Lukoil Reports Increased Production, Profits for 3Q

MOSCOW – Russia's biggest private oil producer, OAO Lukoil Holdings, said Tuesday that net profit for the third quarter rose 56.4% on the year due to higher global oil prices and lower export taxes.

Lukoil said net profit for the period, under U.S. Generally Accepted Accounting Principles, totaled $3.51 billion, compared with $2.24 billion in the same period a year earlier. That was significantly higher than a forecast of $3.13 billion from a Dow Jones Newswires survey of six analysts.

Revenue grew 2.7% to $35.5 billion from $34.6 billion. Earnings before interest, taxation, depreciation and amortization, or Ebitda, rose to $5.44 billion from $4.63 billion.

Lukoil's overall production in the quarter increased 1.4% on the year to 2.16 million barrels of oil equivalent per day.


Copyright (c) 2012 Dow Jones & Company, Inc.


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