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Lukoil more than doubled its profits in 2017 on higher revenue

Lukoil said that net profit in 2017 more than doubled.

Lukoil more than doubled its profits in 2017 on higher revenue

Moscow, 21 March - Neftegaz.RU. Lukoil reported that net profit in 2017 more than doubled, citing the effects of foreign exchange and the sale of Arkhangelskgeoldobycha in the Q2 of 2017.

Lukoil said that profit for 2017 was RUB 418.8 billion ($7.26 billion). In the Q4 of 2017, profit was RUB 120.5 billin, which is 23.8% higher quarter-on-quarter.

Sales in the Q4 rose 12% on the Q3, to RUB 1,662.5 billion. Year-on-year, sales rose 14% to RUB 5,936.7 billion. Both periods benefited from higher hydrocarbon prices and trading volumes, the company said.

Lukoil said that production in the Q4 rose 2.4% compared with production levels in the Q3, to 2.3 million barrels of oil equivalent per day.

In 2017 oil production in the Caspian Sea increased to 5.5 million tonnes, which is almost 2.5 times higher year-on-year. The growth was due to the V. Filanovsky field that produced 4.6 million tonnes in 2017.

The company achieved significant progress in Uzbekistan gas projects development. In 2017 production at Kandym and Gissar projects increased by 43.9% year-on-year to 8.1 billion cubic meters. The growth was driven by the launch of new gas treatment facilities.

Gas production growth in Russia was mainly attributable to the launch of gas facilities at Pyakyakhinskoe field in January, 2017.

To read the full story in Russian.

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