The Company’s net income surged 69.1 percent from a year earlier to $6,768 million in the first half of 2011 (according to US GAAP), including $3,251 million in the second quarter, the Company's financial statement said.
EBITDA in the first half of 2011 was $10,688 million, which is 43.8% higher y-o-y. Sales revenues were $64,538 million (+29.7% y-o-y). Positive dynamics of our financial results was mainly due to increase in hydrocarbon prices and refining margin in the first half of 2011 compared to the respective period of 2010.
Capital expenditures including non-cash transactions in the first half of 2011 were $3.6 billion, which is 13.3% higher y-o-y. The Company’s strict financial discipline helped to generate high free cash flow which reached $4,714 million in the first half of 2011 compared to $3,127 million in the first half of 2010.
In the first half of 2011, lifting costs per boe of production were $4.72, which is 17.4% higher y-o-y. The growth was mainly due to the real ruble appreciation, which was 15.0% in the first half of 2011.
In the first half of 2011, LUKOIL Group total hydrocarbon production available for sale reached 2,162 th. boe per day, which is a 4.4% decrease y-o-y.
In the first half of 2011 throughputs at the Company’s refineries (including its share in crude oil and petroleum product throughput at the ISAB and TRN refining complexes) decreased by 1.2% y-o-y and reached 32.03 mln tonnes. Throughputs at the Company’s refineries in Russia increased by 1.5% y-o-y, throughputs at the Company’s international refineries decreased by 6.9% y-o-y due to shutdown of the Odessa Refinery because of unfavorable economic conditions in the first half of 2011.
Measures aimed at higher efficiency and cost control allowed the Company to generate strong free cash flow and increase net income.
Also, an extended meeting of the OAO LUKOIL Board of Directors was held today. The meeting considered the Company’s production and financial performance and the investment program implementation results in the first half of 2011.
In his address to the meeting, LUKOIL President Vagit Alekperov specified the need to develop a Hydrocarbon Production Stabilization Program and to rigorously implement it.
EBITDA in the first half of 2011 was $10,688 million, which is 43.8% higher y-o-y. Sales revenues were $64,538 million (+29.7% y-o-y). Positive dynamics of our financial results was mainly due to increase in hydrocarbon prices and refining margin in the first half of 2011 compared to the respective period of 2010.
Capital expenditures including non-cash transactions in the first half of 2011 were $3.6 billion, which is 13.3% higher y-o-y. The Company’s strict financial discipline helped to generate high free cash flow which reached $4,714 million in the first half of 2011 compared to $3,127 million in the first half of 2010.
In the first half of 2011, lifting costs per boe of production were $4.72, which is 17.4% higher y-o-y. The growth was mainly due to the real ruble appreciation, which was 15.0% in the first half of 2011.
In the first half of 2011, LUKOIL Group total hydrocarbon production available for sale reached 2,162 th. boe per day, which is a 4.4% decrease y-o-y.
In the first half of 2011 throughputs at the Company’s refineries (including its share in crude oil and petroleum product throughput at the ISAB and TRN refining complexes) decreased by 1.2% y-o-y and reached 32.03 mln tonnes. Throughputs at the Company’s refineries in Russia increased by 1.5% y-o-y, throughputs at the Company’s international refineries decreased by 6.9% y-o-y due to shutdown of the Odessa Refinery because of unfavorable economic conditions in the first half of 2011.
Measures aimed at higher efficiency and cost control allowed the Company to generate strong free cash flow and increase net income.
Also, an extended meeting of the OAO LUKOIL Board of Directors was held today. The meeting considered the Company’s production and financial performance and the investment program implementation results in the first half of 2011.
In his address to the meeting, LUKOIL President Vagit Alekperov specified the need to develop a Hydrocarbon Production Stabilization Program and to rigorously implement it.