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Lukoil 1h 2012 Net Income Reached $4.8 Billion, EBITDA Amounted to $8.8 Billion

LUKOIL has published consolidated US GAAP financial statements for the first half of 2012.

The Company’s net income was $4,807 million in the first half of 2012, which is a 29.0% decrease y-o-y. EBITDA was $8,808 million, which is a 17.6% decrease y-o-y. Negative effect of foreign exchange differences had a significant impact on net income. Nevertheless, LUKOIL continues to show the best financial efficiency in the industry.

Sales revenues reached $67,658 million (+4.8% y-o-y). Net debt in the first half of 2012 decreased by $893 million or by 14.1% in comparison with the beginning of the year.
Capital expenditures including non-cash transactions in the first half of 2012 were $5.4 billion. Free cash flow in the first half of 2012 was$1,699 million.

In the first half of 2012, lifting costs per boe of production were $4.86, which is a 2.0% decrease y-o-y. Cost inflation was offset by ruble depreciation in the second quarter of 2012 and efficient cost management.
In the first half of 2012, LUKOIL Group total hydrocarbon production available for sale reached 395.1 million boe, which is a 0.2% decrease y-o-y. Crude oil and natural gas liquids production of LUKOIL Group in the first half of 2012 totaled 336.4 million bbl. Production of gas available for sale increased by 10.1% y-o-y, to 9.96 bcm, mainly due to launch of new gas projects in Uzbekistan.

In the first half of 2012 throughputs at the Company’s refineries (including its share in crude oil and petroleum product throughput at the ISAB and Zeeland refining complexes) decreased by 1.3% y-o-y and reached 1.280 million barrels per day. Output at the Company’s refineries in Russia decreased by 3.6% y-o-y mainly due to scheduled maintenance at the Nizhny Novgorod Refinery in the first half of 2012, while output at the Company’s international refineries increased by 6.6% y-o-y mainly due to an increase in shareholding in ISAB refining complex from 49% to 60%.
Measures aimed at higher efficiency and cost control allow the Company to increase net income and operating efficiency.

CONSOLIDATED STATEMENT OF INCOME

 

             1st half of

 

 

2012

2011

 

(millions of US dollars)

Revenues

 

 

Sales (including excise and export tariffs)

67,658

64,358

 

 

 

Costs and other deductions

 

 

Operating expenses

(4,542)

(4,578)

Cost of purchased crude oil, gas and products

(30,784)

(28,007)

Transportation expenses

(3,102)

(3,073)

Selling, general and administrative expenses

(1,761)

(1,802)

Depreciation, depletion and amortization

(2,272)

(2,208)

Taxes other than income taxes

(6,939)

(6,369)

Excise and export tariffs

(11,667)

(10,391)

Exploration expense

(147)

(113)

Loss on disposals and impairments of assets

166

(160)

Income from operating activities

6,610

7,837

Interest expense

(321)

(350)

Interest and dividend income

132

91

Equity share in income of affiliates

344

342

Currency translation loss

(396)

(158)

Other non-operating (expense) income

(67)

335

Income before income taxes

6,302

8,097

Current income taxes

(1,592)

(980)

Deferred income taxes

52

(473)

Total income tax expense

(1,540)

(1,453)

Net income

4,762

6,644

Net loss attributable to non-controlling interests

45

124

Net income attributable to OAO LUKOIL

4,807

6,768

 

 

 

Basic and diluted earning per share of common stock attributable to OAO LUKOIL (in US dollars)Basic

Diluted

6.27

6.15

8.66

8.48

 Source

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