LUKoil: 2014 Results – Q4 Lifting Costs Down to $4.30 per boe
LUKOIL has published consolidated US GAAP financial statements for 2014.
The Company’s 2014 net income reached $4,746 million. EBITDA (earnings before interest, taxation, depreciation and amortization) reached $15,982 million in 2014. Sales revenues were $144,167 million (+1.9% y-o-y). The changes in ruble-nominated revenues were significantly affected by the ruble devaluation.
Net income in 2014 was negatively affected by $2,341 million non-cash losses due to asset impairment in Russia, Ukraine, Western Africa and Kazakhstan. Excluding the non-cash losses net income was $7,087 mln and EBITDA was $18,426 mln.
Free cash flow in 2014 amounted to $925 million. Capital expenditures were $15,391 million in 2014.
Hydrocarbon lifting costs in Russia decreased by 23% in the fourth quarter of 2014 and reached $4.30 per boe. In 2014, hydrocarbon lifting costs amounted to $5.74 per boe.
In 2014, LUKOIL Group total hydrocarbon production available for sale increased by 5.1% y-o-y and reached 2,314 thousand boe per day. Crude oil production of LUKOIL Group in 2014 increased 7.0% to 97.208 million tonnes.
Throughput at the Company’s own and affiliated refineries increased by 0.3% to 66.6 million tonnes. Throughput the Company’s refineries in Russia increased 0.1%
