OREANDA-NEWS. December 08, 2009. LUKOIL publishes consolidated US GAAP financial accounts for the third quarter and nine months of 2009.

The Company’s net income was USD 5,285 million in the nine months of 2009, including USD 2,056 million in the third quarter. EBITDA was USD 10,237 million. Revenues from sales were USD 56,802 million. Free cash flow was USD 1,442 million in the nine months of 2009, including USD 1,297 million in the third quarter compared to -USD 84 million in the second quarter.

The Company’s tax expenses totalled USD 15.3 billion in the nine months of 2009, including income tax expense of USD 1.6 billion.

Lifting costs per boe of production in the nine months of 2009 decreased by 19% y-o-y, to USD 3.39 from USD 4.16 in the nine months of 2008.

Capital expenditures including non-cash transactions in the nine months of 2009 were USD 4.7 billion which is 40% lower y-o-y. Reduction of capital expenditures was in line with the anti-crisis program developed by the Company in the beginning of the year.

LUKOIL Group total hydrocarbon production available for sale reached 2,214 th. boe per day in the nine months of 2009, which is a 1.1% increase y-o-y. Crude oil production by LUKOIL Group increased by 3.3% y-o-y to 1,978 th. barrels per day.

Crude oil production of LUKOIL Group in the nine months of 2009 totalled 73.28 mln tons. At the same time, crude oil output from the Yuzhnaya Khylchuya field in Timan-Pechora, brought into production in the third quarter of 2008, reached 5.1 mln tons. Natural and petroleum gas output of LUKOIL Group available for sale was 10.94 bcm: output as part of international projects totalled 3.40 bcm (grew by 15.1% y-o-y), output inRussia was down 23.3% y-o-y to 7.54 bcm.

Throughputs at the Company’s refineries (including its share in throughput at the ISAB and TRN refining complexes) increased by 10.9% y-o-y in the nine months of 2009 and reached 46.55 mln tons. Throughputs at the Company’s refineries in Russia increased by 0.9% y-o-y, throughputs at the Company’s international refineries grew by 49.1% y-o-y.

Crude oil exports in the nine months of 2009 increased by 10.3% to 31.8 million tons (853 th. barrels per day), exports of petroleum products grew by 10.5% y-o-y to 21.3 million tons. LUKOIL sold 112.5 million tons of crude oil and petroleum products, which is 13.1% higher y-o-y.

LUKOIL copes with the difficult macroeconomic situation and secures positive free cash flow thanks to implementing measures aimed at higher efficiency which were developed in the beginning of the year.

CONSOLIDATED STATEMENT OF INCOME

(Millions of US dollars, unless otherwise noted)

 

9 months of

 

2009

2008

 

 

(millions of US dollars)

 

Revenues

 

 

 

Sales (including excise and export tariffs)          

56,802

89,265

 

 

 

 

 

Costs and other deductions

 

 

 

Operating expenses     

(5,015)

(5,882)

 

Cost of purchased crude oil, gas and products   

(21,475)

(31,956)

 

Transportation expenses           

(3,594)

(4,048)

 

Selling, general and administrative expenses     

(2,398)

(2,832)

 

Depreciation, depletion and amortization

(3,001)

(2,098)

 

Taxes other than income taxes 

(4,569)

(11,124)

 

Excise and export tariffs           

(9,176)

(16,342)

 

Exploration expense     

(188)

(273)

 

Gain (loss) on disposals and impairments of assets       

15

(210)

 

Income from operating activities 

7,401

14,500

 

 

 

 

 

Interest expense          

(503)

(259)

 

Interest and dividend income     

105

113

 

Equity share in income of affiliates        

270

462

 

Currency translation loss          

(337)

(165)

 

Other non-operating income (expense)   

37

(115)

 

Income before income taxes     

6,973

14,536

 

 

 

 

 

Current income taxes   

(1,430)

(3,899)

 

Deferred income taxes  

(123)

205

 

Total income tax expense         

(1,553)

(3,694)

 

 

 

 

 

Net income      

5,420

10,842

 

 

 

 

 

Less: net income attributable to noncontrolling interests 

(135)

(77)

 

 

 

 

 

Net income attributable to OAO LUKOIL

5,285

10,765

 

 

 

 

 

Basic and diluted earning per share of common stock attributable to OAO LUKOIL (in US dollars)     

6.24

12.85

Full consolidated US GAAP financial accounts of LUKOIL for the nine months of 2009 are available on the Company’s web sites: www.lukoil.com and www.lukoil.ru.