Lukoil 2013 US GAAP net profit drops 29% to $7.8 bln
MOSCOW. Feb 19 (Interfax) - Russian oil major Lukoil made net profit to US GAAP last year of $7.8 billion, down 28.6% from the $11 billion it reported for 2012, the company said.
Analysts surveyed by Interfax had expected $10.5 billion, on average.
"The company's 2013 net income reached $7.832 million. Earnings before interest, taxation, depreciation and amortization (EBITDA) reached $16.668 million in 2013. Sales revenues were $141.452 million (+1.6% year-on-year). The positive dynamics of revenues was due to a year-on-year increase in hydrocarbon, petrochemicals and premium petroleum products production in 2013," Lukoil said.
"Net income for the fourth quarter of 2013 was negatively affected by $2.449 million non-cash losses due to write-off of Yuzhnoye Khylchuyu field, West Africa projects, Karpatneftekhim and ISAB plants, LUKOIL-Ecoenergo and other assets. Excluding the non-cash losses net income was $10,281 mln and EBITDA was $19.255 mln (+1,8% year-on-year).
"Free cash flow in 2013 amounted to $643 million. Capital expenditures were $15.434 million in 2013.
"In 2013, LUKOIL Group total hydrocarbon production available for sale increased by 1.5% year-on-year and reached 2,202 thousand boe per day.
"Crude oil production of LUKOIL Group in 2013 increased 1.1% to 90.807 million tonnes. Production of gas available for sale increased by 2.3% to 20.391 bcm including 6.428 bcm produced internationally and 13.963 bcm in Russia.
"Throughput at the Company's own and affiliated refineries increased by 0.4% to 66.3 million tonnes. Throughput the Company's refineries in Russia increased 1.8%," Lukoil said.