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LUKOIL published today consolidated U.S. GAAP financial accounts for the first quarter, ended March 31, 2005.
LUKOIL net profit for the first quarter of 2005 was $1,180 million, which is an increase of 44.1%, compared to $819 million for the same period of 2004.EBITDA was $1,959 million, which is 38.7% higher than in the same period of 2004. Revenue from sales during the first quarter of 2005 was $10,557 million, which is 62.1% higher than in the same period of 2004.
LUKOIL’s income tax payments rose by 43.6% in comparison with the same period of 2004. Other taxes, which includes excise and export tariffs, were $3.07 billion. This is almost double the taxes reported in the same period a year earlier.
Operating expenses in the first quarter of 2005 rose by 18.5% in comparison with the same period of 2004, which was mainly due to ruble appreciation against US dollar in real terms and growth in production of crude oil, petroleum products and petrochemicals.
Average lifting costs rose by 4% to $2.61 per barrel. However, the strengthening of the ruble in real terms in the year that ended March 31, 2005 was 16%, which means that average lifting costs fell by 10% in real terms.
Total capital expenditures in the first quarter of 2005 (cash and non-cash) were $938 million, which is 23.3% higher in comparison with the same period of 2004.
As part of the Company’s long-term growth strategy, LUKOIL increased its average daily production of crude oil, which includes share in affiliates, by 5.6% to 21.982 million tons during the first quarter of 2005. This was due to growth of average flow rate per well to 11 tons per day from 10.5 tons per day a year earlier and due to putting into exploitation of new fields in Nenets Autonomous District. Organic growth of output by LUKOIL subsidiaries was 3.9%.
During the first quarter of 2005, LUKOIL sold 27.8 million tons of crude oil and petroleum products, which is 7.7% higher than in the first quarter of 2004. The share of international sales (including CIS market) in total volume of sales was 81.2% compared with 78.3% a year earlier.
Retail sales of petroleum products increased by 37.7% in volume terms during the first 3 months of 2005 compared with the first 3 months of 2004; revenues from retail sales grew by 64.0%.
OAO LUKOIL
Consolidated Statements of Income
(Millions of US dollars, unless otherwise noted)
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|
For the three months ended March 31, 2005
(unaudited) |
For the three months ended March 31, 2004
(unaudited) |
|
Revenues |
|
|
|
Sales (including excise and export tariffs) |
10,557 |
6,512 |
|
Equity share in income of affiliates |
59 |
70 |
|
Total revenues |
10,616 |
6,582 |
|
|
|
|
|
Costs and other deductions |
|
|
|
Operating expenses |
(782) |
(660) |
|
Cost of purchased crude oil, petroleum and chemical products |
(3,380) |
(1,827) |
|
Transportation expenses |
(837) |
(649) |
|
Selling, general and administrative expenses |
(512) |
(471) |
|
Depreciation, depletion and amortization |
(284) |
(248) |
|
Taxes other than income taxes |
(1,297) |
(740) |
|
Excise and export tariffs |
(1,775) |
(857) |
|
Exploration expense |
(36) |
(30) |
|
Loss on disposal and impairment of assets |
(17) |
(25) |
|
Income from operating activities |
1,696 |
1,075 |
|
Interest expense |
(55) |
(68) |
|
Interest and dividend income |
18 |
42 |
|
Currency translation (loss) gain |
(12) |
59 |
|
Other non-operating income |
13 |
46 |
|
Minority interest |
(22) |
(16) |
|
Income before income taxes |
1,638 |
1,138 |
|
Current income taxes |
(490) |
(311) |
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Deferred income taxes |
32 |
(8) |
|
Total income tax expense |
(458) |
(319) |
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Net income |
1,180 |
819 |
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|
|
|
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Per share of common stock (US dollars): |
|
|
|
Basic |
1.45 |
1.00 |
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Diluted |
1.43 |
0.99 |
LUKOIL consolidated financial accounts under U.S. GAAP for the first quarter of 2005 are published in full on the Company’s web sites (www.lukoil.ru and www.lukoil.com).
These consolidated interim financial statements have been prepared by the Company in accordance with U.S. GAAP and have not been audited by our independent auditor. If these financial statements are audited in the future, the audit could reveal differences in our consolidated financial results and we cannot assure that any such differences would not be material.
Press Centre OAO "LUKOIL"
phone.: (095)927-1677, fax: (095)927-1653,
E-mail: pr@lukoil.com
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