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.
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.

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.
hydrocarbon production by LUKoil Group for 2011 amounted to 2,140 boe per day, which is 4.4 % below y-o-y.

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.
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.
aimed at higher efficiency and cost control allow the Company to generate a strong free cash flow and increase the net income.

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
Upcoming Conferences