catalytic reforming installation at the Volgograd RefineryCommissioning of a catalytic reforming installation at the Volgograd RefineryNakhodkinskoye gaz field commissioningNakhodkinskoye gaz field commissioningOil Spill Response Exercise in the Caspian SeaOil Spill Response Exercise in the Caspian SeaInternational training exercises at Varandey oil export terminalInternational training exercises at Varandey oil export terminalAnti-terrorism exercises at Vysotsk oil terminalAnti-terrorism exercises at Vysotsk oil terminalInternational anti-terrorism exercises at Volgograd RefineryInternational anti-terrorism exercises at Volgograd RefineryInternational exercise at RPK-Vysotsk LUKOIL-IIInternational exercise at RPK-Vysotsk LUKOIL-IIFire-prevention trainings in Kaliningrad RegionFire-prevention trainings in Kaliningrad RegionExercises Kaliningrad 2004Exercises Kaliningrad 2004Post cardsPost cardsSecuritiesSecuritiesPhotoPhotoEnvelopesEnvelopesStampsStampsReportsReportsFor Investors and AnalystsFor Investors and AnalystsFor ShareholdersFor ShareholdersGeneral Shareholders MeetingsGeneral Shareholders MeetingsShareholders EquityShareholders EquitySecurities trading statisticsSecurities trading statisticsFCA DisclosureFCA DisclosureFinancial ReportsFinancial ReportsLUKOIL Annual ReportsLUKOIL Annual ReportsLUKOIL Data BooksLUKOIL Data BooksLUKOIL Fact BookLUKOIL Fact BookSustainability ReportSustainability ReportCorporate Governance ReportCorporate Governance ReportFinancial FundamentalsFinancial FundamentalsOperating HighlightsOperating HighlightsPresentationsPresentationsFinancial CalendarFinancial CalendarInvestment calculatorInvestment calculatorAnalyst CoverageAnalyst CoverageInvestor Trips to Sites Investor Trips to Sites ContactsContactsKomi (2014)Komi (2014)Perm (2013)Perm (2013)Lower VolgaLower VolgaUzbekistanUzbekistanPerm (2003)Perm (2003)Karachaganak Karachaganak West SiberiaWest SiberiaEgyptEgyptShareholder Relations Policy of OAO LUKOILShareholder Relations Policy of OAO LUKOILInvestment calculatorInvestment calculatorDividendsDividendsInformation for DR holders Information for DR holders FAQFAQContactsContactsAnnual General Shareholders MeetingAnnual General Shareholders MeetingExtraordinary General Shareholders Meeting Extraordinary General Shareholders Meeting History of Share Capital History of Share Capital ShareholdersShareholdersCompany SecuritiesCompany SecuritiesShare price informationShare price informationDebt securities price informationDebt securities price informationShare price historyShare price historyInvestment calculatorInvestment calculatorOil and Gas ReservesOil and Gas ReservesExplorationExplorationField Development and ProductionField Development and ProductionProspective Projects Prospective Projects Oil RefiningOil RefiningOils and lubricantsOils and lubricantsGas Processing Gas Processing PetrochemicalsPetrochemicalsCrude Oil DeliveriesCrude Oil DeliveriesGas DeliveriesGas DeliveriesPetroleum Product MarketingPetroleum Product MarketingPersonnel Management PolicyPersonnel Management PolicySocial Code of OAO LUKOIL Social Code of OAO LUKOIL Charity and Social ActivitiesCharity and Social ActivitiesSportsSportsCorporate retirement programCorporate retirement programSupport for Orphanages and Educational Establishments for ChildrenSupport for Orphanages and Educational Establishments for ChildrenEducation Programs Education Programs Support for Medical Institutions Support for Medical Institutions Social Project ContestSocial Project ContestSupport for Museums and Creative TeamsSupport for Museums and Creative TeamsPublishing ProjectsPublishing ProjectsSupport for Religious ConfessionsSupport for Religious ConfessionsTargeted AssistanceTargeted AssistanceCorporate VolunteeringCorporate VolunteeringOAO LUKOIL's Special Projects OAO LUKOIL's Special Projects Corporate Sporting Events Corporate Sporting Events Company Policy Company Policy Caring for the Environment Caring for the Environment cological monitoringcological monitoringCertificationCertificationImplementing the Kyoto ProtocolImplementing the Kyoto ProtocolGreen InitiativesGreen InitiativesNew Generation Motor FuelNew Generation Motor FuelUtilization of Associated Petroleum GasUtilization of Associated Petroleum GasGreen News LukoilGreen News LukoilRenewable energyRenewable energyAssociated SitesAssociated SitesSubsidiaries' WebsitesSubsidiaries' Websites
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PRESS-RELEASE
10.03.2011
LUKOIL NET INCOME REACHED $9 BILLION IN 2010, FREE CASH FLOW AMOUNTED TO $6.9 BILLION


LUKOIL has published consolidated US GAAP financial statements for 2010.
 
