JPMorgan - KASE

Product Produced
Amount
Sold
2001 2000
Average
Price
Revenue
Amount
Sold
Average
Price
Revenue
(Tonnes) ($/tonne) ($000’s) (Tonnes) ($/tonne) ($000’s)
Gasoline ..................... 548,503 207.54 113,838 315,327 215.31 67,893
Diesel........................ 710,029 178.30 126,600 433,222 185.30 80,274
Heavy fuel oil (mazut) ......... 1,045,682 50.00 52,284 566,948 49.79 28,230
LPG ......................... 107,079 92.71 9,927 63,478 70.56 4,479
Jetfuelandkerosene .......... 57,829 231.84 13,407 16,637 226.30 3,765
Totalselfrefined .............. 2,469,122 128.00 316,056 1,395,612 132.30 184,641
Resale of purchased refined
products ................... 83,695 154.15 12,902 148,752 128.31 19,087
Total refined product sales ..... 2,552,817 128.86 328,958 1,544,364 131.92 203,728
Processing Fees
Total processing fees earned in 2001 amounted to $11.0 million compared to $11.9 million in
2000.
The following table sets out the total quantity of oil processed into product and the average fee
charged:
Tollers’ Volumes
Processed*
Processing
Fee
Processing
Fees Earned
(Tonnes) ($/tonne) ($000’s)
2001 ............................................. 694,924 15.84 11,008
2000 ............................................. 711,368 16.71 11,884
* 2001 processed crude is approximately 5.4 MMbbls (2000 – 5.5 MMbbls)
Interest and Other Income
Revenues from interest and other income increased $3.7 million, or 59.0%, from the year ended
December 31, 2000 to the year ended December 31, 2001 and were $6.4 million and $10.1 million
respectively. The increase was primarily due to an increase in third party service fees and
Upstream asset sales.
Expenses
Production
Production expenses were $43.0 million in 2001 and $35.3 million in 2000. Based on the number
of barrels of oil produced, these costs were $1.17/Bbl for 2001 and $1.15/Bbl for 2000. The $7.7
million absolute increase between 2001 and 2000 resulted from the increase in production
volumes of 6 MMbbls and the inclusion of the Kazgermunai joint venture for the entire year.
Royalties
The total royalty expense for 2001 was $35.5 million, which represented an effective overall
percentage of 9.24%, compared to $33.7 million, or an overall effective percentage of 9.95%, for
2000. The following table sets out the royalty paid in kind and in cash by quarter in 2001 and
2000:
Quarter ending
Royalty
in Kind
2001 2000
Cash
Royalty
Total
Royalty
Royalty
in Kind
Cash
Royalty
Total
Royalty
($ in 000’s)
March31 .............................. — 5,589 5,589 — 5,694 5,694
June30 ............................... 6,680 2,634 9,314 785 4,912 5,697
September 30 .......................... 11,103 1,493 12,596 5,563 1,401 6,964
December31 .......................... 7,526 479 8,005 9,548 5,806 15,354
Total Royalty .......................... 25,309 10,195 35,504 15,896 17,813 33,709
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