OREANDA-NEWS. December 12, 2012. LUKOIL has published consolidated US GAAP financial statements for the third quarter and nine months of 2012.

The Company’s net income was USD 8,316 million in nine months of 2012, which is a 7.7% decrease y-o-y. In the third quarter of 2012 net income was USD 3,509 million, which is a 245% increase q-o-q. EBITDA was USD 14,249 million, which is a 7.0% decrease y-o-y. Increase of taxes other than income taxes had a significant negative impact on net income. Nevertheless, LUKOIL continues to show the best financial efficiency in the industry.

Sales revenues reached USD 103,152 million (+4.1% y-o-y). Net debt in nine months of 2012 decreased by USD 2,285 million or by 36.0% in comparison with the beginning of the year.

Capital expenditures in nine months of 2012 were USD 8.1 billion. Free cash flow in nine months of 2012 was USD 4,761 million.

In nine months of 2012, lifting costs per boe of production were USD 4.92, which is a 1.4% decrease y-o-y. Cost inflation was offset by ruble depreciation in nine months of 2012 and efficient cost management.

In nine months of 2012, LUKOIL Group total hydrocarbon production increased by 0.3% y-o-y and reached 593.9 million boe. Crude oil and natural gas liquids production of LUKOIL Group in nine months of 2012 totaled 507.0 million bbl. Production of gas available for sale increased by 10.9% y-o-y, to 14.77 bcm, mainly due to launch of new gas projects in Uzbekistan.

In nine months of 2012 throughputs at the Company’s refineries (including its share in crude oil and petroleum product throughput at the ISAB and Zeeland refining complexes) decreased by 0.5% y-o-y and reached 1.302 million barrels per day. Output at the Company’s refineries in Russia decreased by 3.2% y-o-y due to scheduled overhauls at the refineries in Russia in nine months of 2012, while output at the Company’s international refineries increased by 16.3% y-o-y mainly due to an increase in shareholding in ISAB refining complex from 60% to 80% in September of 2012.

Measures aimed at higher efficiency and cost control allow the Company to increase net income and operating efficiency in the third quarter of 2012 compared to the second quarter of 2012 and the third quarter of 2011.