OREANDA-NEWS. March 14, 2011. LUKOIL has published consolidated US GAAP financial statements for 2010.

The Company’s net income was USD 9,006 million in 2010, which is 28.5% higher compared to 2009. EBITDA was USD 16,049 million, which is 19.1% higher y-o-y. Sales revenues were USD 104,956 million (+29.4% y-o-y). Positive dynamic of our financial resultswas mainly due to a sharp increase in hydrocarbon prices in2010 compared to 2009.   

Capital expenditures including non-cash transactions in 2010 were USD 6.8 billion, which is 4.7% higher y-o-y. The Company’s strict financial discipline  helped to generate record free cash flow which reached USD 6,930 million in 2010 compared to USD 2,360 million in 2009.

In 2010, the Company’s tax expenses totalled USD 30.2 billion, including income tax expense of USD 2.4 billion.

In 2010, lifting costs per boe of production were USD 4.12, which is 15.7% higher y-o-y. The growth was mainly due to the real ruble appreciation which reached 11.6%.

In 2010, LUKOIL Group total hydrocarbon production available for sale reached 2,239 th. boe per day, which is a 1.2% increase y-o-y.

In 2010, crude oil production of LUKOIL Group totalled 95.99 mln tonnes. Natural and petroleum gas output available for sale increased by 24.5%, to 18.55 bcm. Meanwhile, the production of gas on our major gas field - Nakhodkinskoe field amounted to 8.15 bcm in 2010, which is 37.2% higher y-o-y. The growth was mainly due to increase in purchases of our gas by JSC  Gazprom (“Gazprom”) starting from the second half of 2009.

In 2010 throughputs at the Company’s refineries (including its share in crude oil and petroleum product throughput at the ISAB and TRN refining complexes) increased by 5.5% y-o-y and reached 66.18 mln tonnes. Throughputs at the Company’s refineries in Russia increased by 1.7% y-o-y, throughputs at the Company’s international refineries increased by 14.6% y-o-y.

Measures aimed at higher efficiency and cost control allow the Company to generate strong free cash flow and increase net income.

CONSOLIDATED STATEMENT OF INCOME

 

2010

2009

2008

 

                       (millions of US dollars)

Sales (including excise and export tariffs)

104,956

81,083

107,680

 

 

 

 

Costs and other deductions

 

 

 

Operating expenses

(7,969)

(7,124)

(8,126)

Cost of purchased crude oil, gas and products

(43,579)

(31,977)

(37,851)

Transportation expenses

(5,608)

(4,830)

(5,460)

Selling, general and administrative expenses          

(3,558)

(3,306)

(3,860)

Depreciation, depletion and amortization

(4,154)

(3,937)

(2,958)

Taxes other than income taxes

(8,978)

(6,474)

(13,464)

Excise and export tariffs

(18,878)

(13,058)

(21,340)

Exploration expense

(336)

(218)

(487)

Loss on disposals and impairments of assets

(363)

(381)

(425)

Income from operating activities

11,533

9,778

13,709

 

 

 

 

Interest expense

(712)

(667)

(391)

Interest and dividend income

174

134

163

Equity share in income of affiliates

472

351

375

Currency translation loss

(122)

(520)

(918)

Other non-operating income (expense)

125

(13)

(244)

Income before income taxes

11,470

9,063

12,694

 

 

 

 

Current income taxes

(2,104)

(1,922)

(4,167)

Deferred income taxes

(247)

(72)

700

Total income tax expense

(2,351)

(1,994)

(3,467)

 

 

 

 

Net income

9,119

7,069

9,227

 

 

 

 

Less: net income attributable to noncontrolling interests

(113)

(58)

(83)

 

 

 

 

Net income attributable to JSC  LUKOIL

9,006

7,011

9,144

 

 

 

 

Basic earning per share of common stock attributable to JSC  LUKOIL(in US dollars)

10.95

8.28

10.88

Diluted earning per share of common stock attributable to JSC  LUKOIL(in US dollars)

10.94

8.28

10.88