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February, Saturday



Neftegaz.RU context

News // Companies

LUKOIL net income excluding non-recurrent write-off reached $11.3 billion in 2011, free cash flow amounted to $7.2 billion

LUKOIL has published consolidated US GAAP financial statements for 2011.


The Company’s 2011 net income rose by 15.0% and reached $10,357 million. EBITDA (earnings before interest, taxation, depreciation and amortization) rose by 15.9% and reached $18,606 million in 2011. Sales revenues were $133,650 million (+27.3% y-o-y). 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 million losses due to the write-off of assets caused by the revaluation of the Yuzhnoye Khylchuyu field reserves.


The Company’s 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 million in 2011 compared with $6,930 million in 2010. The capital expenditures, including non-cash transactions, in 2011 were $8,492 million, 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 US dollar.

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


In 2011, throughputs at the Company’s 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 million tons. Throughputs at the Company’s 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. 


02 March 2012 , 12:31Neftegaz.RU1000


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