Russias Lukoil Profit Falls 29 in 2013

Russia's Lukoil Profit Falls 29% in 2013

The privately-owned crude producer made a $7.8 billion net profit, below analysts' expectations, reflecting losses from writing off assets, the company said in a statement.

MOSCOW -- Lukoil today reported a net profit decline of 29% in 2013 despite a slight upturn in production and turnover.

The privately-owned crude producer made a $7.8 billion net profit, below analysts' expectations, reflecting losses from writing off assets, the company said in a statement.

Sales were higher than expected, growing by 1.6% to $141.4 billion, supported by growth in production.

Lukoil (IW 1000/23), which in 2012 launched a major investment program to stem an output decline, said its production had grown by 1.5% to the equivalent of 2.02 million barrels of oil per day.

Lukoil, Russia's No. 2 oil company, said its oil production grew by 1.1% to 90.8 million tons, while its natural gas production grew by 2.3% to 20.4 billion cubic meters.

Lukoil also confirmed today that it is in talks with Iran about resuming work there if Western sanctions are lifted.

Copyright Agence France-Presse, 2014

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