Russian oil company, Lukoil, reported today that its net income was $9,012 million in the 9 months of 2011, which is 32.1% higher y-o-y, including $2,244 million in the third quarter.
EBITDA in the 9 months of 2011 was $15,316 million, which is 27.8% higher y-o-y. Sales revenues were $99,101 million (+29.9% y-o-y). Positive dynamics of our financial results was mainly due to an increase in hydrocarbon prices in the 9 months of 2011 compared to the same period of 2010.
Net income for the third quarter 2011 was negatively affected by losses in the amount near $570 million due to depreciation of Russian ruble, including near $340 million of tax on currency translation gain of Russian LUKOIL subsidiaries.
The Company’s strict financial discipline and efficient costs management helped to generate record high free cash flow in the 9 months of 2011 compared to the same period of previous years. Free cash flow reached $7,712 million in the 9 months of 2011 compared to $6,964 million in the 9 months of 2010. Capital expenditures including non-cash transactions in the 9 months of 2011 were $5.6 billion, which is 19.7% higher y-o-y.
In the 9 months of 2011, lifting costs per boe of production were $4.74, which is 17.3% higher y-o-y. The growth was mainly due to the real ruble appreciation by 14.6%.
In the 9 months of 2011, LUKOIL Group total hydrocarbon production available for sale reached 2,143 th. boe per day, which is a 4.7% decrease y-o-y.
[mappress] Offshore Energy Today Staff , November 25, 2011; Image: Lukoil