Russia: Lukoil Announces Strong Income Increase for 1st Half 2010


LUKOIL publishes consolidated US GAAP financial accounts for the second quarter and first half of 2010.

The Company’s net income was $4,002 million in the first half of 2010, including $1,949 million in the second quarter. The Company’s free cash flow in the first half of 2010 amounted to $3,127 million, compared to $145 million in the first half of 2009. EBITDA in the first half of 2010 was $7,433 million. Revenues from sales were $49,755 million.

The Company’s tax expenses totalled $14.8 billion in the first half of 2010, including income tax expense of $1.1 billion.

Lifting costs per boe of production in the first half of 2010 increased by 23.7% y-o-y, to $4.02 from $3,25 in the first half of 2009. The growth was due to real appreciation of the ruble against the dollar, as well as increase in electricity and labour costs.

Capital expenditures including non-cash transactions in the first half of 2010 were $3.2 billion, which is 4.9% higher y-o-y.

LUKOIL Group total hydrocarbon production available for sale increased by 1.9% y-o-y and amounted to 2,262 th. boe per day in the first half of 2010, including a 25.5% increase of gas production (to 300 th. barrels per day).

Crude oil production of LUKOIL Group in the first half of 2010 totalled 48.14 mln tons. Natural and petroleum gas output of LUKOIL Group available for sale was 9.24 bcm: output as part of international projects was 2.48 bcm (grew by 5.6% y-o-y), output in Russia increased by 34.9% y-o-y to 6.76 bcm.

Throughputs at the Company’s refineries (including its share in throughput at the ISAB Complex and TRN Refinery) increased by 8.2% y-o-y in the first half of 2010 and reached 32.41 mln tons. Throughputs at the Company’s refineries in Russia increased by 1.5% y-o-y, throughputs at the Company’s international refineries grew by 26.1% y-o-y.

Crude oil exports in the first half of 2010 amounted to 20.4 million tons, exports of petroleum products were 12.9 million tons. LUKOIL Group crude oil and petroleum product sales remained almost unchanged compared to the first half of 2009 at $76.8 million tons.

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

Source: Lukoil, August 31, 2010;

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply