ANNUAL REPORT 2005 - Lukoil

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Billions of cubic feet Natural gas Consolidated subsidiaries International Russia Total Group's share in equity companies January 1, 2003 1,581 22,362 23,943 221 24,164 Revisions of previous estimates 602 (269) 333 13 346 Purchase of hydrocarbons in place* - 98 98 (59) 39 Extensions and discoveries - 57 57 - 57 Production (28) (96) (124) (9) (133) December 31, 2003 2,155 22,152 24,307 166 24,473 Total CONSOLIDATED FINANCIAL STATEMENTS Revisions of previous estimates (268) (754) (1,022) 55 (967) Purchase of hydrocarbons in place 1,174 2 1,176 - 1,176 Extensions and discoveries - 93 93 2 95 Production (32) (133) (165) (9) (174) Sales of reserves - (4) (4) (1) (5) December 31, 2004 3,029 21,356 24,385 213 24,598 Revisions of previous estimates 402 (520) (118) (4) (122) Purchase of hydrocarbons in place* - 8 8 (6) 2 Extensions and discoveries 273 742 1 015 5 1 020 Production (35) (155) (190) (10) (200) Sales of reserves - - - - - December 31, 2005 3,669 21,431 25,100 198 25,298 Proved developed reserves: December 31, 2003 1,070 1,722 2,792 122 2,914 December 31, 2004 1,363 3,420 4,783 175 4,958 December 31, 2005 1,102 4,834 5,936 153 6,089 * Purchase of hydrocarbons in place for equity companies includes transfers of reserves to the consolidated group upon those equity companies becoming subject to consolidation. The minority interest share included in the above total proved reserves was 23 billion cubic feet, 20 billion cubic feet and 21 billion cubic feet as of December 31, 2005, 2004 and 2003, respectively. The minority interest share included in the above proved developed reserves was 15 billion cubic feet, 15 billion cubic feet and 16 billion cubic feet as of December 31, 2005, 2004 and 2003, respectively. Substantially all minority interests relate to the reserves in the Russian Federation. V. Standardized measure of discounted future net cash flows The standardized measure of discounted future net cash flows, related to the above oil and gas reserves, is calculated in accordance with the requirements of SFAS No. 69. Estimated future cash inflows from production are computed by applying year-end prices for oil and gas to year-end quantities of estimated net proved reserves. Adjustment in this calculation for future price changes is limited to those required by contractual arrangements in existence at the end of each reporting year. Future development and production costs are those estimated future expenditures necessary to 171
FINANCIAL ACCOUNTS develop and produce year-end estimated proved reserves based on year-end cost indices, assuming continuation of year-end economic conditions. Estimated future income taxes are calculated by applying appropriate year-end statutory tax rates. These rates reflect allowable deductions and tax credits and are applied to estimated future pre-tax net cash flows, less the tax bases of related assets. Discounted future net cash flows have been calculated using a ten percent discount factor. Discounting requires a year-by-year estimate of when future expenditures will be incurred and when reserves will be produced. The information provided in the tables set out below does not represent management's estimate of the Group's expected future cash flows or of the value of the Group's proved oil and gas reserves. Estimates of proved reserve quantities are imprecise and change over time as new information becomes available. Moreover, probable and possible reserves, which may become proved in the future, are excluded from the calculations. The arbitrary valuation prescribed under SFAS No. 69 requires assumptions as to the timing and amount of future development and production costs. The calculations should not be relied upon as an indication of the Group's future cash flows or of the value of its oil and gas reserves. International Russia Total consolidated companies Group's share in equity companies Total As of December 31, 2005 Future cash inflows 21,028 375,279 396,307 12,290 408,597 Future production and development costs (9,471) (200,288) (209,759) (4,513) (214,272) Future income tax expenses (3,563) (40,135) (43,698) (2,220) (45,918) Future net cash flows 7,994 134,856 142,850 5,557 148,407 Discount for estimated timing of cash flows (10% p.a.) (4,140) (86,622) (90,762) (2,898) (93,660) Discounted future net cash flows 3,854 48,234 52,088 2,659 54,747 Minority share in discounted future net cash flows - 1,730 1,730 - 1,730 Included as a part of the $214 billion of future production and development costs are $5.6 billion of future dismantlement, abandonment and rehabilitation costs. International Russia Total consolidated companies Group's share in equity companies Total As of December 31, 2004 Future cash inflows 8,290 290,189 298,479 9,630 308,109 Future production and development costs (4,507) (162,246) (166,753) (4,434) (171,187) Future income tax expenses (537) (29,268) (29,805) (1,276) (31,081) Future net cash flows 3,246 98,675 101,921 3,920 105,841 Discount for estimated timing of cash flows (10% p.a.) (1,919) (64,896) (66,815) (1,980) (68,795) Discounted future net cash flows 1,327 33,779 35,106 1,940 37,046 Minority share in discounted future net cash flows - 531 531 - 531 Included as a part of the $171 billion of future production and development costs are $4.4 billion of future dismantlement, abandonment and rehabilitation costs. 172
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ANNUAL REPORT 2005
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ANNUAL REPORT, 2005 ADDRESS TO SHAR
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ANNUAL REPORT, 2005 LUKOIL signific
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LUKOIL IS ONE OF THE MAJOR INTERNAT
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The Company buys 15 filling station
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August The first stage of a coke ca
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LUKOIL completes eradication of the
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289 filling stations and 132 diesel
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ANNUAL REPORT, 2005 LUKOIL is reali
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ANNUAL REPORT, 2005 GEOLOGICAL EXPL
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ANNUAL REPORT, 2005 Russia Total ex
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ANNUAL REPORT, 2005 Western Siberia
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ANNUAL REPORT, 2005 In 2005 LUKOIL
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ANNUAL REPORT, 2005 Distribution of
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ANNUAL REPORT, 2005 LICENSING The C
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ANNUAL REPORT, 2005 increased by 1.
