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Lukoil Q2 net income $2,389 million

Staff writer |
Lukoil has published consolidated US GAAP financial statements for the second quarter of 2014. Net income in the second quarter of 2014 amounted to $2,389 million, which is a 13.5% y-o-y increase.

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EBITDA (earnings before interest, taxation, depreciation and amortization) in the second quarter of 2014 increased by 24.7% y-o-y to $5,437 million.

Sales revenues were $38,205 million (+9.0% y-o-y). The increase in revenue and EBITDA was mainly due to crude oil production growth in Russia and the start of cost compensation from West Qurna-2 project in Iraq.

Capital expenditures, including non-cash transactions, in the second quarter of 2014 were $4,490 million.

In the second quarter of 2014, Lukoil Group total hydrocarbon production available for sale increased by 5.5% y-o-y and reached 2,313 thousand boe per day. Crude oil and natural gas liquids production in the second quarter of 2014 increased by 7.2% to 2,002 thousand barrels per day.

The increase was mainly due to the start of commercial production from West Qurna-2 project in Iraq. Throughput at the Company's refineries in Russia increased by 1.6%.


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