The impact of these factors was partially offset by weaker ruble, an increase in crude oil sales volumes due to higher production and trading volumes, an increase in petrochemicals trading volumes, as well as higher international gas prices and gas production volumes.
Despite lower sales, our EBITDA for 2019 increased by 10.9% year-on-year, to RUB 1,236.2 bln.
In 2019, profit attributable to LUKOIL shareholders amounted to RUB 640.2 bln, 3.4% higher year-on-year. The growth was constrained by higher depreciation and lower non-cash foreign exchange gain.
In 2019, free cash flow was RUB 701.9 bln, which is 26.4% higher year-on-year. The increase was due to higher operating cash flow and almost flat capital expenditures.
Capital expenditures were RUB 450.0 bln, almost unchanged year-on-year.
|4Q 2019||3Q 2019||12M 2019||12M 2018|
Exploration and production segment
Refining, marketing and distribution segment
|119.3||190.4||Profit for the period attributable to LUKOIL shareholders||640.2||619.2|
|184.7||208.9||Free cash flow||701.9||555.1|
|139.8||196.1||Free cash flow before changes in working capital||708.7||588.7|