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ANNUAL REPORT, 2005 Creation of the
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ANNUAL REPORT, 2005 Gas Production
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KAZAKHSTAN Kumkol 50% LUKOIL INTERN
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ANNUAL REPORT, 2005 Main oil export
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47.6 REFINING, PETROCHEMICALS AND M
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Russia Growth of export duties in 2
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The catalytic reforming unit was ov
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GAS PROCESSING The Company's gas-pr
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up to 200,000 tonnes of caustic sod
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LUKOIL bought share stakes in 2005,
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Trading with third parties LITASCO
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ANNUAL REPORT, 2005 Effect from EOR
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TRADE BALANCE OF LUKOIL SUBSIDIARIE
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ANNUAL REPORT, 2005 Work by LUKOIL
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ANNUAL REPORT, 2005 management of t
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ANNUAL REPORT, 2005 as investments
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ANNUAL REPORT, 2005 AA 1000 standar
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ANNUAL REPORT, 2005 took part in cr
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CORPORATE GOVERNANCE The Company vi
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THE MARKET FOR COMPANY SECURITIES R
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than in the first quarter of the ye
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Alexander Shokhin Independent Direc
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Vagit Sharifov Vice-President, Head
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The general meeting of shareholders
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the Group's organizations and struc
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ANNUAL REPORT, 2005 Projects of LUK
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ANNUAL REPORT, 2005 Fields and lice
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ANNUAL REPORT, 2005 erves were not
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ANNUAL REPORT, 2005 The company's r
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FINANCIAL ACCOUNTS MANAGEMENT'S DIS
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FINANCIAL ACCOUNTS Strategic Partne
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FINANCIAL ACCOUNTS The table below
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FINANCIAL ACCOUNTS The mineral extr
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FINANCIAL ACCOUNTS lack refining ca
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FINANCIAL ACCOUNTS YEAR ENDED DECEM
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FINANCIAL ACCOUNTS 2005 2004 Realiz
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FINANCIAL ACCOUNTS Operating expens
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FINANCIAL ACCOUNTS Excise and expor
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FINANCIAL ACCOUNTS YEAR ENDED DECEM
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Page 121 and 122: FINANCIAL ACCOUNTS ing filed by the
Page 123 and 124: FINANCIAL ACCOUNTS CRITICAL ACCOUNT
Page 125 and 126: FINANCIAL ACCOUNTS CONSOLIDATED FIN
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Page 131 and 132: FINANCIAL ACCOUNTS OAO LUKOIL Notes
Page 133 and 134: FINANCIAL ACCOUNTS Property, plant
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Page 137 and 138: FINANCIAL ACCOUNTS Investments in "
Page 139 and 140: FINANCIAL ACCOUNTS members of the G
Page 141 and 142: FINANCIAL ACCOUNTS Russian ruble bo
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Page 145 and 146: FINANCIAL ACCOUNTS The real returns
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Page 149 and 150: FINANCIAL ACCOUNTS In January 2005,
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Page 153 and 154: FINANCIAL ACCOUNTS NOTE 22. COMPENS
Page 155 and 156: FINANCIAL ACCOUNTS Geographical seg
Page 157 and 158: FINANCIAL ACCOUNTS OAO LUKOIL Suppl
Page 159 and 160: FINANCIAL ACCOUNTS III. Results of
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Page 167 and 168: FINANCIAL ACCOUNTS and the Governme
Page 169 and 170: FINANCIAL ACCOUNTS A corporate hold
Page 171: ANNUAL REPORT, 2005 REFERENCE INFOR
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ANNUAL REPORT 2005 - Lukoil

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