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1Q 2011 Financial Results (US GAAP)

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1Q 2011 Financial Results (US GAAP) 1Q 2011 Financial Results (US GAAP) May 2011 Forward-Looking Statements • Certain statements in this presentation are not historical facts and are “forward-looking”. Examples of such forward-looking statements include, but are not limited to: – projections or expectations of revenues, income (or loss), earnings (or loss) per share, dividends, capital structure or other financial items or ratios; – statements of our plans, objectives or goals, including those related to products or services; – statements of future economic performance; and – statements of assumptions underlying such statements. • Words such as “believes,” “anticipates,” “expects,” “estimates”, “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. • By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. You should be aware that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including our ability to execute our restructuring and cost reduction program. • When relying on forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, especially in light of the political, economic, social and legal environment in which we operate. Such forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. We do not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. 1 1Q 2011 Financial Highlights • Net income – $3,517 million ( +71.3% y-o-y) • Basic earning per share – $4.5 (+85.6% y-o-y) • Net Income per boe of production – $17.9 per boe (+78.8% y-o-y ) • EBITDA – $5,343 million (+43.3% y-o-y) 2 Macroeconomic and Tax Environment 1Q 2011 to 1Q 2010 Diesel fuel (Europe), 41.6% Positive factors Negative factors R Diesel fuel (Russia), 38.7% E V Urals, 36.2% E N Fuel oil (Russia), 30.3% U Gasoline (Europe), 27.0% E Fuel oil (Europe), 26.1% Gasoline (Russia), 12.1% E Transneft tariffs, 12.3% X Real rouble appreciation, P 11.8% E Railway tariffs, 7.7% N S Freight rates (petroleum E products), 2.9% Freight rates (crude oil), S 1.9% T Mineral extraction tax ($), A 45.1% X Crude oil export tariff, 30.1% 3 -20% 0% 20% 40% 60% 80% Main Operating Results 1Q 2011 to 1Q 2010 Hydrocarbon production, -4.1% Marketable gas production, 1.4% Refinery throughput*, -1.0% High-octane gasoline production, 7.8% Crude oil exports, -16.4% Petroleum product exports, -9.4% Domesticl sales of petroleum products, 2.3% 4 -19% -13% -7% -1% 5% 11% 17% * Including mini-refineries and the Company’s share in throughputs of oil and petroleum products at the ISAB and TRN refining complexes. Financial Results 1Q 4Q 1Q 1Q Δ , % $ million Δ , % 2011 2010 2011 2010 29,626 28,684 3.3 Sales 29,626 23,902 23.9 (2,138) (2,133) 0.2 OPEX (2,138) (1,988) 7.5 Taxes other than income tax (7,436) (7,262) 2.4 (including excise and export (7,436) (6,658) 11.7 tariffs) 3,872 3,008 28.7 Income from operating activities 3,872 2,651 46.1 4,070 2,877 41.5 Incomebeforeincometax 4,070 2,565 58.7 3,517 2,186 60.9 Net income 3,517 2,053 71.3 4.50 2.80 60.7 Basic EPS, $ 4.50 2.42 85.6 5,343 4,064 31.5 EBITDA 5,343 3,729 43.3 5 Sales Breakdown, $ million 35,000 Domestic market Other sales* International market 29,626 30,000 Sales of electricity in Russia 16% 23,902 +28.9% 25,000 Sales of gas in Russia 16% Sales of petrochemicals in Russia 20,000 Sales of crude oil in Russia +23.0% 15,000 84% Sales of petroleum products in Russia 84% 10,000 International sales of gas International sales of petrochemicals 5,000 International sales of crude oil 0 International sales of petroleum products 6 1Q 2010 1Q 2011 * Including international sales. LUKOIL Increases Production of High-Octane Gasoline Refinery throughputs reconciliation Refining margin of a Russian (y-o-y), th. barrels per day* cracking refinery, $ per barrel 25 +31 -16 1,280 2010 20 2011 -13 1,260 15 -9 1,250 -5 0 1,238 10 1,240 -1,0% -12 th. barrels per day 5 1,220 1Q 2010 Burgas Odessa ISAB TRN Petrotel Russian 1Q 2011 0 Refinery Refinery refineries Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Production of high-octane gasoline in Russia, mln tons 1.4 1.39 In 1Q 2011 LUKOIL decreased refinery throughput due to 1.3 1.29 scheduled maintenance at the ISAB Complex in 1Q 2011 and stop of 1.2 refining at the Odessa Refinery due to unfavorable economic conditions 1.1 1Q 2010 1Q 2011 7 * Including mini-refineries and the Company’s share in throughputs of oil and petroleum products at the