The Companys net income was $9,006 million in 2010, which is 28.5% higher compared to 2009. EBITDA was $16,049 million, which is 19.1% higher y-o-y. Sales revenues were $104,956 million (+29.4% y-o-y). Positive dynamic of our financial resultswas mainly due to a sharp increase in hydrocarbon prices in2010 compared to 2009.   
 
Capital expenditures including non-cash transactions in 2010 were $6.8 billion, which is 4.7% higher y-o-y. The Companys strict financial discipline  helped to generate record free cash flow which reached $6,930 million in 2010 compared to $2,360 million in 2009.
 
In 2010, the Companys tax expenses totalled $30.2 billion, including income tax expense of $2.4 billion.
 
In 2010, lifting costs per boe of production were $4.12, which is 15.7% higher y-o-y. The growth was mainly due to the real ruble appreciation which reached 11.6%.
 
In 2010, LUKOIL Group total hydrocarbon production available for sale reached 2,239 th. boe per day, which is a 1.2% increase y-o-y.
 
In 2010, crude oil production of LUKOIL Group totalled 95.99 mln tonnes. Natural and petroleum gas output available for sale increased by 24.5%, to 18.55 bcm. Meanwhile, the production of gas on our major gas field - Nakhodkinskoe field amounted to 8.15 bcm in 2010, which is 37.2% higher y-o-y. The growth was mainly due to increase in purchases of our gas by OAO Gazprom (Gazprom) starting from the second half of 2009.
 
In 2010 throughputs at the Companys refineries (including its share in crude oil and petroleum product throughput at the ISAB and TRN refining complexes) increased by 5.5% y-o-y and reached 66.18 mln tonnes. Throughputs at the Companys refineries in Russia increased by 1.7% y-o-y, throughputs at the Companys international refineries increased by 14.6% y-o-y.
 
Measures aimed at higher efficiency and cost control allow the Company to generate strong free cash flow and increase net income.
 
CONSOLIDATED STATEMENT OF INCOME

2010
2009
2008
                       (millions of US dollars)
Sales (including excise and export tariffs)
104,956
81,083
107,680
 
 
 
 
Costs and other deductions
 
 
 
Operating expenses
(7,969)
(7,124)
(8,126)
Cost of purchased crude oil, gas and products
(43,579)
(31,977)
(37,851)
Transportation expenses
(5,608)
(4,830)
(5,460)
Selling, general and administrative expenses          
(3,558)
(3,306)
(3,860)
Depreciation, depletion and amortization
(4,154)
(3,937)
(2,958)
Taxes other than income taxes
(8,978)
(6,474)
(13,464)
Excise and export tariffs
(18,878)
(13,058)
(21,340)
Exploration expense
(336)
(218)
(487)
Loss on disposals and impairments of assets
(363)
(381)
(425)
Income from operating activities
11,533
9,778
13,709
 
 
 
 
Interest expense
(712)
(667)
(391)
Interest and dividend income
174
134
163
Equity share in income of affiliates
472
351
375
Currency translation loss
(122)
(520)
(918)
Other non-operating income (expense)
125
(13)
(244)
Income before income taxes
11,470
9,063
12,694
 
 
 
 
Current income taxes
(2,104)
(1,922)
(4,167)
Deferred income taxes
(247)
(72)
700
Total income tax expense
(2,351)
(1,994)
(3,467)
 
 
 
 
Net income
9,119
7,069
9,227
 
 
 
 
Less: net income attributable to noncontrolling interests
(113)
(58)
(83)
 
 
 
 
Net income attributable to OAO LUKOIL
9,006
7,011
9,144
 
 
 
 
Basic earning per share of common stock attributable to OAO LUKOIL(in US dollars)
10.95
8.28
10.88
Diluted earning per share of common stock attributable to OAO LUKOIL(in US dollars)
10.94
8.28
10.88
 
 
Full consolidated US GAAP financial accounts of LUKOIL for 2010 are available on the Companys web sites: www.lukoil.com and www.lukoil.ru.



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