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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)Odessa Refinery (Ukraine)Odessa Refinery (Ukraine)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 USADmitry 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). 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PRESS-RELEASE
07.03.2013
LUKOIL NET INCOME REACHED RECORD $11.0 BILLION IN 2012, FREE CASH FLOW AMOUNTED TO $6.4 BILLION


LUKOIL has published consolidated US GAAP financial statements for 2012.


The Companys 2012 net income rose by
6.2% and reached record $11,004 million. EBITDA (earnings before interest, taxation, depreciation and amortization) rose by 1.7% and reached $18,915 million. Sales revenues were $139,171 million (+4.1% y-o-y).


The Companys strict financial discipline and cost control helped to keep hydrocarbon extraction expenses in 2012 on the level of 2011, it amounted to $5.0 per boe. Free cash flow in 2012 amounted to $6,429 million.


Capital expenditures, including non-cash transactions, in 2012 were $11,850 million, which is 39.5% higher than in 2011. The Companys net debt reduced by 41.5% to $3,707 million.


Commercial hydrocarbon production by LUKOIL Group for 2012 amounted to 2,170 thousand boe per day, which is 0.2% higher y-o-y.


In 2012, throughputs at the Companys own and affiliated refineries increased by 1.8% y-o-y up to 66.1 million tons.


LUKOIL is the second largest tax payer in Russian oil industry. In 2012 taxes paid by LUKOIL in Russia amounted to 1.1 trillion roubles.


LUKOIL is the largest high-octane gasoline producer in Russia. In 2012 Russian refineries of the Group produced 6.9 million tons of high-octane gasoline, which is 7.8% higher y-o-y. Since 2012 all gasoline produced by LUKOIL is EURO-5.



Consolidated statement of income

 

2012

2011

2010

 

 

(millions of US dollars)

 

Revenues

 

 

 

 

Sales (including excise and export tariffs)

139,171

133,650

104,956

 

 

 

 

 

 

Costs and other deductions

 

 

 

 

Operating expenses

(9,359)

(9,055)

(8,298)

 

Cost of purchased crude oil, gas and products

(64,148)

(59,694)

(43,250)

 

Transportation expenses

(6,171)

(6,121)

(5,608)

 

Selling, general and administrative expenses

(3,755)

(3,822)

(3,558)

 

Depreciation, depletion and amortization

(4,832)

(4,473)

(4,154)

 

Taxes other than income taxes

(13,666)

(12,918)

(8,978)

 

Excise and export tariffs

(22,836)

(22,217)

(18,878)

 

Exploration expense

(364)

(532)

(336)

 

Profit (loss) on disposals and impairments of assets

30

(1,663)

(363)

 

Income from operating activities

14,070

13,155

11,533

 

 

 

 

 

 

Interest expense

(538)

(694)

(712)

 

Interest and dividend income

257

211

174

 

Equity share in income of affiliates

518

690

472

 

Currency translation loss

(512)

(301)

(122)

 

Other non-operating (expense) income

(72)

58

125

 

Income before income taxes

13,723

13,119

11,470

 

 

 

 

 

 

Current income taxes

(2,738)

(2,678)

(2,104)

 

Deferred income taxes

(60)

(615)

(247)

 

Total income tax expense

(2,798)

(3,293)

(2,351)

 

 

 

 

 

 

Net income

10,925

9,826

9,119

 

 

 

 

 

 

Net loss (income) attributable to noncontrolling interests

79

531

(113)

 

 

 

 

 

 

Net income attributable to OAO LUKOIL

11,004

10,357

9,006

 

 

 

 

 

 

Earning per share of common stock attributable to OAO LUKOIL

(in US dollars):

 

 

 

 

Basic

14.47

13.30

10.95

 

Diluted

14.17

13.04

10.94






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