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Oil Company "LUKOIL"

November 26, 2013

LUKOIL net income in the third quarter of 2013 reached $3.1 billion, EBITDA $5.5 billion, free cash flow $1.6 billion

LUKOIL has published consolidated US GAAP financial statements for the third quarter of 2013.


In the third quarter of 2013 the Company’s net income of $3,105 million increased 48% compared to the second quarter of 2013. EBITDA was $5,472 million, which is a 26% q-o-q increase. Sales revenue reached $36,737 million, which is a 4.8% q-o-q increase mainly due to an increase in oil price and trading operations.


Earnings per share in the third quarter of 2013 increased 48% q-o-q to $4.11. Net income per boe of hydrocarbon production increased 47% to $15.5. Therefore, the Company shows a high level of financial efficiency in the Russian oil industry.


Free cash flow increased from $292 million in the second quarter of 2013 to $1,578 million in the third quarter of 2013. Capital expenditures including non-cash transactions and prepayments were $3,755 million in the third quarter of 2013. High financial stability allowed the Company to pay in October 2013 interim dividends for 1H 2013 in the amount of 50 rubles per share, which is a 25% y-o-y increase.


For the nine months of 2013, LUKOIL Group total hydrocarbon production available for sale reached 2.191 million boe per day, which is a 1.1% y-o-y increase. Crude oil and natural gas liquids production of LUKOIL Group for the nine months of 2013 increased 0.8% to 1.865 million barrels per day. Lifting costs per boe of production for the nine months of 2013was $5.5.


For the nine months of 2013 throughputs at the Company’s own and affiliated refineries increased 1.9% to 49.6 million tonnes. Output of refined products by the Group in Russia increased 3.3%.


Measures aimed at higher efficiency and cost control allowed the Company to maintain high operating efficiency.



CONSOLIDATED STATEMENT OF INCOME

 

3rd quarter of

9 months of

 

2013

2012

2013

2012

 

 

(millions of US dollars)

 

Revenues

 

 

 

 

 

Sales (including excise and export tariffs)

36,737

35,494

105,560

103,152

 

 

 

 

 

 

 

Costs and other deductions

 

 

 

 

 

Operating expenses

(2,514)

(2,349)

(7,480)

(6,891)

 

Cost of purchased crude oil, gas and products

(17,176)

(16,343)

(48,741)

(47,127)

 

Transportation expenses

(1,503)

(1,523)

(4,715)

(4,625)

 

Selling, general and administrative expenses

(979)

(904)

(2,817)

(2,665)

 

Depreciation, depletion and amortization

(1,545)

(1,309)

(4,358)

(3,581)

 

Taxes other than income taxes

(3,591)

(3,309)

(10,370)

(10,248)

 

Excise and export tariffs

(5,664)

(5,591)

(16,952)

(17,258)

 

Exploration expense

(65)

(52)

(203)

(199)

 

(Loss) gain on disposals and impairments of assets

(43)

(29)

(33)

137

 

Income from operating activities

3,657

4,085

9,891

10,695

 

 

 

 

 

 

 

Interest expense

(127)

(109)

(345)

(430)

 

Interest and dividend income

62

62

181

194

 

Equity share in income of affiliates

133

64

430

408

 

Currency translation gain (loss)

57

(97)

(339)

(493)

 

Other non-operating income (expense)

71

41

252

(26)

 

Income before income taxes

3,853

4,046

10,070

10,348

 

 

 

 

 

 

 

Current income taxes

(325)

(613)

(1,629)

(2,205)

 

Deferred income taxes

(432)

37

(665)

89

 

Total income tax expense

(757)

(576)

(2,294)

(2,116)

 

 

 

 

 

 

 

Net income

3,096

3,470

7,776

8,232

 

 

 

 

 

 

 

Net loss attributable to non-controlling interests

9

39

14

84

 

 

 

 

 

 

 

Net income attributable to OAO LUKOIL

3,105

3,509

7,790

8,316

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Basic

4.11

4.65

10.32

10.91

 

Diluted

4.02

4.55

10.10

10.68

 

 

 

 

 

 


 


These consolidated interim financial statements have been prepared by the Company in accordance with U.S. GAAP and have not been audited by our independent auditor. If these financial statements are audited in the future, the audit could reveal discrepancies, and we cannot give any assurance that any such discrepancies would not be material.

 

 

 

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