LUKOIL publishes consolidated US GAAP financial accounts for the first quarter of 2009.

The Company’s net income was $905 million in the first quarter of 2009. EBITDA was $2,414 million, which is 49.8% lower y-o-y. It should be noted that EBITDA decreased at a slower rate than the oil price (which fell by 53.1%) thanks to the Company’s business optimization and cost reduction. Revenues from sales were $14,745 million.

The Company’s tax expenses totalled $4.1 billion in the first quarter of 2009, including income tax expense of $390 million. The effective income tax rate was 26.0%.

Lifting costs per boe of production in the first quarter of 2009 decreased by almost 20% y-o-y, to $3.10 from $3.86 in the first quarter of 2008.

Capital expenditures including non-cash transactions in the first quarter of 2009 were $1.5 billion which is 39.2% lower y-o-y.

LUKOIL Group total hydrocarbon production available for sale reached 2,225 th. boe per day in the first quarter of 2009, which is a 1.5% increase y-o-y. Crude oil production by LUKOIL Group increased by 3.2% y-o-y to 1,976 th. barrels per day.

Crude oil production of LUKOIL Group in the first quarter of 2009 totalled 24.13 mln tons. At the same time, crude oil output from the Yuzhnaya Khylchuya field reached 1.5 mln tons. Natural and petroleum gas output of LUKOIL Group available for sale was 3.81 bcm: output as part of international projects totalled 1.22 bcm (grew by 34.2% y-o-y), output in Russia was down 23.4% y-o-y to 2.59 bcm. The decrease in gas output available for sale in Russia was due to the decrease in purchases of gas by Gazprom.

Throughputs at the Company’s refineries (including its share in throughput at the ISAB refining complex) increased by 7.3% y-o-y in the first quarter of 2009 and reached 14.28 mln tons.

Crude oil exports in the first quarter of 2009 increased by 15.7% to 10.9 million tons, exports of petroleum products grew by 3.9% y-o-y to 6.8 million tons. LUKOIL sold 35.7 million tons of crude oil and petroleum products, which is 9.6% higher y-o-y.