LUKOIL
publishes consolidated US GAAP financial accounts for the second quarter and
first half of 2010.
The
Company’s net income was $4,002 million in the first half of 2010, including
$1,949 million in the second quarter. The Company’s free cash flow in the first
half of 2010 amounted to $3,127 million, compared to $145 million in the first
half of 2009. EBITDA in the first half of 2010 was $7,433 million. Revenues from
sales were $49,755 million.
The
Company’s tax expenses totalled $14.8 billion in the first half of 2010,
including income tax expense of $1.1 billion.
Lifting
costs per boe of production in the first half of 2010 increased by 23.7% y-o-y,
to $4.02 from $3,25 in the first half of 2009. The growth was due to real
appreciation of the ruble against the dollar, as well as increase in electricity
and labour costs.
Capital
expenditures including non-cash transactions in the first half of 2010 were $3.2
billion, which is 4.9% higher y-o-y.
LUKOIL
Group total hydrocarbon production available for sale increased by 1.9% y-o-y
and amounted to 2,262 th. boe per day in the first half of 2010, including a
25.5% increase of gas production (to 300 th. barrels per
day).
Crude
oil production of LUKOIL Group in the first half of 2010 totalled 48.14 mln
tons. Natural and petroleum gas output of LUKOIL Group available for sale was
9.24 bcm: output as part of international projects was 2.48 bcm (grew by 5.6%
y-o-y), output in Russia increased by 34.9% y-o-y to
6.76 bcm.
Throughputs
at the Company’s refineries (including its share in throughput at the ISAB
Complex and TRN Refinery) increased by 8.2% y-o-y in the first half of 2010 and
reached 32.41 mln tons. Throughputs at the Company’s refineries in
Russia increased by 1.5% y-o-y,
throughputs at the Company’s international refineries grew by 26.1% y-o-y.
Crude
oil exports in the first half of 2010 amounted to 20.4 million tons, exports of
petroleum products were 12.9 million tons. LUKOIL Group crude oil and petroleum
product sales remained almost unchanged compared to the first half of 2009 at
$76.8 million tons.
LUKOIL
copes with the difficult macroeconomic situation and secures positive free cash
flow thanks to implementing measures aimed at higher efficiency which were
developed at the beginning of the year.
CONSOLIDATED
STATEMENT OF INCOME
(Millions
of US dollars, unless otherwise noted)
|
|
1st
half of |
|
|
2010 |
2009 |
|
Revenues |
|
|
|
Sales
(including excise and export tariffs)................................
|
49,755 |
34,861 |
|
|
|
|
|
Costs
and other deductions |
|
|
|
Operating
expenses............................................................
|
(3,802) |
(3,108) |
|
Cost
of purchased crude oil, gas and products.........................
|
(20,275) |
(13,272) |
|
Transportation
expenses......................................................
|
(2,780) |
(2,356) |
|
Selling,
general and administrative expenses............................
|
(1,655) |
(1,520) |
|
Depreciation,
depletion and amortization................................
|
(2,060) |
(2 ,003) |
|
Taxes
other than income taxes.............................................
|
(4,349) |
(2,593) |
|
Excise
and export tariffs.......................................................
|
(9,340) |
(5,407) |
|
Exploration
expense............................................................
|
(146) |
(69) |
|
Gain
on disposals and impairments of assets............................
|
10 |
12 |
|
Income
from operating activities.....................................
|
5,358 |
4 ,545 |
|
Interest
expense................................................................
|
(373) |
(334) |
|
Interest
and dividend income...............................................
|
98 |
65 |
|
Equity
share in income of affiliates.........................................
|
236 |
182 |
|
Currency
translation loss.......................................................
|
(42) |
(124) |
|
Other
non-operating (expense) income.................................
|
(75) |
61 |
|
Income
before income taxes............................................
|
5,202 |
4,395 |
|
Current
income taxes..........................................................
|
(1,140) |
(837) |
|
Deferred
income taxes........................................................
|
44 |
(196) |
|
Total
income tax expense................................................
|
(1,096) |
(1,033) |
|
Net
income
|
4,106 |
3,362 |
|
Less:
net income attributable to non-controlling
interests |
(104) |
(133) |
|
Net
income attributable to OAO LUKOIL...........................
|
4,002 |
3,229 |
|
|
|
|
|
Basic
and diluted earning per share of common stock attributable to
OAO LUKOIL (in US
dollars)
|
4.72 |
3.81 |
Full
consolidated US GAAP financial accounts of LUKOIL for the first half of 2010 are
available on the Company’s web sites: www.lukoil.com
and www.lukoil.ru
