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all Oil Company "LUKOIL" press releases

Oil Company "LUKOIL"

December 15, 2000

LUKOIL net income amounted to RUB46.8bn over 9 months of 2000

Over 9 months of 2000 net income of OAO LUKOIL and its 22 main subsidiaries included in the combined statements amounted to RUB46.8bn compared to RUB15.9bn for 9m99.

Income before taxation increased to RUB56.4bn (compared to RUB19.9 for 9m99). Income before taxation resulted mainly from selling products and services worth RUB58.9bn (compared to RUB 22.9bn for 9m99). Interest income from participation in the equity of other companies (dividend income) amounted to RUB0.8bn, net interest expenses reached RUB219m). Income taxes rose to RUB9.6bn (243% y-o-y). Improved cash component in settlements with customers (proceeds reached 98% in the total product shipments), growth of production, strong domestic and international oil prices allowed to significantly rise tax payments to the budgets of all levels. The Company paid over 102% in taxes of the amount accrued in the accounting period.

Over 9 months of 2000 the balance sheet structure and liquidity improved considerably what resulted in growth of cash, short-term investment, increase of equity and sources of investment.

From January to September 2000 LUKOIL subsidiaries and affiliates produced 57.9 million tons of crude oil (102.5% y-o-y) and 3.6 billion m3 of natural gas (105.5% y-o-y). Refining throughput at own refineries in Russia increased 16% and amounted to 17.3 million tons. Crude exports reached 21.2 million tons (the same figure compared to the previous year). Oil product exports by LUKOIL territory marketing units rose to 4.6 million tons (155% y-o-y).

Increased earnings allowed the Company to maximize capital expenditures. Over 9 months of 2000 drilling increased on average by 66% to 1.4 million meters (249,000 meters in exploratory drilling and 1.112 million meters in development drilling). 475 new wells that extracted 1.056 million tons were brought to operation. Number of idle wells reduced from 18.5% to 15.8%. Development of 5 new fields was launched.

Retention of favorable trends in the fourth quarter 2000 provides ground for positive expectations of financial and operating performance for the whole year 2000.

COMBINED STATEMENT OF INCOME AND LOSS OAO LUKOIL AND ITS 22 MAIN SUBSIDIARIES

in million rubles

January - September

1999

2000

Operating revenues, net

113,669

267,368

Cost of sales

(82,421)

(195,219)

Selling expenses

(5,454)

(8,578)

Administrative expenses

(2,858)

(4,673)

Operating profit

22,936

58,898

Dividend income

476

839

Net interest and dividend income and expense

(48)

(219)

Net non-operating revenues and expenses

(1,404)

(1,406)

Net non-recurring gains and losses

(2,058)

(1,678)

Income before taxation

19,902

56,434

Income taxes

(3,952)

(9,609)

Extraordinary gains and losses, net

0

3

Net income

15,950

46,828

 

COMBINED BALANCE SHEET OAO LUKOIL AND ITS 22 MAIN SUBSIDIARIES

in million rubles

2000               

January 1

September 30

Cash and cash equivalents

4,989

8,271

Marketable securities

3,373

6,659

Accounts receivable

60,602

71,682

Inventories and other current assets

6,978

9,010

Total current assets

75,942

95,622

Tangible assets

42,833

46,388

Intangible assets

361

611

Construction in progress

9,792

22,386

Long-term investment

7,816

15,463

Total fixed assets

60,802

84,848

TOTAL ASSETS

136,744

180,470

Short-term borrowings

479

2,465

Accounts payable

52,299

53,371

Other current liabilities

4,357

4,700

Total current liabilities

57,135

60,536

Long-term credits and loans

15,437

14,913

Other long-term liabilities

710

808

Total long-term liabilities

16,147

15,721

Share capital

20

20

Additional capital

50,598

54,471

Retained earnings and reserves

12,844

49,722

Total shareholders' equity

63,462

104,213

TOTAL LIABILITIES AND EQUITY

136,744

180,470

Note:
Combined statements include subsidiaries 100% owned by OAO LUKOIL. The 9m99 results include OAO KomiTEK (the parent company).

 

MAIN OPERATING STATISTICS JANUARY - SEPTEMBER 2000

 

 

2000

2000/1999,%

Oil production (including gas condensate), including:

Thousand tons

57,991

102,5

West Siberia

Thousand tons

37,990

102,3

European Russia

Thousand tons

18,484

101,6

International

Thousand tons

1,517

123,0

Oil production by 100% subsidiaries

Thousand tons

44,498

101,1

Gas production (commercial), including:

Million m3

3,622

105,5

West Siberia

Million m3

1,618

99,9

European Russia

Million m3

1,479

104,2

International

Million m3

525

133,3

Gas production by 100% subsidiaries

Million m3

2,465

99,4

Well stock (September to January), including:

units

27,081

104,1

Producing wells

units

22,796

107,5

Idle wells

units

4,285

89,1

Drilling, including:

Thousand meters

1,361

166,2

Exploratory drilling

Thousand meters

249

134,5

Development drilling

Thousand meters

1,112

175,4

Oil deliveries (international production excluded), including:

Thousand tons

56,604

100,7

To refineries in Russia and Belarus

Thousand tons

32,366

105,5

Exports

Thousand tons

21,245

100,4

Other deliveries (including state deliveries)

Thousand tons

2,874

69,7

Refining throughput, including:

Thousand tons

23,580

-

LUKOIL refineries in Russia (mini refineries excluded)

Thousand tons

17,316

115,9

LUKOIL refineries internationally

Thousand tons

6,264

-

Oil products output at LUKOIL refineries in Russia, including

Thousand tons

16,505

116,8

Motor gasoline

Thousand tons

2,503

109,3

Diesel fuel

Thousand tons

4,805

114,4

Jet fuel

Thousand tons

815

97,3

Fuel oil

Thousand tons

3,719

109,8

Lubricants and bases

Thousand tons

650

114,0

Other oil products

Thousand tons

4,013

146,8

Oil product exports

Thousand tons

4,585

154,9

 

 


Press Centre  OAO "LUKOIL"
phone.: (095)927-1677,  fax: (095)927-1653,
E-mail: pr@lukoil.com

 

 

 

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