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The Company’s net income was $3,789 million in the first quarter of 2012, which is 7.7% higher y-o-y. EBITDA was $5,346 million, which is 0.1% higher y-o-y. Sales revenues were $35,261 million (+19.0% y-o-y). Net debt decreased by $1,083 million or by 17.1% q-o-q in the first quarter of 2012. Positive dynamics of our financial results was mainly due to an increase in hydrocarbon prices inthe first quarter of 2012 compared to the respective period of 2011.
Capital expenditures including non-cash transactions in the first quarter of 2012 were $2.5 billion, which is 43.0% higher y-o-y. Free cash flow was $1,458 million in the first quarter of 2012.
In the first quarter of 2012, lifting costs per boe of production were $4.70, which was flat compared to the first quarter of 2011. Cost inflation was offset by ruble depreciation and efficient cost management.
In the first quarter of 2012, LUKOIL Group total hydrocarbon production available for sale reached 200.0 million boe, which is a 0.4% increase y-o-y. Crude oil and natural gas liquids production of LUKOIL Group in the first quarter of 2012 totaled 169.0 million bbl. Production of gas available for sale increased by 13.6% y-o-y, to 5.27 bcm, mainly due to a 70.2% y-o-y increase in gas production in Uzbekistan.
In the first quarter of 2012 throughputs at the Company’s refineries (including its share in crude oil and petroleum product throughput at the ISAB and Zeeland refining complexes) increased by 1.5% y-o-y and reached 1.257 million barrels per day. Output at the Company’s refineries in Russia increased by 0.7% y-o-y, while output at the Company’s international refineries increased by 9.7% y-o-y mainly due to an increase in shareholding in ISAB refining complex from 49% to 60%.
Measures aimed at higher efficiency and cost control allow the Company to increase net income and operating efficiency.