Oil processing increased 21.7 percent to 28.4m tons of oil (207.9m barrels of oil) over the reported period. This is more than in Jan.-Sept. 2002, when YUKOS processed 23.4m tons of oil (170.8m barrels). YUKOS's exports of oil and oil products totaled 45.8m tons of oil (333.6m barrels of oil) over the first nine months of last year (33.5 percent more than in 2002).

The average production cost of oil and gas was $1.54 per barrel of oil equivalent, which is 10 percent more than in the same period in 2002. The production cost of oil processing rose 25 percent to $1.4 per barrel.

Over the first three quarters of 2003, YUKOS's net profit climbed 71.3 percent to $3.546bn. Net earnings per share were $1.65 against $0.96 in the same period a year earlier YUKOS’s sales revenues and other core business revenues jumped 53.5 percent to $12.199bn over the reported period, and EBITDA amounted to $4.575bn, against $3.064bn in 2002.

The company’s costs also increased. So, sales costs totaled $1.652bn in Jan.-Sept. 2003, against $1.068bn in the same period a year earlier. This rise was due to a significant increase in exports and a rise in transport tariffs. YUKOS paid $3.422bn in taxes (before profit tax) in Jan.-Sept. 2003. The company should pay $4.235bn in taxes for the reported period, against $2.932bn in a corresponding period in 2002.

YUKOS’s money flow and its balance sheet were significantly influenced by the acquisition of a 92 percent stake in Sibneft, the company said. In May and August 2003, YUKOS made two payments - $500m and $1.25bn – for 20 percent minus one share of Sibneft.The third payment of $1.25bn was made in October 2003.

In connection with buying a stake in Sibneft, YUKOS bought out 223.2m of its shares for $2.08bn in September 2003. The remaining $1.61bn was paid in October 2003. YUKOS’s assets totaled $3.210bn as of September 30, 2003, against $3.995bn as of December 31, 2002.