LUKOIL Announces consolidated US GAAP financial statements for the nine months of 2014
LUKOIL has published consolidated US GAAP financial statements for the nine months of 2014.
EBITDA1 (earnings before interest, taxation, depreciation and amortization) in the nine months of 2014 increased by 5.9% to $15,475 million. The Company’s net income in the nine months of 2014 amounted to $5,742 million. Sales revenues were $112,907 million (+7.0% y-o-y).
Free cash flow in the nine months of 2014 amounted to $1,072 million. Capital expenditures, including non-cash transactions, in the nine months of 2014 were $11,680 million.
In the nine months of 2014, LUKOIL Group total hydrocarbon production available for sale increased by 4.6% y-o-y and reached 2,291 thousand boe per day. Crude oil and natural gas liquids production in the nine months of 2014 increased by 5.9% y-o-y to 1,975 thousand barrels per day.
The increase was mainly due to the start of commercial production from West Qurna-2 project in Iraq. In addition, increase in crude oil and natural gas liquids production in Russia was 1.3% due to the production increase in Timan-Pechora (+4.3%), Ural region (+4.9%) and Volga region (+16.5%). Refined products produced at the Company’s refineries in Russia increased by 0.9% mainly due to an increase in throughput at the Perm Refinery.