LUKoil publishes financial statements for 2011

Mar 02, 2012 12:00 AM

The Companys 2011 net income rose by 15.0 % and reached $ 10,357 mm. EBITDA (earnings before interest, taxation, depreciation and amortization) rose by 15.9 % and reached $ 18,606 mm in 2011. Sales revenues were $ 133,650 mm. The positive dynamics of our financial results was mainly due to a sharp increase in hydrocarbon prices in 2011 compared with 2010.
Net
income for the fourth quarter 2011 was negatively affected by $ 955 mm losses due to the write-off of assets caused by the revaluation of the Yuzhnoye Khylchuyu field reserves.

The
Companys strict financial discipline and cost control helped generate a record high free cash flow in 2011 compared with previous years. The free cash flow reached $ 7,240 mm in 2011 compared with $ 6,930 mm in 2010. The capital expenditures, including non-cash transactions, in 2011 were $ 8,492 mm, which is 24.1 % higher than in 2010. Hydrocarbon production costs per boe reached $ 4.71 in 2011, having increased by 14.3 % y-o-y, mainly due to the appreciation of the ruble against the dollar.
Commercial
hydrocarbon production by LUKoil Group for 2011 amounted to 2,140 boe per day, which is 4.4 % below y-o-y.

In
2011, throughputs at the Companys own and affiliated refineries (including its share in crude-oil and petroleum-product throughput at the ISAB and TRN refining complexes) decreased by 1.9 % y-o-y down to 64.92 mm tons.
Throughputs
at the Companys refineries in Russia increased by 0.1 % y-o-y, throughputs at the international refineries decreased by 6.3 % y-o-y.

The shutdown of the Odessa refinery as a result of unfavorable economic conditions mainly accounts for the decrease in international throughputs in 2011.
Measures
aimed at higher efficiency and cost control allow the Company to generate a strong free cash flow and increase the net income.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« September 2016 »
September
MoTuWeThFrSaSu
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 30

Register to announce Your Event

View All Events