LUKOIL net income increased to $2.4 billion in the second quarter of 2014, EBITDA – to $5.4 billion, liquid hydrocarbons production – by 7.2%
LUKOIL has published consolidated US GAAP financial statements for the second quarter of 2014.
The Company’s net income in the second quarter of 2014 amounted to $2,389 million, which is a 13.5% y-o-y increase. EBITDA (earnings before interest, taxation, depreciation and amortization) in the second quarter of 2014 increased by 24.7% y-o-y to $5,437 million. Sales revenues were $38,205 million (+9.0% y-o-y). The increase in revenue and EBITDA was mainly due to crude oil production growth in Russia and the start of cost compensation from West Qurna-2 project in Iraq.
Capital expenditures, including non-cash transactions, in the second quarter of 2014 were $4,490 million.
In the second quarter of 2014, LUKOIL Group total hydrocarbon production available for sale increased by 5.5% y-o-y and reached 2,313 thousand boe per day. Crude oil and natural gas liquids production in the second quarter of 2014 increased by 7.2% to 2,002 thousand barrels per day. The increase was mainly due to the start of commercial production from West Qurna-2 project in Iraq. Throughput at the Company’s refineries in Russia increased by 1.6%.
Consolidated Statements of Income
|
|
2nd quarter of |
1st half of |
|
|
2014 |
2013 |
2014 |
2013 |
|
|
|
(millions of US dollars) |
|
|
Revenues |
|
|
|
|
|
|
Sales (including excise and export tariffs) |
38,205 |
35,053 |
73,886 |
68,823 |
|
|
|
|
|
|
|
|
|
Costs and other deductions |
|
|
|
|
|
|
Operating expenses |
(2,558) |
(2,516) |
(4,867) |
(4,966) |
|
|
Cost of purchased crude oil, gas and products |
(18,871) |
(16,462) |
(36,114) |
(31,565) |
|
|
Transportation expenses |
(1,557) |
(1,562) |
(3,110) |
(3,212) |
|
|
Selling, general and administrative expenses |
(1,015) |
(972) |
(1,871) |
(1,838) |
|
|
Depreciation, depletion and amortization |
(2,485) |
(1,444) |
(3,997) |
(2,813) |
|
|
Taxes other than income taxes |
(3,408) |
(3,396) |
(6,854) |
(6,779) |
|
|
Excise and export tariffs |
(5,339) |
(5,787) |
(10,826) |
(11,288) |
|
|
Exploration expense |
(64) |
(75) |
(269) |
(138) |
|
|
Gain (loss) on disposals and impairments of assets |
1 |
17 |
(414) |
10 |
|
|
Income from operating activities |
2,909 |
2,856 |
5,564 |
6,234 |
|
|
|
|
|
|
|
|
|
Interest expense |
(155) |
(121) |
(295) |
(218) |
|
|
Interest and dividend income |
63 |
58 |
120 |
119 |
|
|
Equity share in income of affiliates |
91 |
139 |
273 |
297 |
|
|
Currency translation gain (loss) |
2 |
(257) |
(268) |
(396) |
|
|
Other non-operating (expense) income |
(39) |
168 |
(119) |
181 |
|
|
Income before income taxes |
2,871 |
2,843 |
5,275 |
6,217 |
|
|
|
|
|
|
|
|
|
Current income taxes |
(541) |
(658) |
(1,346) |
(1,304) |
|
|
Deferred income taxes |
70 |
(90) |
208 |
(233) |
|
|
Total income tax expense |
(471) |
(748) |
(1,138) |
(1,537) |
|
|
|
|
|
|
|
|
|
Net income |
2,400 |
2,095 |
4,137 |
4,680 |
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to non-controlling interests |
(11) |
9 |
(15) |
5 |
|
|
|
|
|
|
|
|
|
Net income attributable to OAO LUKOIL |
2,389 |
2,104 |
4,122 |
4,685 |
|
|
|
|
|
|
|
|
|
Earning per share of common stock attributable to
OAO LUKOIL (in US dollars):
|
|
|
|
|
|
|
Basic |
3.16 |
2.79 |
5.46 |
6.21 |
|
|
Diluted |
3.10 |
2.73 |
5.35 |
6.08 |
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