Russia's Lukoil Reports Mixed Third Quarter Results

Russia’s Lukoil reported mixed results in the third quarter of 2013.

On the one hand, it achieved strong sales results compared to the second quarter of the year. 

‘Sales revenue reached $36,737 million, which is a 4.8% q-o-q increase mainly due to an increase in oil price and trading operations… Net income per boe of hydrocarbon production increased 47% to $15.5,’ reads a note released on Tuesday.

On the other hand, results for the year were not at 2012 levels. Its income from operating activities decreased by 7.5% year-on-year to USD $9,891 million. The company also reported a year-on-year increase of cost of purchased hydrocarbons and higher deductions related to depreciation, depletion and amortization. 

As a result, the net income passed from $8,316 million to $7,790 million, despite the ‘output of refined products by the group in Russia increased 3.3%.’