Sales revenue was $23,190 million (-35.0% y-o-y). The decrease in revenue, EBITDA and net income was mainly due to the decrease in the average Urals blend oil price by more than 50% y-o-y in the first quarter of 2015.
Capital expenditures, including non-cash transactions, in the first quarter of 2015 decreased 24.8% y-o-y to $2,430 million. Free cash flow in the first quarter of 2015 quadrupled to $728 million. Hydrocarbon lifting cost in the first quarter of 2015 decreased by 18.9% to $4.24 per boe in total and was $3.30 per boe excluding West Qurna-2 project.
In the first quarter of 2015, LUKOIL Group total marketable hydrocarbon production increased by 7.0% y-o-y to 2,369 thousand boe per day. Crude oil and natural gas liquids production in the first quarter of 2015 increased by 7.8% to 2,033 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 decreased by 12.3% mainly due to a decrease in refining margins as a result of changes in tax legislation.
LUKOIL and Sinopec signed an agreement for the sale of LUKOIL’s 50% interest in Caspian Investment Resources Ltd. It will replace the previous sales and purchase contract signed on April 15, 2014. According to the agreement the sale price of the stake will be $1,067 million. The transaction’s closing is subject to requisite governmental consents and approvals and is to occur by December 1, 2015. Arbitration procedures initiated by LUKOIL against Sinopec in London in February this year will be suspended for the period until completion.
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