🕐08.12.09 - 09:11 Uhr
LUKOIL NET INCOME REACHED $5.3 BILLION IN NINE MONTHS OF 2009
PRESS RELEASE
December 8, 2009
LUKOIL NET INCOME REACHED $5.3 BILLION
IN NINE MONTHS OF 2009
LUKOIL publishes consolidated US GAAP financial accounts for the third
quarter and nine months of 2009.
The Companys 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 Companys 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
in Russia was down 23.3% y-o-y to 7.54 bcm.
Throughputs at the Companys 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 Companys refineries in Russia increased by 0.9% y-o-y,
throughputs at the Companys 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 Companys 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.
Best regards,
Marina Santalova (Lylova)
LUKOIL IR
+7 (499) 973 7397