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2015-03-03 20:45:00

LUKOIL EBITDA 2014: $15.982 BLN

LUKOIL EBITDA 2014: $15.982 BLN

 

 
 
 

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

 

2014

2013

2012

 

(millions of US dollars)

Revenues

 

 

 

 

Sales (including excise and export tariffs)..................................

144,167

141,452

139,171

 

 

 

 

Costs and other deductions

 

 

 

Operating expenses...............................................................

(10,115)

(10,086)

(9,359)

Cost of purchased crude oil, gas and products.....................................................................................................................

(71,245)

(65,924)

(64,148)

Transportation expenses........................................................

(5,894)

(6,290)

(6,171)

Selling, general and administrative expenses..............................

(3,858)

(3,849)

(3,755)

Depreciation, depletion and amortization...................................

(8,816)

(5,756)

(4,832)

Taxes other than income taxes...............................................

(12,892)

(13,803)

(13,666)

Excise and export tariffs.........................................................

(21,364)

(22,334)

(22,836)

Exploration expense...............................................................

(1,104)

(602)

(364)

(Loss) gain on disposals and impairments of assets......................

(1,753)

(2,561)

30

Income from operating activities........................................

7,126

10,247

14 070

 

 

 

 

Interest expense...................................................................

(637)

(488)

(538)

Interest and dividend income..................................................

275

239

257

Equity share in income of affiliates............................................

552

575

518

Currency translation loss.........................................................

(355)

(443)

(512)

Other non-operating expense (income)....................................

(189)

328

(72)

Income before income taxes...............................................

6,772

10,458

13,723

 

 

 

 

Current income taxes.............................................................

(2,876)

(2,051)

(2,738)

Deferred income taxes...........................................................

818

(780)

(60)

Total income tax expense...................................................

(2,058)

(2,831)

(2,798)

 

 

 

 

Net income.........................................................................

4,714

7,627

10,925

 

 

 

 

Net loss attributable to non-controlling interests.........................

32

205

79

 

 

 

 

Net income attributable to OAO LUKOIL.............................

4,746

7,832

11,004

 

 

 

 

Earning per share of common stock attributable to OAO LUKOIL

(in US dollars):

 

 

 

Basic..............................................................................

6.29

10.38

14.47

Diluted...........................................................................

6.20

10.18

14.17

 

lukoil.com

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