Lukoil Profit Up with Prices, Output

Russia' biggest private producer Lukoil reported pre-tax (Ebitda) income of rubles 221.1bn (3.8bn), up 23.5% on the quarter; and net income was rubles 97.3bn, down 29.8% on the quarter. It did not provide year-on-year comparisons for the quarters.

Pre-tax earnings were boosted by higher sales prices and the growth of high-margin volumes in overall production; higher gas production in Russia and Uzbekistan; improvement in the refined product slate at our own refineries; higher sales volumes via premium channels; and lower expenses on transport and administration.

Gas production rose by 4.4% quarter-on-quarter to 7.3bn m³, and for the first nine months of the year by 12.4% year-on-year to 20.7bn m³. Gas production was positively impacted by the launch of gas facilities at Pyakyakhinskoe field in January 2017 and production ramp-up in Uzbekistan as a result of the main production facilities commissioning at Gissar project, where production volumes more than doubled quarter-on-quarter.

Operational highlights 

Source: Lukoil