LUKOIL published consolidated US GAAP financial accounts for the first quarter of 2010.
The Company's net income was $2,053 million in the first quarter of 2010, which is 126.9% higher y-o-y. EBITDA was $3,729 million, which is 54.5% higher y-o-y. Revenues from sales were $23,902 million.
Capital expenditures including non-cash transactions in the first quarter of 2010 remained flat y-o-y and amounted to $1.5 billion. The Company's policy of capital expenditures control helps to generate high free cash flow which reached $1,399 million in the first quarter of 2010 compared to $229 million in the first quarter of 2009.
Lifting costs per boe of production in the first quarter of 2010 increased by 28% y-o-y, to $3.97 from $3.10 in the first quarter of 2009. The growth was mainly due to the real ruble appreciation which reached 22%. However, it should be noted that lifting costs decreased by 2.5% q-o-q.
The Company's tax expenses totaled $7.2 billion in the first quarter of 2010, including income tax expense of $0.5 billion.
LUKOIL Group total hydrocarbon production available for sale reached 2,280 th. boe per day in the first quarter of 2010, which is a 2.5% increase y-o-y.
Crude oil production of LUKOIL Group in the first quarter of 2010 totaled 24.06 mln tons. Natural and petroleum gas output of LUKOIL Group available for sale increased by 23.9% to 4.72 bcm: output as part of international projects totaled 1.24 bcm, output in Russia was 3.48 bcm.
Throughputs at the Company's refineries (including its share in oil and petroleum product throughput at the ISAB and TRN refining complexes) increased by 6.3% y-o-y in the first quarter of 2010 and reached 15.34 mln tons. Throughputs at the Company's refineries in Russia increased by 0.9% y-o-y, throughputs at the Company's international refineries grew by 23.4% y-o-y.
Measures aimed at higher efficiency and cost control allow LUKOIL to generate positive free cash flow and obtain high income per boe of production.
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