The Moscow-based company said yesterday, in a statement to the Regulatory News Service, that its fourth-quarter revenue rose from US$6.03 billion to US$9.63 billion.
Lukoil's crude output rose 8.3% to 1.738 million barrels of oil per day and daily refinery throughput rose 2.8% to 869,000 barrels. Exports of refined products rose 4% to approximately 14 million tonnes. Production costs declined from US$2.61 per barrel to US$2.58.
The company said it sped up work at its most productive wells and brought seven new fields onstream, allowing over 1000 low-output wells to be shut-in, to counter the appreciation of the ruble, which had gained 18.5% against the Greenback during 2004.
Total 2004 revenue rose to US$34.05 billion, with US$5.6 billion added through increased export volumes (up 22%), though domestic sales fell by 19%.
The company also said it would increase capital expenditure this year to US$3.54 billion (from US$3.45 billion) as it sought to raise output to the equivalent of 3 million barrels of oil per day by 2013.
Lukoil's fastest-growing production region was Timan-Pechora, in Russia's Arctic, with output increasing by 56% to 30,000 barrels per day. Lukoil shareholder ConocoPhillips said last month that it expected to set up the Rusco joint venture with Lukoil to tap 16 fields in the region.
