Lukoil Profit Dented by Falling Prices, Ruble
August 29 2016 - 9:58AM
Dow Jones News
By James Marson
MOSCOW--PAO Lukoil (LKOH.MZ), Russia's No. 2 oil producer, said
net profit fell by nearly one-tenth in the second quarter compared
with the same period in 2015, owing to lower hydrocarbon prices and
fluctuations in the ruble exchange rate against the dollar.
Net profit was down 9.3% at 62.6 billion rubles ($977 million),
Lukoil said Monday. Revenue was down 9.3% at 1.34 trillion rubles,
while earnings before interest, taxes, depreciation and
amortization were off 8.3% at 190 billion rubles.
Hydrocarbon output slid 9% to 2.16 million barrels of oil
equivalent a day, with crude oil and liquids production down 11% at
167 million barrels. Lukoil said it had reallocated spending from
its aging, Soviet-era fields in Western Siberia to other projects
that benefit from higher returns, in particular those with tax
breaks. Crude production also fell as Lukoil received smaller
volumes of compensation for initial costs in the West Qurna-2
project in Iraq.
-Write to James Marson at james.marson@wsj.com
(END) Dow Jones Newswires
August 29, 2016 09:43 ET (13:43 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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