ISAB and TRN refining complexes. Operating Expenses 1Q 4Q 1Q 1Q 2011 2010 Δ, % $ million 2011 2010 Δ, % 853 853 0.0 Hydrocarbon lifting costs 853 784 8.8 342 310 10.3 Own refining expenses 342 273 25.3 Refining expenses at third-party 169 190 -11.1 169 179 -5.6 refineries, ISAB and TRN Expenses for crude oil transportation to 232 246 -5.7 232 266 -12.8 refineries Power generation and distribution 188 202 -6.9 188 148 27.0 expenses 68 83 -18.1 Petrochemical expenses 68 40 70.0 286 249 14.9 Other operating expenses 286 298 -4.0 2,138 2,133 0.2 Total 2,138 1,988 7.5 Cost of purchased crude oil, gas and 12,845 12,248 4.9 12,845 9,302 38.1 products 8 Operating Expenses Lifting costs, $ per boe 6 5 4.5 4.4 4.1 4.0 4.1 4.1 1Q 2011 operating expenses increased 3.7 4 3.4 3.1 by 7.5% y-o-y , meanwhile real rouble 3 appreciation was 11.8% 2 1 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2009 2009 2009 2009 2010 2010 2010 2010 2011 2,200 +2.0% -1.7% -0.7% 2,150 +3.5% 2,138 2,100 +4.4% 2,050 +7.5% $ million $ 2,000 1,988 1,950 1,900 2011 2010 power Increase in Increase crude oil crude lifting costs lifting OPEX in 1Q in OPEX OPEX in 1Q in OPEX Other OPEX Other expenses expenses Decrease in Decrease to refineries Increase in Increase distribution expenses for refining and refining transportation 9 and affiliated petrochemical generation and generation Increase in own in Increase Program of Energy Efficiency OPEX structure in E&P segment Lifting costs, $ per boe 5.0 Power generation 4.5 20% Salary +18.4% -2.7% 25% 4.12 -3.4% Overhaul 4.0 7% Increase of oil recovery 3.56 12% 8% Materials 3.5 6% 16% Transport service 6% 3.0 Exploitation expenses Other 2010 2011 other in 2009 in in 2010 in energy energy tariffs and Lifting costs of increase Lifting costs Real rouble of Program Program of Program appreciation, efficiency for efficiency efficiency for efficiency LUKOIL Program of Energy Efficiency is designed to resolve main problems: - decrease share of power generation expenses in total operating expenses - increase energy efficiency per unit 10 SG&A and Transportation Expenses Transportation expenses (1Q 2011 to 1Q 2010) SG&A expenses, $ million 1,100 2% 1,001 -18% 878 908 -12% 791 902 900 853 802 825 8% 729 700 -4% 12% 500 -3% 300 -40% -30% -20% -10% 0% 10% 20% 30% 40% 1Q 2009 3Q 2009 1Q 2010 3Q 2010 1Q 2011 Transportation volume Tariff 1Q 4Q 1Q 1Q Δ , % $ million Δ , % 2011 2010 2011 2010 1,420 1,439 -1.3 Transportation expenses 1,420 1,351 5.1 Selling, general and administrative 825 1,001 -17.6 825 802 2.9 expenses 2,245 2,440 -8.0 Total 2,245 2,153 4.3 11 1Q 2011 Net Income Reconciliation 6 000 5 000 240 -778 180 2,181 -150 4 000 -117 -92 3,517 3 000 $ mln 2,053 2 000 1 000 0 expenses Increase inoperating Recalculation of the Net income in 1Q 2011 Net income in 1Q 2010 Increase in income tax Increase in SG&A and affiliates, decrease in decrease affiliates, extraction tax incentive incentive tax extraction transportation expenses transportation Increase in taxes other Net increase in revenue* in increase Net excise and export tarrifs) than income tax (including tax income than Increase in equity share in 12 other and interest expense * Change in revenue less purchases of oil and gas and petroleum products. 1Q 2011 Cash Flow Reconciliation Free Cash Flow, $ million 2,013 7,000 2,000 -1,778 3,715 1,405 6,000 1,500 1,000 5,000 1Q 2010 1Q 2011 -1,702 4,000 $ million 3,000 -103 2,500 2,368 2,000 1,000 0 2011 Other outflow 2011 activities Acquisition of controlling interests Cash at the end of 1Q of end the at Cash subsidiaries and non- 13 Capital expendoitures Cash atCash of the beginning Cashflow from operating CAPEX Breakdown 1Q 4Q 1Q 1Q Δ ,% $ million Δ , % 2011 2010 2011 2010 1,417 1,459 -2.9 Exploration and production 1,417 1,117 26.9 1,185 1,224 -3.2 Russia 1,185 862 37.5 232 235 -1.3 International 232 255 -9.0 227 477 -52.4 Refining and marketing 227 228 -0.4 171 328 -47.9 Russia 171 160 6.9 56 149 -62.4 International 56 68 -17.6 14 17 -17.6 Petrochemicals 14 23 -39.1 7 10 -30.0 Russia 7 2 250.0 7 7 0.0 International 7 21 -66.7 50 122 -59.0 Power generation 50 89 -43.8 14 50 -72.0 Other 14 11 27.3 1,722 2,125 -19.0 Total (cash and non-cash) 1,722 1,468 17.3 14 Western Siberia: Production Trend is Constant Production stabilization (y-o-y), LUKOIL-Western Siberia • Application of modern EOR methods while developing tight reservoirs 1Q 2007 2008 2009 2010 2011
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