OREANDA-NEWS. LUKOIL has published consolidated US GAAP financial statements for the first quarter of 2014.

The Company's net income amounted to USD 1,733 million. EBITDA (earnings before interest, taxation, depreciation and amortization) reached USD 3,995 million in the first quarter of 2014. Sales revenues were USD 35,681 million (+5.7% y-o-y).

Net income for the first quarter of 2014 was negatively affected by a loss on the expected disposal of our share in Caspian Investment Resources Ltd. in the amount of USD 358 million as well as write-offs related to the exploration projects in Africa in the amount of USD 162 million.

Free cash flow in the first quarter of 2014 amounted to USD 179 million. Capital expenditures, including non-cash operations, decreased by 3.4% to USD 3,232 million.

Lifting costs per boe of production amounted to USD 5.23, down 9.0% from the fourth quarter of 2013.

In the first quarter of 2014, LUKOIL Group total hydrocarbon production available for sale increased by 0.8% y-o-y and reached 2,214 thousand boe per day. Crude oil and natural gas liquids production in the first quarter of 2014 increased 1.8% to 1,885 thousand barrels per day. Throughput at the Company's own and affiliated refineries increased by 3.5% to 16.1 million tonnes. Throughput at the Company's refineries in Russia increased 2.0%.