Lukoil profit takes a hit

Russia

MOSCOW, November 30, 2016 – Russia’s Lukoil on Tuesday reported a 71% year-on-year drop in profit on account of depressed oil prices and lower output.

Lukoil said its third-quarter net profit came out at USD 840 million. According to the company, the drop in profit, while still significant, was cushioned by bigger refining margins.

Earnings before interest, taxes, depreciation and amortization were recorded at some USD 2.5 billion, a fall of 22%. Russia’s second-largest producer also struggled with its output levels, which plunged by 11% over the past three months to 2.1 million boepd.

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