Lukoil Reports Record Net Income for 2012 (Russia)

LUKOIL, Russia’s largest privately-owned oil company has published consolidated US GAAP financial statements for 2012.

The Company, lead by the billionaire Vagit Alekperov, said its 2012 net income rose by 6.2% and reached record $11,004 million. EBITDA (earnings before interest, taxation, depreciation and amortization) rose by 1.7% and reached $18,915 million. Sales revenues were $139,171 million (+4.1% y-o-y).

The Company’s strict financial discipline and cost control helped to keep hydrocarbon extraction expenses in 2012 on the level of 2011, it amounted to $5.0 per boe. Free cash flow in 2012 amounted to $6,429 million.

Capital expenditures, including non-cash transactions, in 2012 were $11,850 million, which is 39.5% higher than in 2011. The Company’s net debt reduced by 41.5% to $3,707 million.

Commercial hydrocarbon production by LUKOIL Group for 2012 amounted to 2,170 thousand boe per day, which is 0.2% higher y-o-y.

In 2012, throughputs at the Company’s own and affiliated refineries increased by 1.8% y-o-y up to 66.1 million tons. LUKOIL is the second largest tax payer in Russian oil industry. In 2012 taxes paid by LUKOIL in Russia amounted to 1.1 trillion roubles.

[mappress]
Press Release, March 7, 2013