LUKOIL publishes consolidated US GAAP financial statements for the first half of 2015
LUKOIL has published consolidated US GAAP financial statements for the first half of 2015.
In the first half of 2015, daily hydrocarbon production by the Group was 2,373 thousand boe per day (+4.8% y-o-y). Crude oil and natural gas liquids produced by the Group were 2,044 thousand barrels per day (+5.2% y-o-y). The increase was mainly due to the start of commercial production from West Qurna-2 project in Iraq. Moreover there was increase in production in Russia in Timan-Pechora (+9.6%), Volga region and Ural region (+3.6 and +2.4% respectively).
In the first half of 2015, sales revenues were $51,294 million (-30.6% y-o-y). Net income attributable to LUKOIL decreased by 58.9% y-o-y to $1,695 million, EBITDA (earnings before interest, taxation, depreciation and amortization) decreased by 32.4% y-o-y to $6,379 million. In the first half of 2015, our financial results were affected by a sharp decrease in the hydrocarbon prices and non-cash write-off in the amount of $324 million.
In the first half of 2015, our capital expenditures, including non-cash transactions, decreased by 31.1% to $5,320 million mostly due to ruble devaluation.
Compared to the first half of 2014, the total volume of refined products produced by the Group decreased by 7.4%. Production volumes decreased by 10.9% at our Russian refineries and increased by 0.5% internationally.
During the first half of 2015, the volume of our crude oil exports from Russia increased by 24.3%, and we exported 43.1% of our domestic crude oil production (34.7% – in the first half of 2014), including 794 thousand tonnes of crude oil purchased from our affiliates and third parties (161 thousand tonnes in the first half of 2014). The volume of our refined products exports from Russia decreased by 16.4% compared to the first half of 2014.
