LUKOIL has published consolidated US GAAP financial statements for 2014.
The Company’s 2014 net income reached $4,746 million. EBITDA (earnings before interest, taxation, depreciation and amortization) reached $15,982 million in 2014. Sales revenues were $144,167 million (+1.9% y-o-y). The changes in ruble-nominated revenues were significantly affected by the ruble devaluation.
Net income in 2014 was negatively affected by $2,341 million non-cash losses due to asset impairment in Russia, Ukraine, Western Africa and Kazakhstan. Excluding the non-cash losses net income was $7,087 mln and EBITDA was $18,426 mln.
Free cash flow in 2014 amounted to $925 million. Capital expenditures were $15,391 million in 2014.
Hydrocarbon lifting costs in Russia decreased by 23% in the fourth quarter of 2014 and reached $4.30 per boe. In 2014, hydrocarbon lifting costs amounted to $5.74 per boe.
In 2014, LUKOIL Group total hydrocarbon production available for sale increased by 5.1% y-o-y and reached 2,314 thousand boe per day.Crude oil production of LUKOIL Group in2014 increased 7.0% to 97.208 million tonnes.
Throughput at the Company’s own and affiliated refineries increased by 0.3% to 66.6 million tonnes. Throughput the Company’s refineries in Russia increased 0.1%.
Consolidated Statements of Income
|
|
2014 |
2013 |
2012 |
|
|
(millions of US dollars) |
|
Revenues
|
|
|
|
|
Sales (including excise and export tariffs) |
144,167 |
141,452 |
139,171 |
|
|
|
|
|
|
Costs and other deductions |
|
|
|
|
Operating expenses |
(10,115) |
(10,086) |
(9,359) |
|
Cost of purchased crude oil, gas and products |
(71,245) |
(65,924) |
(64,148) |
|
Transportation expenses |
(5,894) |
(6,290) |
(6,171) |
|
Selling, general and administrative expenses |
(3,858) |
(3,849) |
(3,755) |
|
Depreciation, depletion and amortization |
(8,816) |
(5,756) |
(4,832) |
|
Taxes other than income taxes |
(12,892) |
(13,803) |
(13,666) |
|
Excise and export tariffs |
(21,364) |
(22,334) |
(22,836) |
|
Exploration expense |
(1,104) |
(602) |
(364) |
|
(Loss) gain on disposals and impairments of assets |
(1,753) |
(2,561) |
30 |
|
Income from operating activities |
7,126 |
10,247 |
14 070 |
|
|
|
|
|
|
Interest expense |
(637) |
(488) |
(538) |
|
Interest and dividend income |
275 |
239 |
257 |
|
Equity share in income of affiliates |
552 |
575 |
518 |
|
Currency translation loss |
(355) |
(443) |
(512) |
|
Other non-operating expense (income) |
(189) |
328 |
(72) |
|
Income before income taxes |
6,772 |
10,458 |
13,723 |
|
|
|
|
|
|
Current income taxes |
(2,876) |
(2,051) |
(2,738) |
|
Deferred income taxes |
818 |
(780) |
(60) |
|
Total income tax expense |
(2,058) |
(2,831) |
(2,798) |
|
|
|
|
|
|
Net income |
4,714 |
7,627 |
10,925 |
|
|
|
|
|
|
Net loss attributable to non-controlling interests |
32 |
205 |
79 |
|
|
|
|
|
|
Net income attributable to OAO LUKOIL |
4,746 |
7,832 |
11,004 |
|
|
|
|
|
|
Earning per share of common stock attributable to OAO LUKOIL
(in US dollars): |
|
|
|
|
Basic |
6.29 |
10.38 |
14.47 |
|
Diluted |
6.20 |
10.18 |
14.17 |
|
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