Russia’s second-biggest oil producer, Lukoil,
Lukoil posted a profit attributable to shareholders of around U.S.$843 million (54.8 billion rubles) for the third quarter, down 12.4 percent on the quarter, and slightly lower than the average estimate of
Lukoil’s sales went down by 2.2 percent quarter-on-quarter, on the back of lower international trading volumes. Earnings before interest, tax, depreciation and amortization (EBITDA) fell 12.5 percent sequentially, mostly due to the negative crude oil export duty time lag effect, which was partially offset by higher refining margins in Russia.
In the first three quarters of the year, between January and September, Lukoil’s hydrocarbon production stood at 606.0 million boe, or 2.2 million boe per day, down by 6.4 percent compared to the same period last year. The company attributed the lower production to “lower volumes of compensation crude oil from the West Qurna-2 project, disposal of our share in Caspian Investment Resources Ltd in 2015, as well as natural production decline at our brownfields in West Siberia”.
Earlier this month, Russia’s energy giant Rosneft joined the ranks of
Rosneft has been instrumental in Russia’s consistently growing crude oil production. Average daily output since January reached
By Tsvetana Paraskova for Oilprice.com
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