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2014-09-01 17:45:00

LUKOIL GROWTH 24.7% TO $5.4 BLN

ЛУКОЙЛ ВЫРОС НА 24,7%

LUKOIL has published consolidated US GAAP financial statements for the second quarter of 2014.

The Company's net income in the second quarter of 2014 amounted to $2,389 million, which is a 13.5% y-o-y increase. EBITDA (earnings before interest, taxation, depreciation and amortization) in the second quarter of 2014 increased by 24.7% y-o-y to $5,437 million. Sales revenues were $38,205 million (+9.0% y-o-y). The increase in revenue and EBITDA was mainly due to crude oil production growth in Russia and the start of cost compensation from West Qurna-2 project in Iraq.

Capital expenditures, including non-cash transactions, in the second quarter of 2014 were $4,490 million.

In the second quarter of 2014, LUKOIL Group total hydrocarbon production available for sale increased by 5.5% y-o-y and reached 2,313 thousand boe per day. Crude oil and natural gas liquids production in the second quarter of 2014 increased by 7.2% to 2,002 thousand barrels per day. The increase was mainly due to the start of commercial production from West Qurna-2 project in Iraq. Throughput at the Company's refineries in Russia increased by 1.6%.

Consolidated Statements of Income

 

2nd quarter of

1st half of

 

2014

2013

2014

2013

 

 

(millions of US dollars)

 

Revenues

 

 

 

 

 

Sales (including excise and export tariffs)

38,205

35,053

         73,886

68,823

 

 

 

 

 

 

 

Costs and other deductions

 

 

 

 

 

Operating expenses

(2,558)

(2,516)

         (4,867)

(4,966)

 

Cost of purchased crude oil, gas and products

(18,871)

(16,462)

       (36,114)

(31,565)

 

Transportation expenses

(1,557)

(1,562)

         (3,110)

(3,212)

 

Selling, general and administrative expenses

(1,015)

(972)

         (1,871)

(1,838)

 

Depreciation, depletion and amortization

(2,485)

(1,444)

         (3,997)

(2,813)

 

Taxes other than income taxes

(3,408)

(3,396)

         (6,854)

(6,779)

 

Excise and export tariffs

(5,339)

(5,787)

       (10,826)

(11,288)

 

Exploration expense

(64)

(75)

            (269)

(138)

 

Gain (loss) on disposals and impairments of assets

1

17

            (414)

10

 

Income from operating activities

2,909

2,856

           5,564

6,234

 

 

 

 

 

 

 

Interest expense

(155)

(121)

            (295)

(218)

 

Interest and dividend income

63

58

              120

119

 

Equity share in income of affiliates

91

139

              273

297

 

Currency translation gain (loss)

2

(257)

            (268)

(396)

 

Other non-operating (expense) income

(39)

168

            (119)

181

 

Income before income taxes

2,871

2,843

           5,275

6,217

 

 

 

 

 

 

 

Current income taxes

(541)

(658)

         (1,346)

(1,304)

 

Deferred income taxes

70

(90)

              208

(233)

 

Total income tax expense

(471)

(748)

         (1,138)

(1,537)

 

 

 

 

 

 

 

Net income

2,400

2,095

           4,137

4,680

 

 

 

 

 

 

 

Net (income) loss attributable to non-controlling interests

(11)

9

              (15)

5

 

 

 

 

 

 

 

Net income attributable to OAO LUKOIL

2,389

2,104

           4,122

4,685

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Basic

3.16

2.79

5.46

6.21

 

Diluted

3.10

2.73

             5.35

6.08

lukoil.com

 

 

Tags: LUKOIL, ЛУКОЙЛ, OIL, GAS, НЕФТЬ, ГАЗ
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