print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Gazprom Neft press releases

Gazprom Neft

June 11, 2003

Sibneft releases audited 2002 U.S. GAAP financial results

Moscow, June 11, 2003.Sibneft revenues rose 33.6% to $4.777 billion in 2002 from $3.576 billion in 2001, according to audited, consolidated U.S. GAAP financial results released today.  Earnings before interest, tax, depreciation and amortization (EBITDA) were $1.803 billion last year, an increase of 4.9% from $1.719 billion in 2001.

 

Net income for 2002 was $1.161 billion compared to $1.305 billion in 2001.  The figures reported today were largely in line with preliminary results released earlier this year.

 

The introduction of the mineral extraction tax, higher transportation tariffs and export duties, and expenses related to expansion into new distribution markets restricted EBITDA from growing in tandem with total sales in 2002.  Net income was restricted by increased amortization due to higher production, and interest expenses on corporate debt.

 

Sibneft boosted crude oil production by 27.4% in 2002 to 26.344 million tons (536,700 barrels per day), the fastest rate of growth in the industry.  The company also led Russian oil majors with EBITDA of $9.25 per barrel of oil, while lifting costs remained stable at $1.71 per barrel. Capital expenditures for the year totaled $959 million, up from $619 million the previous year.

 

“Sibneft remained Russia’s leading oil company across several of the most important operational and financial indicators in 2002,” said Sibneft president Eugene Shvidler.  “Last year’s results serve as a foundation for continued growth and success on the back of the company’s strong asset base.”

 

 

Contact:

 

John Mann

Sibneft

Tel:  +7 (095) 777 3116

Fax: +7 (095) 777 3114

JohnM@sibneft.ru

www.sibneft.com

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer