August 30, 2015 [OPIS] - Russia's Lukoil said on Friday that its net income attributable to the company decreased by 58.9% year-on-year to $1.695 billion in the first half of 2015 due to a sharp decrease in hydrocarbon prices and a noncash write-off in the amount of $324 million.
EBITDA (earnings before interest, taxation, depreciation and amortization) decreased by 32.4% from a year ago to $6.379 billion.
Besides oil refining production in Russia for distribution to the domestic market, Lukoil is a regular diesel supplier to Europe. Lukoil is also a major player in the global crude and oil products trading market.
In the first half of 2015, sales revenues were $51.294 billion, down 30.6% year-on-year.
The total volume of refined products produced by Lukoil in the first six months of this year decreased by 7.4% from a year ago. Production volumes decreased by 10.9% at its Russian refineries and increased by 0.5% internationally.
The volume of its refined products exports from Russia decreased by 16.4% compared to the first half of 2014.
During the first half of 2015, the volume of Lukoil’s crude oil exports from Russia increased by 24.3%, and the company exported 43.1% of its domestic crude oil production, compared with 34.7% in the first half of 2014, including 794,000 tons of crude oil purchased from its affiliates and third parties, compared with 161,000 tons in the first half of 2014.
In the first half of 2015, daily hydrocarbon production by the Group was 2.373 million boe per day, up 4.8% from a year ago.
Crude oil and natural gas liquids produced by the Group were 2.044 million b/d, up 5.2% from a year ago. The increase was mainly due to the start of commercial production from West Qurna-2 project in Iraq.
Moreover there was increase in production in Russia in Timan-Pechora (up 9.6%), Volga region and Ural region (up 3.6 and 2.4%, respectively).
In the first half of 2015, Lukoil’s capital expenditures, including noncash transactions, decreased by 31.1% to $5.320 billion mostly due to ruble devaluation.
