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2015-08-28 18:10:00

LUKOIL DOWN 59%

ЛУКОЙЛ НИЖЕ НА 59%

LUKOIL NET INCOME AND EBITDA EXCLUDING NON-CASH WRITE-OFF REACHED $2.02 BILLION AND $6.7 BILLION IN THE FIRST HALF OF 2015, LIQUID HYDROCARBONS PRODUCTION INCREASED BY 5.2%

LUKOIL has published consolidated US GAAP financial statements for the first half of 2015.

In the first half of 2015, daily hydrocarbon production by the Group was 2,373 thousand boe per day (+4.8% y-o-y). Crude oil and natural gas liquids produced by the Group were 2,044 thousand barrels per day (+5.2% y-o-y). The increase was mainly due to the start of commercial production from West Qurna-2 project in Iraq. Moreover there was increase in production in Russia in Timan-Pechora (+9.6%), Volga region and Ural region (+3.6 and +2.4% respectively).

In the first half of 2015, sales revenues were $51,294 million (-30.6% y-o-y). Net income attributable to LUKOIL decreased by 58.9% y-o-y to $1,695 million, EBITDA (earnings before interest, taxation, depreciation and amortization) decreased by 32.4% y-o-y to $6,379 million. In the first half of 2015, our financial results were affected by a sharp decrease in the hydrocarbon prices and non-cash write-off in the amount of $324 million.

In the first half of 2015, our capital expenditures, including non-cash transactions, decreased by 31.1% to $5,320 million mostly due to ruble devaluation.

Compared to the first half of 2014, the total volume of refined products produced by the Group decreased by 7.4%. Production volumes decreased by 10.9% at our Russian refineries and increased by 0.5% internationally.

During the first half of 2015, the volume of our crude oil exports from Russia increased by 24.3%, and we exported 43.1% of our domestic crude oil production (34.7% – in the first half of 2014), including 794 thousand tonnes of crude oil purchased from our affiliates and third parties (161 thousand tonnes in the first half of 2014). The volume of our refined products exports from Russia decreased by 16.4% compared to the first half of 2014.

Consolidated Statements of Comprehensive Income

 

2nd quarter of

1st half of

 

2015

2014

2015

2014

 

(millions of US dollars)

Revenues

       

Sales (including excise and export tariffs)

28,104

38,205

51,294

73,886

       

 

Costs and other deductions

     

 

Operating expenses

(2,063)

(2,558)

(3,871)

(4,867)

Cost of purchased crude oil, gas and products

(14,864)

(18,871)

(26,102)

(36,114)

Transportation expenses

(1,310)

(1,557)

(2,613)

(3,110)

Selling, general and administrative expenses

(770)

(1,015)

(1,435)

(1,871)

Depreciation, depletion and amortization

(2,186)

(2,485)

(4,005)

(3,997)

Taxes other than income taxes

(2,606)

(3,408)

(4,745)

(6,854)

Excise and export tariffs

(2,367)

(5,339)

(5,400)

(10,826)

Exploration expense

(309)

(64)

(388)

(269)

(Loss) gain on disposals and impairments of assets

(31)

1

(114)

(414)

Income from operating activities

1,598

2,909

2,621

5,564

       

 

Interest expense

(183)

(155)

(352)

(295)

Interest and dividend income

78

63

159

120

Equity share in income of affiliates

23

91

77

273

Currency translation (loss) gain

(183)

2

(220)

(268)

Other non-operating expense

(50)

(39)

(86)

(119)

Income before income taxes

1,283

2,871

2,199

5,275

       

 

Current income taxes

(363)

(541)

(701)

(1,346)

Deferred income taxes

96

70

215

208

Total income tax expense

(267)

(471)

(486)

(1,138)

       

 

Net income

1,016

2,400

1,713

4,137

       

 

Net income attributable to non-controlling interests

(11)

(11)

(18)

(15)

       

 

Net income attributable to PJSC LUKOIL

1,005

2,389

1,695

4,122

       

 

Earning per share of common stock attributable to 
PJSC LUKOIL (in US dollars):

 

     

 

Basic

1.33

3.16

2.25

5.46

Diluted

1.32

3.10

2.23

5.35

 

lukoil.com

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More: 

IRAQ REASSURES LUKOIL  

LUKOIL LEAVES SAUDI  

LUKOIL SELLS ROTTERDAM  

LUKOIL CAME TO CAMEROON  

LUKOIL EBITDA 2014: $15.982 BLN  

LUKOIL WILL CUT $1.5 BLN

 

 

Tags: LUKOIL, OIL, GAS, PRICES, ЛУКОЙЛ

Chronicle:

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INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

ЛУКОЙЛ НИЖЕ НА 59%
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

ЛУКОЙЛ НИЖЕ НА 59%
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

ЛУКОЙЛ НИЖЕ НА 59%
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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