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LUKOIL has published consolidated US GAAP financial statements for 2014.
The Company’s 2014 net income reached $4,746 million. EBITDA (earnings before interest, taxation, depreciation and amortization) reached $15,982 million in 2014. Sales revenues were $144,167 million (+1.9% y-o-y). The changes in ruble-nominated revenues were significantly affected by the ruble devaluation.
Net income in 2014 was negatively affected by $2,341 million non-cash losses due to asset impairment in Russia, Ukraine, Western Africa and Kazakhstan. Excluding the non-cash losses net income was $7,087 mln and EBITDA was $18,426 mln.
Free cash flow in 2014 amounted to $925 million. Capital expenditures were $15,391 million in 2014.
Hydrocarbon lifting costs in Russia decreased by 23% in the fourth quarter of 2014 and reached $4.30 per boe. In 2014, hydrocarbon lifting costs amounted to $5.74 per boe.
In 2014, LUKOIL Group total hydrocarbon production available for sale increased by 5.1% y-o-y and reached 2,314 thousand boe per day. Crude oil production of LUKOIL Group in 2014 increased 7.0% to 97.208 million tonnes.
Throughput at the Company’s own and affiliated refineries increased by 0.3% to 66.6 million tonnes. Throughput the Company’s refineries in Russia increased 0.1%.
Consolidated Statements of Income
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2014
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2013
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2012
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(millions of US dollars)
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Revenues
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Sales (including excise and export tariffs)..................................
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144,167
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141,452
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139,171
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Costs and other deductions
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Operating expenses...............................................................
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(10,115)
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(10,086)
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(9,359)
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Cost of purchased crude oil, gas and products.....................................................................................................................
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(71,245)
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(65,924)
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(64,148)
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Transportation expenses........................................................
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(5,894)
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(6,290)
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(6,171)
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Selling, general and administrative expenses..............................
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(3,858)
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(3,849)
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(3,755)
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Depreciation, depletion and amortization...................................
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(8,816)
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(5,756)
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(4,832)
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Taxes other than income taxes...............................................
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(12,892)
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(13,803)
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(13,666)
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Excise and export tariffs.........................................................
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(21,364)
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(22,334)
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(22,836)
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Exploration expense...............................................................
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(1,104)
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(602)
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(364)
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(Loss) gain on disposals and impairments of assets......................
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(1,753)
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(2,561)
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30
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Income from operating activities........................................
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7,126
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10,247
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14 070
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Interest expense...................................................................
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(637)
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(488)
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(538)
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Interest and dividend income..................................................
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275
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239
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257
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Equity share in income of affiliates............................................
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552
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575
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518
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Currency translation loss.........................................................
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(355)
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(443)
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(512)
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Other non-operating expense (income)....................................
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(189)
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328
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(72)
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Income before income taxes...............................................
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6,772
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10,458
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13,723
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Current income taxes.............................................................
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(2,876)
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(2,051)
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(2,738)
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Deferred income taxes...........................................................
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818
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(780)
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(60)
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Total income tax expense...................................................
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(2,058)
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(2,831)
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(2,798)
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Net income.........................................................................
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4,714
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7,627
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10,925
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Net loss attributable to non-controlling interests.........................
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32
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205
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79
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Net income attributable to OAO LUKOIL.............................
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4,746
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7,832
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11,004
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Earning per share of common stock attributable to OAO LUKOIL
(in US dollars):
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Basic..............................................................................
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6.29
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10.38
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14.47
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Diluted...........................................................................
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6.20
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10.18
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14.17
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