MOSCOW--OAO Lukoil (LKOH.MZ), Russia's No. 2 oil producer, said
its net profit in the third quarter almost halved from the same
period last year due to a lower price of oil, a weaker ruble and a
write-offs on West African exploration projects.
Lukoil said net profit fell 47.8% to $1.49 billion. Earnings
before interest, taxes, depreciation and amortization, or Ebitda,
slipped 2.4% to $5.34 billion, supported by the start of cost
compensation at its West Qurna-2 project in Iraq.
Lukoil's daily hydrocarbon production jumped 4.6% on the year to
2.35 million barrels of oil equivalent due to the start of
production at West Qurna-2. Crude oil production in Russia crept
upward, despite a fall in output at its main fields in western
Siberia, where the company has long battled to stem declines.
Lukoil shares were down 0.4% in Moscow, slightly underperforming
the market.
Write to James Marson at james.marson@wsj.com
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