Moscow, October 30, 2003. Sibneft posted net income of $1.378 billion for the first half of 2003 in US GAAP audited consolidated financial results released today. The figure represents an increase of 189% over a revised $476.0 million reported for the first six months of 2002.
Total revenues were up 73% to $3.438 billion in the first half, compared to $1.984 billion for the same period last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the six months totalled $1.776 billion, up 139% from $743.8 million in 2002.
Sibneft’s first-half financial performance was bolstered by sustained favourable international oil prices, success in controlling costs, profitable financial investments, and a substantial increase in oil production. The company continued its industry leadership in production growth, with output rising 23.5% to 15.0 million tons (616,000 barrels per day) compared to 12.15 million tons (499,000 b.p.d.) in the first half of last year.
Six-month crude oil exports rose along with production, reaching 6.39 million tons or 42.6% of production, versus 4.95 million tons last year. Sibneft refined 9.15 million tons in the first half, up 15.8% from 7.90 million tons during the same period a year ago. Stepped up refining in Moscow and Yaroslavl helped the company boost oil product exports to 2.98 million tons, an increase of 77.5% from 1.68 million tons in 2003.
“Sibneft’s impressive first-half 2003 performance is the culmination of years of hard work to create a top-notch Russian oil company,” said Sibneft president Eugene Shvidler. “With the recent completion of our merger with YUKOS, we can now concentrate on building YukosSibneft into one of the world’s most efficient and profitable oil majors.”